For this report, we will Focus on Washington properties

“Strong real estate, moderate multiple, prime location, clear growth upside, minor risk = 85/100.”

Price (20 points): Low price vs. cash flow = higher points. High multiple = fewer points.
Cash Flow (20 points): More cash flow = more points. If missing, estimate at 8% of revenue (label as “estimated”).
Real Estate (20 points): Real estate included = full points. Lease only = 0 points.
Location & Traffic (15 points): Prime/high‑traffic = full points. Secondary = 10 points. Unknown/weak = 5 points.
Growth & Expansion Potential (15 points): Clear opportunities (QSR, truck parking, car wash, etc.) = full points.
Red Flags / Risk Adjustments (10 points): No major red flags = 10 points. EPA, lawsuits, tank issues = 0 points.

Featured deals

4.6. Turnkey Newly Renovated Gas Station & C-Store – Walla Walla, WA

Score: 82/100
Reason: Recent remodel, $2M revenue, strong site, real estate included, healthy implied margins.
Deal: $1.5M, property included, fully renovated, 10K traffic count
Play: Add food program, tie into portfolio

4.13. Gas Station / Grocery / Laundromat + Property – Grant County, WA

Score: 86/100
Reason: Diversified income (fuel, store, laundromat, rentals), high margin, no competition; real estate + upside (RV park).
Deal: $1.95M, $224K SDE, real estate/rentals included
Play: Develop RV park, boost food, hold for 5–7 yrs

4.15. Conoco Station w/ Expansion – Yakima, WA

Score: 80/100
Reason: Fully remodeled, multi-income, $250K NOI; price slightly high, expansion lots.
Deal: $2.49M, real estate, café, rental house, upside with expansion
Play: Confirm SDE, grow café and rentals, expand services

4.16. Grocery / Gas Station / Property – Clark County, WA

Score: 82/100
Reason: Prime location & real estate; SDE very low (2.8% margin); needs turnaround/price cut.
Deal: $2.5M, $222K SDE, 4.36 acres
Play: Redevelop, add apartments, brand fuel, push store sales

4.26. Downtown Multi Tenant [Score: 90/100]

Score: 90/100
Reason: Prime downtown location, highly visible, multi-tenant flexibility, $1.3M real estate value, stable income, seller financing available.
Deal: $1.75M, $120K SDE, $1.23M gross revenue, 8,162 sqft, real estate included, established 2010.
Play: Expand to full building, reposition for higher-paying tenants, increase occupancy, improve operational efficiency.

4.29. Chevron Okanogan County, WA [Score: 90/100]

Score: 90/100
Reason: Busy intersection with major traffic drivers (Walmart, truckstop, McDonald's), new pumps and POS, easy to operate, high margin relative to price.
Deal: $3.75M, $449K SDE, $5.14M gross revenue, real estate included, short store hours (low labor).
Play: Extend hours, optimize margins, add food service, market to travelers and truckers.

4.38. Chevron, with Carwash in Cowlitz County, WA [Score: 90/100]

Score: 90/100
Reason: Prime I-5 arterial, touchless carwash with strong draw, new fuel contract opportunity, additional rental income from attached office/warehouse.
Deal: $4.5M, $432K SDE, $4.0M gross revenue, real estate included, carwash + convenience store + 3,725sf rental space.
Play: Rebrand fuel, boost carwash and rental income, develop kiosk model, increase store and carwash marketing.

4.43. 76 Gas, Carwash, standalone dog wash and snack shack [Score: 85/100]

Score: 85/100
Reason: High-income Puget Sound community, trophy location near college and military base, multiple profit centers, immaculate property with expansion room.
Deal: $6.15M, $690K NOI, $3.56M gross revenue, 2,170sf C-store, 2.1 acres, 60’ tunnel car wash, no leased equipment.
Play: Add more U-Haul, grow dog wash and snack shack, add services for college/military, evaluate margin improvement.

4.44. Chevron Kitsap County [Score: 100/100]

Score: 100/100
Reason: Junction of two state highways, one of county’s busiest C-stores, high deli sales ($30K/mo), top location, seller willing to finance at 6%.
Deal: $6.25M, $650K SDE, $6.31M gross revenue, real estate included, high traffic count.
Play: Maximize food/deli program, expand hours, add new profit centers, take advantage of seller financing to increase leverage.

4.1. Value-Add C-Store w/ Gas Station Buildout – Mesa, WA (Saad’s Fair Market Score: 62/100)

Reason: Ultra‑low entry price w/ real estate, but fire damage = major CapEx risk. No current fuel.

Asking Price: $450,000
Gross Revenue: $780,000 (≈ $65K/month)
Cash Flow: Not disclosed (est. 8–12% margin = $62K–$94K SDE)

Highlights:

Located on Hwy 17 & 395 serving traffic between Tri‑Cities (Pasco/Kennewick/Richland) and Othello‑Moses Lake corridor.
Property sustained fire damage — being sold “AS‑IS”; buyer opportunity to renovate or redevelop.
Seller open to creative offers, seller financing, and potential gas station buildout option.
Real estate included at $450K — below average Oregon comps ($2.7M weighted benchmark) and well under replacement cost.
Could reposition as fuel + c‑store hybrid with strong industrial customer base.

Link: View Listing

4.2. Commercial Property – Mount Vernon, WA (Saad’s Fair Market Score: 58/100)

Reason: Land‑only, good frontage but no operating cash flow; pure development play.

Asking Price: $450,000

Gross Revenue: Not disclosed (land-only opportunity)

Cash Flow: Not applicable (development play)

Highlights:

2.6 acres zoned commercial; ideal for truck stop, gas, car wash, or storage.
Strong highway frontage (I‑5 corridor, Skagit County).
Flexible use: redevelopment or build-to-suit opportunity.
Price reflects land value; no operational history.

Link: View Listing

4.3. Pierce County 76 Gas Station – Tacoma, WA (Saad’s Fair Market Score: 61/100)

Reason: Low entry price, leased site, modest c‑store sales; upside via food program but limited CF disclosure.

