What's A Vacant Gas Station Good For???
There is an affluent city of about 50K people. There are 3 main streets leading out of it that have freeway access. On the busiest of the 3 there is a gas station that has been vacant for years. Both sides of the street are lined with commercial properties. The gas station has the "carport" type island with the gas pumps and all. It is on a corner and very visible.
There are already numerous gas stations on this street. Because of that, I don't think the best use for this property would be a gas station. That said, what type of business would be attracted to this type of building that would require minimal rehab???
I'd love to hear any ideas, even the strange ones!
I believe that is the problem. I could be wrong, but don't I think there is a such thing as "minimal rehab" when it comes to gas stations. I believe that it is an EPA requirement that the gas pumps and tanks have to be dug up. Having said that, I've seen some wonderful adaptations of that style of gas station to restaurants here in Atlanta. The owners have transferred them into some awesom, funky, really cool spaces!! Good luck in turning this one to cash.
HI Dave,
These are superfund sites, if the tanks are still in the ground they are leaking and the EPA mandates some very expensive cleanup. I know that where bike board and blade on 1700S. and 700E. used to be was a gas station and it changed hands a number of times sitting empty before someone with big $$ was able to get it cleaned up.
I think that you might be able to lease one of these however if you could find a way to positive cash flow without exposing yourself to EPA liability. An example of this is found in SLC at 1300S and 1100E. Liberty Fresh where an old gas station was turned into a fruit stand
AN intriguing question
Most corners that are sitting on prime locations are owners waiting out appreciation. I have a very good friend who ownes a corner that he has been setting on for years he paid 106k for it 6 years ago it appraises today for 350k. A well known drug store franchise offered him 1.2mm for it a couple months ago. I saw the offer.
[addsig]
From what I have gathered even if the tanks aren't leaking, there is a HUGE amount of beauracracy, etc... involved in making the lot "useable" again. Not that I am trying to discourage, just make sure you do your homework on the EPA/Environmental-side, preferably before brainstorming the creative ideas. Good luck!
Tim
I know it is a naughty, but you should approach the owner and see what is on his mind. dependent on that you proceed. You may if you like attempt a varience and utilize it on a short lease basis, leaving tanks intact.
If you have to remove. Have the test done and if they show a problem, then remove. I have done this a few times in the past when in need of capital. Not so bad. You remove soil in accordance, load in the pea gravel and seal if required and then implace a slab, whatever.
My best use is as a combination real estate and mortgage operation with a good rental department. You become king of the hill and a good driveby exposure. Get all your online information lined up so you can quick response any driveby who sees you and wants info for a future purchase or lease. The leasing is the fun part. Also with the wings jutting out it is a perfect driveby, get info and on your way. You can play great games with signs. I saw one near Dalheart Texas. Big tall sign it had a cradle on one end and a tomb stone on the other. The Slogan "We service all, cradle to the grave." Witty but the wit pulls down on the last part and that prepares the target for serious business. In time you expand and bring in an insurance broker, be sure you have a Notary you will corner the market. All these activities generate activity. Before you know it other agencies will fold and you will pick up their people. Put them in home offices, turn each into a specialist and now you are in the modern age of Real Estate. All hooked up and nobody but the designated floor person in the office. I love it. So will you.
Sincerely, Lucius
Good thoughts. I haven'd done any research on it (besides drive by it twice a day for many years now).
This is a deal that I'd most likely prefer to flip, assign a contract on, or do a sandwhich L.O. or something.
I'd like to get into Commercial property someday, but it's not my focus right now. My thoughts have been to find out the perfect type of business that could go here, and then go find someone who wants to expand and bring them in as either a buyer or a tenant. Anyways, I'd love to hear any more if you have em'. Thanks again.
Hibby,You have already been hit with the bad (EPA) news. They can be converted into anything you can imagine. I have seen them converted to dentist/doctor offices,laundromats,dry cleaners,restaurants,produce stands and various other businesses. Find out the zoning on the property and what is the highest and best use.
EPA aside, these make excellent Used car lots, as well as car washes, mechanic service centers...if there ae garage bays, etc... Ther are a few in my town. Not an easy flip, as you see how long they sit vacant. Just needs the right buyer at the right time with a seller that doesn't believe he/she has a gold mine.
Good Luck,
Shawn(OH)