1Five listings, as published
| Station | Asking | Real estate | Gallons a month | Margin quoted | Listed profit | Asking ÷ profit |
|---|---|---|---|---|---|---|
| Bergen County, branded, 4 pumps, garage | $2,800,000 | Included | 75,000 | $0.35 | $149,766 | 18.7x |
| Passaic County, unbranded, diesel, truck parking | $1,600,000 | Included | 85,000 | $0.35 | $46,854 | 34.1x |
| Lodi, two unbranded stations sold as a package, leased (figures are for one station) | $600,000 | No | 80,000 to 85,000 | $0.30 to 0.35 | $110,310 | 5.4x |
| Essex County, branded commission dealer, leased | $35,000 | No | 55,000 | $0.16 commission | $44,430 | 0.8x |
| Pemberton, Exxon, net lease (real estate only) | $3,051,428 | Yes, tenant runs it | — | — | NOI $216,185 | 7.08% cap |
Sources 1 to 5. On three listings the "revenue" field is close to gallons times the quoted margin, so those brokers report fuel gross profit as revenue. None of the five gives store sales, lottery, car wash income or the tank install year.
2How the price splits
| Part | How it is priced | 2026 marker |
|---|---|---|
| The business | A multiple of earnings | 2.5x to 4x leased; 4x to 7x with land (broker guides) |
| The real estate | Net lease cap rate on the rent a tenant would pay | 5.6% average for convenience stores, the tightest net-lease sector in Q2 2026 (Northmarq, via CRE Daily); the Pemberton Exxon asks 7.1% |
| Fuel margin | Cents per gallon after the fuel bill | Over $0.40 gross in 2025 against about $0.22 before 2020; $0.10 to $0.15 net after card fees and costs (NACS figures, via a broker's outlook) |
| Store | Inside sales and margin | In-store sales $341.2B in 2025, up 1.7%; food service 28.5% of inside sales and 38.9% of inside profit |
Sources 6 to 9. Underwrite fuel at 28 to 32 cents: 2025 was a record margin year and gallons grew only 0.5%.
3The tanks
| Fact | Figure |
|---|---|
| Underground tank facilities in the U.S. | About 190,000 |
| Facilities meeting technical requirements, 2025 | 62.9% |
| Confirmed releases in 2025; still open from all years | 4,307; 53,777 |
| SBA loan on a gas station | A Phase I environmental assessment is required at any loan size |
| State cleanup fund, Pennsylvania | $5,000 deductible a tank, $1.5M an occurrence |
Sources 10 to 12. Two of the five listings state tank construction; none gives the install year. Pull the state registration, tightness tests and fund eligibility before pricing.
4How we would price the Bergen County station
| Piece | Low | High | Basis |
|---|---|---|---|
| Business, 3x to 4x listed profit of $149,766 | $449,000 | $599,000 | Before verifying store sales and the 20-year supply agreement |
| Real estate, as a net lease | $1.6M | $2.0M | Market rent of $110,000 to $130,000 a year at 6.5% to 7%, to be confirmed against comparable leases |
| Total against a $2.8M ask | $2.05M | $2.6M | The ask implies the land alone is worth $2.2M to $2.35M |
The business is priced at the leased-station multiple because the land is valued on its own line; adding the with-land multiple would count the real estate twice. The listing also says "leased" in one field and "real estate included" in another; the conflict has to be resolved in writing before any offer. The 20-year supply agreement at rack plus 2 cents binds the buyer; check assignment, volume minimums and image requirements.
5Before you bid
- Store sales by categoryPoint-of-sale reports. The store can be half the profit and is not in any of these five listings.
- Tank fileInstall year, material, last tightness test, insurance, state fund status, any open release.
- Fuel contractTerm, assignment, minimum gallons, brand image spend, commission versus dealer status.
- Margin at normalRerun profit at 28 to 32 cents a gallon.
- Land on its ownA net-lease cap rate on market rent, confirmed with comparable leases.
- Lender's requirementsPhase I report first; SBA rules require it before funding.
Sources
- BusinessBroker.net listing 978946, Bergen County NJ: businessbroker.net (listing pages require the site's search; ID 978946)
- BusinessBroker.net listing 982639, Passaic County NJ
- BusinessBroker.net listing 1003673, Lodi NJ (two stations)
- BusinessBroker.net listing 1003997, Essex County NJ
- InvestmentGrade, Exxon net lease, Pemberton NJ: investmentgrade.com
- Business multiples, MMCG outlook July 2026 (broker commentary): mmcginvest.com
- Net-lease cap rates, CRE Daily: credaily.com
- NACS State of the Industry, 2025 data: convenience.org; cost pressure note, Aug 2026
- EIA gasoline price components: eia.gov
- EPA underground storage tank performance measures, FY2025: epa.gov
- SBA SOP 50 10 environmental policy: sba.gov
- Pennsylvania Underground Storage Tank Indemnification Fund: ustif.pa.gov
Listing figures are the brokers' as of the date read. The Bergen County pricing is DHI Capital's illustration from the published figures, with market rent as an estimate. Not investment advice.
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