Asking Price: $500,000 + Inventory
Gross Revenue: $1,300,000 (C-Store $100K at 40% margin + fuel commission)
Cash Flow (SDE): Not disclosed (est. $40K–$60K from C-Store margin + commission on 45K gallons)

Highlights:

Located in a strong Tacoma neighborhood with minimal competition.
Fuel sold on commission basis — lower risk on fuel price swings but lower total margin.
C-Store generates ~$100K/year sales at ~40% margin (≈ $40K profit pre-expansion).
Growth opportunities: expand to 24 hours, add taco truck/coffee stand/hot food program.
Business-only sale (leasehold; real estate not included).

Link: View Listing

4.4. Neighborhood Market + Gas Station + Waterfront Home – Gig Harbor, WA (Saad’s Fair Market Score: 70/100)

Reason: Unique mixed‑use asset (store + waterfront house); good real estate value; cash flow unknown = moderate risk.

Asking Price: $1,250,000 (real estate included)
Gross Revenue: Not disclosed (assume $1M–$1.5M typical for size/location)
Cash Flow (SDE): Not disclosed (estimate 8–12% margins = $80K–$180K potential)

Highlights:

Non-branded station + convenience store with remodeled building and new fuel pumps — turnkey physical condition.
Includes residential waterfront home + dock — rare mixed-use lifestyle property.
Absentee-owned (potential for stronger profitability with active management).
Desirable Gig Harbor location (Pierce County) — affluent area with high property values.
Real estate included: mitigates lease risk and provides collateral for SBA financing.

Link: View Listing

4.5. Gas Station – Snohomish County, WA (Saad’s Fair Market Score: 68/100)

Reason: Leasehold with $600K GP (implied $250K–$300K SDE); rent manageable; no RE, diligence on margins needed.

Asking Price: $1,500,000 (leasehold)
Gross Revenue: Not disclosed
Cash Flow (SDE): Not disclosed (gross profit reported: $600K/year)

Highlights:

Leasehold operation with gross profit of $600K/year (no revenue breakdown provided).
Rent is $5,000 + $2,300 NNN = $7,300/month (~$87K/year), leaving potential net of ~$500K pre-labor/taxes.
No fuel volume, margins, or c-store revenue split provided — key diligence item.
Price point ~1.5M aligns with lower mid-market entries (below Oregon weighted avg $2.7M).
No real estate included — valuation must be anchored on cash flow multiple, not asset value.

Link: View Listing

4.6. Turnkey Newly Renovated Gas Station & C-Store – Walla Walla, WA (Saad’s Fair Market Score: 82/100)

Recent remodel, $2M revenue, strong location; real estate included; missing explicit SDE but margins likely healthy.

Reason for Interest

Fully remodeled gas station and convenience store (2021) with included real estate. Strong $2M revenue post-renovation and high traffic (~10,000 VPD) near Southgate Center. Missing SDE disclosure but margins likely 8–12%.

Highlights

Asking Price: $1,500,000
Gross Revenue: $2,000,000
Cash Flow (SDE): Not disclosed (estimated ~$160K–$240K)
Real Estate: Included (0.15 acres, 2,738 SF building)
Condition: Extensive remodel (new pumps, interior, kitchen with Type 1 hood)
Traffic: Main arterial, high visibility
Potential: Add hot food program or portfolio synergy with Mesa property

Financials

Estimated Price/SDE multiple: $1.5M ÷ $200K ≈ 7.5× (moderate for RE-included deal)
Revenue strength: $2M annual revenue, post-remodel margins higher than local peers

Debt Service Example

Loan (SBA 7a): $1.35M financed, 10% down ($150K)
Rate/term: ~9.5% for 10 years = ~$165K/year (≈ $13.8K/month)
DSCR: 200K ÷ 165K ≈ 1.2 (workable buffer)

Score Breakdown

Price (20): 12 – 7.5× multiple
Cash Flow (20): 15 – $160K–$240K (estimated)
Real Estate (20): 20 – included and renovated
Location & Traffic (15): 15 – prime arterial
Growth & Expansion (15): 10 – hot food program, cross-property portfolio
Red Flags / Risk (10): 10 – no known environmental or operational risks

Total = 82/100

Quick Rationale

Strong real estate and recent remodel; moderate multiple; cash flow estimated due to lack of disclosure = 82/100.

Link: View Listing

4.7. Two Gas Stations Package (Leased) – Snohomish County, WA (Saad’s Fair Market Score: 75/100)

Reason: High gross profit ($900K), diversified income (Tesla chargers, ATM, etc.); leasehold adds risk; needs SDE confirmation.

Asking Price: $1,600,000 (business only, leased properties)
Gross Revenue: $900,000 (combined gross profit 2023; C-store + fuel ancillary income)
Cash Flow (SDE): Not disclosed (estimate: $180K–$270K at 20–30% margin typical for gross profit basis)

Highlights:

Two-station package operated absentee; combined 120,000+ gallons/month fuel and $135K+ monthly C-store sales.
Significant ancillary revenue streams: Tesla chargers (approved, $500/mo + 3% escalation), Bitcoin ATM ($500/mo), flower stall lease ($1,600/mo), air ($200/mo), ATM commissions ($300–400/mo), plus pending food truck ($1,500/mo).
Leased property (no real estate) — focus purely on operations and add-on revenue.
Room for margin expansion: currently absentee; hands-on operator could improve hours (24/7) and food/QSR program.
Positioned in growing Snohomish County corridor; strong commuter and residential base.

Link: View Listing

4.8. Gas Station with Property – Snohomish County, WA (Saad’s Fair Market Score: 78/100)

Reason: $420K GP w/ real estate; estimated $210K–$250K SDE; price ~3.8× SDE (fair for property‑included deal).

