We have financed gas stations over the years. If you would like to discuss gas stations from a lender perspective, I would be happy to do so. You can reach me here or directly at redacted

One of the big benefits is Bonus Depreciation. I don't have experience in *operating* them but I have some experience *brokering* them. - Fuel Supply contracts are a major area to focus your D.D. - often there are ROFRs, (sometimes not disclosed to the Buyer!!!) - The land typically does NOT appreciate very much because of the potential of soil contamination... even with Phase 2 studies, not many developers want to build on it after there are tanks underground. - Also tanks are a big CapEx when they need to be replaced (Useful lifespan 20yrs or so) - The Numbers are sometimes inaccurate or "cooked" (more than in other businesses) UPSIDES PLAYS/STRATEGIES: ASSET SPIN-OFF/SPLIT CAR WASHES: If it has car wash as part of the package that can be split-off, there are popular for Roll-Ups - High Demand. (Bonus Depreciation) Sale/Leaseback post-close How to create value: I have clients who hold multiple Gas Station properties in their portfolio long term NNN leases to Operators (even Wawa as tenant). They buy the business and real estate *together* then put a Strong, Creditworthy Store Operator in it on a long term NNN Lease. Split the Land off. Sell the business. It can be worth more money this way. You can sell the real estate to a passive investor (at a low cap rate) and profit. Feel free to reach out to me. :)