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Gas Station

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Cascada

Junior Member
Gold Supporting Member
Joined
Nov 14, 2008
Professional Status
Certified Residential Appraiser
State
Virginia
I went to do an inspection to a house that is in a residential zoning, just a regular house like the rest of the street with the huge problem that it has a gas station in front of it.
This is definitely a detriment to the property and it will probably not qualify for a HUD or VA type loan.
I have been searching back in time with properties that have a negative environmental issue (train tracks, gas stations / no luck on this one, county water tanks, pollution plant) with no data to find an adjustment for the gas station if any. .
Any suggestions.
 
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Thomas Holding

Junior Member
Joined
Jan 22, 2004
Professional Status
Certified General Appraiser
State
North Carolina
The first thing I would do is to make a call to the applicable environmental office in your state to see if there have ever been any reports of underground tank leaks or issues associated with the adjacent gas station. Even double-walled underground tanks will leak over time. This is especially critical if the subject has a well for a water source.
 

bart nathan

Member
Joined
Jun 9, 2005
Professional Status
Certified Residential Appraiser
State
California
https://hudgov.prod.parature.com/li...d-next-to-gas-stations-eligible-for-insurance

Are properties located next to gas stations eligible for insurance?
Stationary storage tanks containing flammable or explosive material pose potential hazards to housing, including hazards from fire and explosions.

If the subject property line is within 300 feet of an above ground or subsurface stationary storage tank with the capacity of 1,000 gallons or more of flammable or explosive material, then the property is ineligible for FHA insurance. The Appraiser must notify the Mortgagee of the deficiency of Minimum Property Requirements (MPR) or Minimum Property Standards (MPS), so the Mortgagee can determine the eligibility.

This includes domestic and commercial uses as well as automotive service station tanks.

For additional information see Handbook 4000.1 II.D.3.c.iii.(C)(7) at https://portal.HUD.gov/hudportal/HUD?src=/program_offices/administration/hudclips/handbooks/hsgh


If you proceed go way back in time if you have to for the subject and homes on the same street as the subject in close view of the gas station. If none available maybe you could find something with other types of commercial across a street.
 

Cascada

Junior Member
Gold Supporting Member
Joined
Nov 14, 2008
Professional Status
Certified Residential Appraiser
State
Virginia
I went back in time and actually search google maps gas stations in the area and with the aerial map I was able to search for gas stations close to residential areas. It was very helpful because I typed the address of the gas station and pull out recent sales in the area.
Thanks for the idea.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
I went to do an inspection to a house that is in a residential zoning, just a regular house like the rest of the street with the huge problem that it has a gas station in front of it.
This is definitely a detriment to the property and it will probably not qualify for a HUD or VA type loan.
I have been searching back in time with properties that have a negative environmental issue (train tracks, gas stations / no luck on this one, county water tanks, pollution plant) with no data to find an adjustment for the gas station if any. .
Any suggestions.

VA is more likely to accept. Do you have a photo you could upload showing the gas station and the house? That would help.
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
From the VA Handbook. Not real specific but may help:

Offsite: High Voltage Electric Transmission Lines and Gas and Petroleum Pipelines: The dwelling
structure must be located outside of the easement area(s). Other onsite improvements can be
located in the easement area(s).
 
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