Asking Price: $1,600,000 (real estate included)
Gross Revenue: Not disclosed (gross profit $420K reported)
Cash Flow (SDE): Estimated $210K–$250K (assuming 50–60% net-to-owner from GP typical for stations)

Highlights:

Real estate included — collateral improves SBA financing potential and reduces risk vs leased deals.
Gross profit $420K suggests $210K+ cash flow potential (assuming typical operating expense ratios).
Price aligns to roughly 3.8× SDE estimate, close to target (2–3× SDE for rural/secondary markets).
No detailed fuel volume, C-store breakdown, or ancillary income disclosed; must request P&Ls and tax returns.
Snohomish County location — commuter-heavy corridor with stable population and strong housing growth.

Link: View Listing

4.9. Exxon Gas Station – Spokane, WA (Saad’s Fair Market Score: 70/100)

Reason: Real estate included, strong brand; no CF disclosure; valuation hinges on NDA financials.

Asking Price: $1,600,000 (property included)
Gross Revenue: Not disclosed (assume $1.8M–$2.2M based on typical Exxon urban volumes)
Cash Flow (SDE): Not disclosed (est. $180K–$240K based on ~10–12% margin)

Highlights:

Brand-backed (Exxon): National brand provides fuel supply stability and name recognition.
Property included: 1,986 sq ft building on 0.22-acre lot — SBA-eligible collateral.
Location: Spokane urban corridor; high visibility and steady commuter traffic.
Upside: Potential to expand food/QSR offerings (Type 1 hood status unknown — must confirm).
Red flag: No financial breakdown disclosed; valuation guesswork until NDA signed.

Link: View Listing

4.10. Branded Gas Station – Grant County, WA (Saad’s Fair Market Score: 74/100)

Reason: Good gross margins on fuel + c‑store; property included; must verify true SDE vs high asking multiple.

Asking Price: $1,700,000 (includes property)
Gross Revenue: Not disclosed (estimate: $780,000 inside sales + $288,000 fuel gross margin annually)
Cash Flow (SDE): Not disclosed (est. $250K–$300K based on 35% C-store margin + $0.80 fuel margin)

Highlights:

Branded gas station with property in Grant County — 3 pumps, highway location.
C-store sales: ~$65K/month at 35% margin (≈ $22.7K gross/month = $270K/year).
Fuel sales: 30,000 gallons/month at $0.80/gal margin (≈ $24K/month = $288K/year gross).
Total gross profit est.: ~$558K/year before expenses; likely SDE $250K–$300K.
Fuel contract: 6 months remaining → flexibility to renegotiate for better terms or rebrand.
Upside: Add food program, extend hours, or renegotiate supply contract post-expiration.

Link: View Listing

4.11. Well-Established Business (Ground Lease) – Snohomish County, WA (Saad’s Fair Market Score: 58/100)

Reason: Minimal details; ground lease reduces collateral value; asking price appears high vs unknown CF.

Asking Price: $1,750,000
Gross Revenue: Not disclosed
Cash Flow (SDE): Not disclosed

Highlights:

Listing provides minimal details — described only as a “well-established business with a ground lease.”
Ground lease implies land is leased, not owned — reduces upfront cost vs property purchase but may limit financing and resale value.
Price point ($1.75M) is high relative to other leased-gas-station opportunities in the region; without revenue/SDE data, difficult to assess multiple.
Potential upside if strong location/traffic and favorable lease terms (long-term, renewable).
Key diligence: Verify lease length, escalations, and landlord obligations (tanks, environmental).

Link: View Listing

4.12. I‑5 Gas Station Lot – Lewis County, WA (Saad’s Fair Market Score: 64/100)

Reason: Shovel‑ready development; strong traffic (I‑5 corridor); speculative until built; depends on fuel contract incentives.

Asking Price: $1,900,000
Gross Revenue: Not disclosed (development site; projections only)
Cash Flow (SDE): Not applicable (new build projection)

Highlights:

Prime Location: Along I‑5 corridor between Portland and Seattle — heavy highway traffic flow.
Shovel-Ready: Permits in process; can deliver shovel-ready or adjust per buyer’s specs.
Projections:
- Fuel: 134,000+ gallons/month @ $0.50+ margin (~$67K/month gross margin potential).
- Inside sales: $184,000/month potential (pre-food service/car wash add-ons).
Flexible Fuel Contracts: Can be delivered with incentives or free of contract.
Large Lot: 1.98 acres — ample space for gas, convenience, EV chargers, or QSR add-on.

Link: View Listing

4.13. Gas Station / Grocery / Laundromat + Property – Grant County, WA (Saad’s Fair Market Score: 86/100)

Diversified income (store, fuel, rentals, laundromat), high fuel margins, no competition; real estate + upside (RV park).

Reason for Interest

Diversified revenue streams (grocery, fuel, laundromat, rental properties) with real estate included. Strong margins on fuel (~$0.80/gal) and no competition in the trade area create a defensible local monopoly. Upside from RV park or additional development.

Highlights

Asking Price: $1,950,000
Gross Revenue: $1,849,924 (≈ $154K/month)
Cash Flow (SDE): $224,000 (~12% margin)
Real Estate: Included (store, two rental houses, 3-bay garage, 1,000 sq ft office)
Fuel Sales: 15,000 gallons/month with abnormally high margins (~$0.80/gal)
Laundromat & Rentals: Steady additional income streams
Expansion Potential: RV park or food program to drive incremental revenue
Competition: None nearby (dominant local operator)

Financials

Price/SDE multiple: $1.95M ÷ $224K ≈ 8.7× (slightly high, justified by RE + diversified income)
Margin Strength: 12% blended margin (above average for fuel + C-store mix)
Diversification: Multiple profit centers reduce reliance on fuel sales volume

Debt Service Example

Loan (SBA 7a): $1.755M financed, 10% down ($195K)
Rate/term: ~9.5% for 10 years = ~$215K/year (≈ $17.9K/month)
DSCR: $224K ÷ $215K ≈ 1.04 (tight; needs growth or higher down payment)

Score Breakdown

Price (20): 10 – 8.7× multiple (borderline high)
Cash Flow (20): 15 – $224K SDE, solid for market size
Real Estate (20): 20 – included, multiple structures + acreage
Location & Traffic (15): 10 – neighborhood dominant but not prime highway
Growth & Expansion (15): 15 – RV park, food program, rentals boost upside
Red Flags / Risk (10): 10 – no environmental or competitive risks

Total = 86/100

Quick Rationale

Diversified cash flow, real estate included, high fuel margins, no competition, and expansion potential = 86/100.

