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Old 07-14-2007, 05:50 PM
Michigan CG's Avatar
Michigan CG Michigan CG is offline
 
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Default Cap Rates for Leased Gas Station

Since I am working today, thought I would post this and maybe get some advice for a project I am starting in 10 days or so.

Lady is leasing a gas station that does $1.8M in gross sales in gas and convenience store receipts. She is paying $22,100/year in rent absoultely Net. Obviously this is not Market Rent...but she has been there for 25 years and her and owner are buddies. She has a buyer for the business only, so I am doing a Business Appraisal per Standards Rule 9.

I can find Market rent pretty easily (the owner is going to raise the rent on buyer), but what I am looking for is sources for cap rates for leased gas/convenience facilities. Community is 360,000 ppl, low unemployment, property is in good condition, tanks are new in last 10 years, good location.

Thanks for any help...now back to work.
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Old 07-16-2007, 09:24 AM
PL1957 PL1957 is online now
 
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Default

For cap rate info try:

http://www.bvmarketdata.com/
http://www.bizcomps.com/

You comment on finding market rents pretty easily is pretty surprising to me. The c-store/gas stations I've seen usually have had extremely complex rental agreements, often including equipment as well as a petroleum supply contract, complete with rebates based on volume and other factors. Make sure you're comparing apples to apples.
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Old 07-16-2007, 03:37 PM
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Thanks '57:

Buyer owns numerous facilities just like the subject. More info than I will want.
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Old 07-16-2007, 04:05 PM
PL1957 PL1957 is online now
 
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Quote:
Originally Posted by Timothy Evans View Post
Thanks '57:

Buyer owns numerous facilities just like the subject. More info than I will want.
Yeah but, just because the BUYER does things one way, doesn't mean that that's the way the market as a whole does it.

If you haven't seen it already, take a look at the AI's book on appraising c-stores.
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