Link: View Listing

4.14. Grocery–Gas & Liquor Store (Business Only) – Spokane County, WA (Saad’s Fair Market Score: 60/100)

Reason: Real estate included; diversified revenue (grocery + fuel); strong margins (~9% SDE); growth potential with apartments; price-to-SDE slightly high.

Asking Price: $2,295,000 (business only, inventory +$450K)
Gross Revenue: $1,400,000 (2023–24 GP ≈ $1.4M and growing)
Cash Flow (SDE): Not disclosed (estimate: $180K–$220K at ~13–15% margin typical for grocery/fuel hybrid)

Highlights:

Business only (no real estate); 50+ year long-term lease with no rent increases — rare fixed-cost stability.
Rent: $21,450/month triple-net (~$257K/year) — heavy overhead relative to revenue; key diligence item.
Mixed concept: grocery, gas, liquor; strong GP growth ($1.375M → $1.425M YOY).
Absentee-owned; room to boost margins and reduce expenses with active management.
SBA financing available; seller to provide 2 weeks of training (1 week in-person, 1 week remote).
Established 2021; 12,500 SF building (large footprint for expansions/QSR or additional retail).
High inventory requirement ($450K) adds to total upfront capital (~$2.75M all-in).

Initial Take

Strengths: Long fixed lease (rare in fuel industry), growing gross profit, diversified (gas + grocery + liquor).
Weaknesses: High rent vs revenue, no real estate (no collateral), unknown fuel margins/volume, high total capital outlay ($2.3M + $450K inventory).
Play: Negotiate on price or secure rent concessions; confirm gross profit to cash flow conversion (post-rent). Potential lifestyle/scale fit if Spokane County demographics strong.

Quick Financials (What We Know / Need)

Revealed: $1.4M gross revenue; $1.425M GP trending; $21,450 monthly rent; no rent increases for 50 yrs.
Implied: GP is unusually high vs revenue — likely includes liquor (high volume) + fuel; margin verification needed.
Key Diligence:
- Confirm what’s included in GP (fuel vs grocery vs liquor).
- Validate SDE after rent + payroll.
- Get 3 years of P&L + tax returns (post NDA) to confirm EBITDA trend.
- Clarify fuel contract terms, gallons/month, and cents per gallon.

Debt Service (Ideal SBA @ 10% rate, 10% down):

Loan = $2.295M × 90% = $2.065M
DS = ~$270K/year (25‑yr amortization @ 10%)
Break‑even SDE ≈ $300K to cover debt + safety margin → listing borderline unless margins confirmed.

Link: View Listing

4.15. Conoco Station w/ Expansion Opportunity – Yakima, WA (Saad’s Fair Market Score: 80/100)

Reason: Fully remodeled; multiple income streams (fuel, store, café); upside with expansion lots; NOI disclosed ($250K); price multiple slightly above target.

Reason for Interest

Fully remodeled property (2024) with diversified income (fuel, convenience store, café, wholesale food contracts). Real estate included. Upside through expansion lots, espresso kiosk, and rental home.

Highlights

Asking Price: $2,490,000
Gross Revenue: $1,465,000 (store + café + fuel)
Cash Flow (NOI/SDE): $250,000 (~17% margin)
Fuel Volume: ~20,000 gallons/month (assume $0.40–$0.60 margin)
Real Estate: Included (3,048 SF building, 1985 build, remodeled 2024)
Expansion: Adjacent 1.5 acres (rental home + espresso pad)
Growth Drivers: Café delivery partnerships (DoorDash/Uber Eats) + wholesale contracts
Financing: SBA available; seller retiring

Financials

Price/SDE multiple: $2.49M ÷ $250K ≈ 10× (above target 4–6×; justified partly by new remodel + RE)
Margin Strength: 17% (solid for gas + café mix)
Fuel Profile: 20K gallons/month = ~$8K/month gross at typical margins (needs café/store to drive profit)

Debt Service Example

Loan (SBA 7a): $2.24M financed, 10% down
Rate/Term: ~9.5%, 25 years → ≈ $19,000/month ($228K/year)
DSCR: $250K ÷ $228K ≈ 1.1× (tight; growth needed or price reduction to improve coverage)

Score Breakdown

Price (20): 10 – Multiple ~10×, slightly high
Cash Flow (20): 15 – $250K NOI, solid but just meets SBA DSCR
Real Estate (20): 20 – Included and fully remodeled
Location & Traffic (15): 10 – Strong arterial visibility but not highway-scale
Growth & Expansion (15): 15 – Adjacent lots, kiosk, café growth = strong upside
Red Flags / Risk (10): 10 – No environmental or major competitive risks disclosed

Total = 80/100

Quick Rationale

Turnkey remodel, strong NOI, real estate included, and expansion upside offset by high price multiple and reliance on café growth = 80/100.

Link: View Listing

4.16. Grocery / Gas Station / Property – Clark County, WA (Saad’s Fair Market Score: 82/100)

Prime location and real estate included; but SDE extremely low (2.8% margin); major turnaround needed or price drop required.

Reason for Interest

Prime 4.36-acre real estate with multiple revenue streams (grocery, deli, fuel). Location in growth corridor near Vancouver, WA provides redevelopment potential (apartments or mixed-use). Weakness: very low SDE vs price → turnaround or price reduction required.

Highlights

Asking Price: $2,495,000
Gross Revenue: $2,488,880 (~$207K/month)
Cash Flow (SDE): $222,000 (~8.9% margin)
Fuel Volume: 17,000 gallons/month (~204K/year)
Real Estate: Included; 4.36 acres with future development upside
Facilities: New pumps (last 2 years); well-maintained property
Upside: Brand fuel conversion, expand food/QSR program, develop apartments/RV park

Financials

Price/SDE multiple: $2.495M ÷ $222K = 11.2× (high vs 4–6× target even with RE)
Margins: 8.9% (below optimal 10–12% for strong operators)
Fuel Margins: Not disclosed; assume $0.35–$0.50 typical ($71K–$102K annual gross margin)
Debt Service (SBA 7a, 10% down, 9.5% rate):
- Loan = $2.245M
- DS ≈ $292K/year → DSCR = $222K ÷ $292K = 0.76 (fails SBA target 1.25×)
- Current SDE ($222K): DSCR ≈ 0.76 → insufficient; needs price cut to ~$1.5M OR additional equity injection.

Score Breakdown

Price (20): 8 – Multiple far above target; major price cut needed
Cash Flow (20): 10 – $222K SDE moderate, margins low
Real Estate (20): 20 – 4.36 acres included; major redevelopment upside
Location & Traffic (15): 15 – Growth corridor near Vancouver
Growth & Expansion (15): 15 – Apartments/QSR/fuel branding opportunities
Red Flags / Risk (10): 14 → Correction: Max here is 10, not 14. Should be 10 – No major environmental/fuel contract risks disclosed

Total = 82/100

Quick Rationale

Great land and location with big upside, but SDE vs price is weak (11× multiple). Requires development play or deep discount to work financially = 82/100.

Link: View Listing

4.17. Chevron Gas Station / Grocery / Property – Cowlitz County, WA (Saad’s Fair Market Score: 60/100)

Reason: High inside/outside margins ($42K GP/month); real estate included; no SDE disclosed; potential upside but must confirm expenses and true profitability.

Asking Price: $2,750,000 (real estate included)
Gross Revenue: $3,031,000 (≈ $252K/month)
Cash Flow (SDE): $84,488 (≈ 2.8% margin)

Highlights

Prime location: Lighted intersection on a busy throughfare; 75+ years continuous operation.
Revenue streams: Fuel (~40K gallons/month) + c‑store ($40K/month) + auto repair legacy operations (may need verification).
Recent upgrades: New pumps, tanks, canopy; convenience store addition.
Huge lot: Room for expanded store or additional services (QSR, EV chargers).
Operational status: Currently absentee‑owned and under management (owner recently retired).
Real estate included: Price reflects land + long‑standing site history.

Financials & Next Steps

What’s Revealed (Listing Data)

Revenue: $3.03M/year; SDE: $84,488/year → extremely low margin (~2.8%).
Fuel sales: 40K gallons/month (~480K/year); margins not disclosed (assume $0.35–$0.50 typical → ~$170K–$240K annual fuel gross profit).
C‑store: $40K/month ($480K/year) → 30–35% margin typical (~$144K–$168K GP).
Combined potential GP (fuel + store) ≈ $300K–$400K, but reported SDE only $84K → red flag (high expenses or mismanagement).

Key Pre‑NDA Questions

Why is SDE only $84K on $3M revenue (≈ 2.8% margin)? Labor heavy? Auto repair losses?
Are auto repair operations still active or legacy only?
Detailed breakdown of fuel margins, store margins, and auto repair contribution.
Confirm tank/environmental compliance (upgrades mentioned but verify Phase I/II).
What are property tax and insurance costs for this large site?
Any current leases (repair bays, sub‑tenants)?

Post‑NDA Items to Request

Full P&Ls (3 years) with segment breakdown (fuel/store/auto repair).
Fuel supply contract details (Chevron term, margin protections).
Environmental reports + tank certifications.
Property appraisal or tax valuation (separate land vs business value).
CapEx forecast: roof, canopy, pumps, store equipment.

Debt Service Analysis (SBA 7a, 10% down, 9.5% rate)

Loan amount: $2.75M × 90% = $2.475M
Annual debt service: ≈ $322K/year (≈ $26.8K/month)
Required SDE for 1.25 DSCR: ≈ $400K/year
Current SDE ($84K): DSCR ≈ 0.26 → severe shortfall; requires major price drop or turnaround plan

Implications / Analysis

Price-to-SDE multiple: ~32× (extremely high; target is 4–6×).
Fuel volume (40K gal/mo) is decent but margins likely thin; c‑store volume modest ($40K/mo) for size.
Real estate adds value, but operating inefficiency must be addressed (labor, auto repair).
Opportunity: Reposition as branded fuel + expanded c‑store/QSR; exit auto repair if low ROI; monetize excess lot space (EV chargers, food truck pads).

Initial Take

Strengths: Prime corner lot; long operating history; upgraded infrastructure; real estate included.
Weaknesses: Very low cash flow relative to price; unclear expense structure; potential operational inefficiencies.
Next Step: Demand detailed P&Ls and expense breakdown to understand why SDE is so low; use low SDE as leverage for significant price negotiation.

Link: View Listing

4.18. Gas Station/C‑Store/Real Property – Snohomish County, WA (Saad’s Fair Market Score: 76/100)

Reason: Prime site with real estate included; minimal financial details; valuation depends entirely on NDA disclosures; potential upside from location.

Asking Price: $2,795,000 (real estate included)
Gross Revenue: Not disclosed (implied ~$912K GP/year from listing margins)
Cash Flow (SDE): Not disclosed (estimate: ~$250K–$300K after operating expenses)

Highlights

Well-maintained site: High inside & outside margins; pumps and store in good condition.
Revenue streams: Inside sales ~$56K/month; outside sales (fuel) ~20K gallons/month.
Gross profit: ~~$42K/month (~~$504K/year) → strong for region.
Location: Snohomish County corridor; strong commuter traffic and residential base.
Seller motivation: Health issues; potential price flexibility.
Real estate included: Adds collateral for SBA financing and reduces lease risk.
Room to improve: Operational efficiencies, QSR add-on, extended hours, or branding shift could raise margins.

Financials & Next Steps

What’s Revealed (Listing Data)

Inside sales: $56K/month (~~$672K/year) – typically 30–35% margin (~~$200K–$235K gross profit).
Fuel volume: 20K gallons/month (~240K/year) – margin not disclosed (assume $0.40–$0.50 typical = ~$96K–$120K gross profit).
Combined GP = ~~$300K–$355K before expenses; listing states $42K/month GP (~~$504K/year), so margins may be higher than typical.
No detailed expense or payroll info; SDE must be confirmed via P&L.

Key Pre-NDA Questions

How is $42K/month GP split between fuel vs inside sales?
Are margins sustainable (contracted fuel supply or spot market)?
Any deferred maintenance or environmental liabilities (tank age, compliance)?
Property tax, insurance, and payroll figures?
Can GP be validated with bank statements or monthly sales reports?

Post-NDA Items to Request

3-year P&L + tax returns (with segment breakdown).
Fuel supply contract (margin protections, incentives).
Environmental reports (Phase I/II) and tank certifications.
Real estate appraisal or tax assessment.
FF&E list and warranty details for pumps/store equipment.

Debt Service Analysis (SBA 7a, 10% down, 9.5% rate)

Loan: $2.795M × 90% = $2.515M
Annual debt service (25-year amortization @ 9.5%): ≈ $327K/year (~$27.3K/month)
Required SDE for 1.25 DSCR: ≈ $409K/year
Estimated SDE (~$250K–$300K): shortfall of $100K–$150K → price negotiation or higher equity needed.

Implications / Analysis

Fair Market Score: 76/100
- High gross profit ($504K) and real estate included (strong collateral).
- Unknown SDE; must validate expense load and confirm $42K/month GP translates into ~$300K+ SDE.
- Price-to-GP multiple ≈ 5.5× (reasonable for property-backed, high-margin site).
Opportunity: Operational improvements + possible QSR or branding shift could push SDE to $350K+ and justify asking price.

Initial Take

Strengths: High gross profit; strong location; real estate included; motivated seller.
Weaknesses: No disclosed SDE; must confirm expenses; SBA DSCR tight without stronger margins.
Next Step: Request NDA → P&L, tax returns, fuel contracts; confirm margin sustainability and property value.

Link: View Listing

4.19. Major Prime Location Gas & C‑Store – Snohomish County, WA (Saad’s Fair Market Score: 68/100)

Reason: Inside sales ($60K/mo) and fuel volume (35K gal/mo) solid; new MPD; real estate likely included; lack of SDE data and details on margins lowers score.

Asking Price: $2,799,000 (real estate included)
Gross Revenue: Not disclosed (implied high traffic due to “prime location”)
Cash Flow (SDE): Not disclosed (estimate: $200K–$300K based on typical margins and price point)

Highlights

Prime location: Snohomish County, major traffic corridor; details undisclosed (must verify exact intersection and traffic counts).
Real estate included: Price includes land and building (unknown square footage; must confirm).
Undisclosed operations: No revenue, fuel volume, or margin data provided.
Potential high upside: “Major prime” suggests significant traffic; potential for rebranding, QSR, or EV charger add-ons.
Seller restriction: Principals only; limited broker-to-broker negotiation flexibility.
Health of infrastructure: No info on pumps/tanks or remodel status; verify environmental compliance and deferred maintenance.

Financials & Next Steps

What’s Revealed (Listing Data)

Only key data: asking price ($2.799M) and real estate included.
No revenue, SDE, or operational breakdown → speculative valuation based on location and property value.
Prime location claim likely justifies higher price, but without cash flow data, must anchor negotiation on real estate appraisal + fuel volume estimates.

Key Pre-NDA Questions

What are monthly fuel gallons and inside sales figures?
Condition of tanks (age, double-wall, compliance)?
Are there current fuel supply contracts (term, margins)?
Property size, zoning, and potential for additional revenue (food/QSR, EV)?
Any remodels or deferred maintenance (pumps, canopy, roof)?

Post-NDA Items to Request

3-year P&L and tax returns (with segment breakdown: fuel vs c‑store).
Fuel supply contract details and rebate structure.
Environmental reports (Phase I/II) and compliance certifications.
Property appraisal and parcel details (lot size, zoning).
Details on current staffing and payroll costs.

Debt Service Analysis (SBA 7a, 10% down, 9.5% rate)

Loan: $2.799M × 90% = $2.519M
Annual debt service (25-year amortization @ 9.5%): ≈ $327K/year (~$27.3K/month)
Required SDE for 1.25 DSCR: ≈ $409K/year
Without disclosed SDE, assume $250K–$300K typical → shortfall unless margins are exceptional or price negotiable.

Implications / Analysis

Fair Market Score: 68/100
- Prime location and real estate included are positives.
- No financials disclosed = high diligence risk; must treat as property play until proven cash flow.
- If location supports 50K+ gallons/month and $50K+ inside sales, valuation could be reasonable; otherwise overpriced.
Opportunity: Validate traffic and sales data; if strong, could justify rebrand/QSR expansion and higher margins.

Initial Take

Strengths: Prime traffic corridor; real estate included; potential high upside.
Weaknesses: Zero operational data disclosed; speculative; high price vs unknown cash flow.
Next Step: Request NDA; prioritize traffic count, sales data, and environmental compliance; evaluate price vs property value.

Link: View Listing

4.20. Snohomish County Gas Station/Grocery – Snohomish, WA (Saad’s Fair Market Score: 72/100)

Reason: Strong fuel margins ($0.80/gal) + inside sales ($70K/mo); real estate included; fuel contract (8 years) limits rebrand flexibility; price-to-SDE likely high.

Asking Price: $2,800,000 (real estate included)
Gross Revenue: Not disclosed (implied ~$60K/month inside sales + 35K gal/month fuel)
Cash Flow (SDE): Not disclosed (estimate: $240K–$300K based on typical margins)

Highlights

Sales profile (from listing title): ~$60K/month inside sales; ~35K gallons/month fuel volume.
Infrastructure: New MPDs (multi-product dispensers) recently installed — reduces CapEx risk.
Prime county: Snohomish County growth corridor, mix of commuter and residential traffic.
Real estate included: Asking price includes land/building; property details (lot size, SF) undisclosed.
Principal-only sale: Limits broker-to-broker negotiation; direct buyer engagement required.
Expansion potential: Opportunity to enhance with branded fuel, QSR add-on, or EV chargers.

Financials & Next Steps

What’s Revealed (Listing Data)

Inside sales: $60K/month → ~30% margin typical = $18K/month gross profit (~$216K/year).
Fuel sales: 35K gallons/month → $0.35–$0.50 margin typical = $12K–$17.5K/month gross profit (~$144K–$210K/year).
Combined GP estimate: ~$360K–$426K/year before expenses.
SDE estimate: ~$240K–$300K after typical operating costs (labor, insurance, utilities).

Key Pre-NDA Questions

Confirm fuel margin and current branding status (branded vs unbranded flexibility).
Condition of tanks (age, compliance — double wall, Phase I/II)?
Exact property size and zoning (room for expansion)?
Lease agreements (if any subleases: food truck, ATM, etc.)?
Property tax, insurance, and environmental liabilities?

Post-NDA Items to Request

3-year P&L and tax returns with monthly sales breakdown (inside vs fuel).
Fuel supply contract (term, rebate structure, exclusivity).
Environmental compliance (tank reports, spill history).
Property appraisal or tax assessment for real estate valuation.
Equipment list (pumps, canopy, refrigeration) and warranty info.

Debt Service Analysis (SBA 7a, 10% down, 9.5% rate)

Loan: $2.8M × 90% = $2.52M
Annual debt service (25-year amortization @ 9.5%): ≈ $327K/year (~$27K/month)
Required SDE for 1.25 DSCR: ≈ $409K/year
Estimated SDE ($240K–$300K) = shortfall; negotiation needed (target price ≤ $2.0M–$2.2M).

Implications / Analysis

Fair Market Score: 72/100
- Pros: New MPDs, decent volumes (35K gal + $60K inside), real estate included.
- Cons: Financials not disclosed; must confirm margins and expenses; price may be high relative to estimated SDE.
Upside: Potential to add QSR or rebrand fuel; EV charger installation possible given county growth.

Initial Take

Strengths: Real estate included; new fuel infrastructure; healthy inside sales and moderate fuel volumes.
Weaknesses: No disclosed SDE; high asking price relative to estimated margins; unknown environmental and property specifics.
Next Step: NDA required — confirm exact sales/margin breakdown and environmental status; price negotiation likely needed based on DSCR gap.

Link: View Listing

4.21. Branded Gas Station + Property – Snohomish County, WA (Saad’s Fair Market Score: 74/100)

Reason: Healthy gross profit (~$588K); real estate included; growth area; fuel contract 8 years left; price multiple above target — requires diligence on expenses.

Asking Price: $3,000,000 (real estate included)
Gross Revenue: Not disclosed (estimated from provided inside + fuel sales)
Cash Flow (SDE): Not disclosed (estimated $300K–$360K based on margins and typical expenses)

Highlights

Sales Profile:
- Inside: $70K/month (~$840K/year) @ 30% margin → ~$252K GP/year.
- Fuel: 35K gallons/month (~420K/year) @ $0.80/gal margin → ~$336K GP/year.
- Combined gross profit ≈ $588K/year before operating costs.
Fuel Contract: 8 years remaining — secure supply, but limits rebranding flexibility.
Infrastructure: Branded station; details on tanks, pumps, and store condition not disclosed (verify age and compliance).
Real Estate Included: Asking price includes property — improves SBA loan eligibility and collateral value.
Location: Snohomish County — fast-growing commuter and residential corridor; favorable long-term demand.

Financials & Next Steps

What’s Revealed (Listing Data)

Implied revenue: ~$1.26M (inside) + ~$1.5M–$2M (fuel at $4–$5/gal retail) = ~$2.7M–$3.2M total.
Gross profit: ~$588K/year → likely SDE $300K–$360K (assuming 40–50% expense load).
Price-to-est. SDE multiple: ~8–10× (above target 4–6× for WA gas with real estate).

Key Pre-NDA Questions

Confirm SDE vs gross profit — is $588K GP reduced by labor, taxes, etc., or is that net?
Details on tank age, compliance, environmental reports (Phase I/II).
Building square footage, lot size, and zoning — expansion potential?
Verify fuel contract terms (rebates, branding obligations).
Property tax, insurance, and any existing liens or assessments.

Post-NDA Items to Request

Full 3-year P&L and tax returns with monthly sales breakdown (inside vs fuel).
Fuel supply agreement and rebate structure.
Environmental compliance and tank inspection reports.
Property appraisal or tax records to split land vs business value.
Inventory details (current $ level not stated — verify separately).

Debt Service Analysis (SBA 7a, 10% down, 9.5% rate)

Loan = $3M × 90% = $2.7M
Annual DS (25-year amortization @ 9.5%) ≈ $350K/year (~$29K/month)
Required SDE for 1.25 DSCR = $437K/year
Estimated SDE ($300K–$360K) = shortfall; price needs downward adjustment or higher equity.

Implications / Analysis

Fair Market Score: 74/100
- Pros: Real estate included; healthy gross profit from fuel + inside sales; strong location.
- Cons: 8-year fuel contract may limit flexibility; SDE estimate marginal for $3M price; unknown environmental/CapEx risks.
Upside: Operational improvements (add QSR, optimize fuel pricing), potential property appreciation in growth corridor.

Initial Take

Strengths: Branded fuel, high fuel margins ($0.80/gal), solid inside sales, real estate included.
Weaknesses: High price-to-SDE ratio; fuel contract may constrain future rebranding; unknown environmental compliance.
Next Step: Secure NDA → confirm SDE accuracy, tank age, and fuel contract specifics; adjust offer price based on verified cash flow.

Link: View Listing

4.22. Gas Station / C‑Store – Seaview, WA (Saad’s Fair Market Score: 77/100)

Reason: Fully upgraded infrastructure (pumps, canopy, tanks, POS); gas contract ending soon (flexibility to rebrand); strong fuel volume (34K gal/mo); modest growth potential with food program; price multiple depends on undisclosed SDE.

Asking Price: $3,250,000 (plus inventory)
Gross Revenue: $3,100,000 (≈ $258K/month)
Cash Flow (SDE/NOI): Not disclosed (estimate: $250K–$300K based on typical margins)

Highlights

Upgrades completed: POS, cameras, canopy, tanks, gas monitor, LED cooler doors — major CapEx already done.
Fuel contract ending (June 2025): Rare opportunity to renegotiate or rebrand (potential higher margins or incentives).
Fuel volume: ~34K gallons/month; margins “great” per listing (likely $0.40–$0.60 typical rural margin).
Store sales: Not disclosed; implied solid margins since listing notes “great margins” overall.
Expansion opportunity: Add hot food program to boost inside sales.
Real estate included: 2,880 SF building, 1980 build, property and business sold together.

Financials & Next Steps

What’s Revealed (Listing Data)

Revenue: $3.1M/year (fuel + store).
Fuel: 34K gallons/month (~408K/year).
Margins described as “great,” assume ~0.50/gal = ~$204K gross fuel margin annually.
C‑store margins unknown; typical 30–35% margin if $50K/mo inside sales = ~$180K gross margin.
Potential combined gross profit: ~$380K–$400K before expenses.

Key Pre‑NDA Questions

What are inside sales (monthly $)? Confirm margin % (30–35% typical).
Full P&Ls and tax returns: confirm true SDE (post‑management).
Tank/environmental compliance paperwork (upgrades done, but verify Phase I/II).
Property tax and insurance breakdown for real estate.
Any current debt on upgrades (POS, tanks, canopy)?

Post‑NDA Items to Request

3‑year P&L and fuel supply contract (terms, incentives).
Breakdown of inside vs outside gross profit.
Property appraisal or tax assessment (for SBA underwriting).
Equipment list (POS, coolers, canopy warranties).
Confirmation of “great margins” — is this fuel only or store also?

Debt Service Analysis (SBA 7a, 10% down, 9.5% rate)

Loan amount: $3.25M × 90% = $2.925M
Annual debt service: ≈ $381K/year (≈ $31.8K/month)
Required SDE for 1.25 DSCR: ≈ $476K/year
Implied SDE: $250K–$300K (est.) → DSCR ≈ 0.65 → shortfall; price must drop or upside must be proven.

Implications / Analysis

Price-to-GP multiple: Likely 8–10× (high; target 4–6×).
Upside levers: End of fuel contract (rebrand, better incentives), hot food program, competitive fuel pricing to boost volume.
Risk factors: No SDE disclosed; margins self‑reported as “great” (must verify); rural location may limit growth ceiling.
Strengths: Fully upgraded site = low near‑term CapEx; real estate included; flexible branding ahead.
Weaknesses: High asking price vs implied cash flow; unknown inside sales; fuel margins must be confirmed.

Initial Take
Strong physical asset and flexibility post‑contract; must confirm real margins and inside sales. Likely over‑priced unless SDE exceeds ~$400K. If real SDE is $250K–$300K, target buy price ≈ $2M–$2.2M.

Link: View Listing

4.23. Purchase Business with Building (Ground Lease; Land Later) – Washington (Saad’s Fair Market Score: 55/100)

Reason: Structure is unusual (business + building but ground lease on land); no financials disclosed; unclear revenue/SDE; flexibility to buy land later adds upside but complicates financing.

Asking Price: $3,290,000 (business + building; ground lease on land)
Gross Revenue: Not disclosed
Cash Flow (SDE): Not disclosed (unknown margin profile)

Highlights

Deal structure: Buyer purchases operating business + building; land is ground-leased with option to purchase later.
Upside: Potential eventual full ownership (fee simple) after land purchase.
Unknown financials: No revenue, SDE, or margin data provided — high uncertainty.
Location: Listed only as “Washington”; county/traffic metrics not disclosed (must confirm).
Flexibility: Could provide lower entry cost initially, but ground lease terms are critical (escalation, buyout option, duration).

Financials & Next Steps

What’s Revealed (Listing Data)

No revenue, SDE, or fuel volumes provided.
Ground lease implies ongoing rent obligations (amount not disclosed).
Unclear if building ownership gives collateral value for SBA financing (land lease may complicate).

Key Pre‑NDA Questions

Ground lease terms: rent, escalations, duration, buyout option?
What are actual revenue and SDE (fuel vs store)?
What are building replacement costs vs asking price?
Tank/environmental compliance (since land not owned)?
Can SBA finance building purchase without land ownership?

Post‑NDA Items to Request

Full financial statements (3-year P&Ls and tax returns).
Ground lease agreement (copy + terms for buyout).
Property appraisal (building vs land value split).
Fuel supply contract (terms, incentives).
Equipment/FF&E list and condition.

Debt Service Analysis (SBA 7a, 10% down, 9.5% rate)

Loan amount: $3.29M × 90% = $2.961M
Annual debt service: ≈ $385K/year (≈ $32K/month)
Required SDE for 1.25 DSCR: ≈ $480K/year
Actual SDE: Unknown (likely well below requirement unless strong undisclosed numbers).

Implications / Analysis

Major unknowns: No financial data; unique structure complicates valuation (ground lease lowers price but reduces collateral).
Upside: Possible eventual land acquisition (full control).
Risk factors: Financing may be difficult without fee simple land ownership; must verify ground lease terms.
Strengths: Building included; possible lower initial capital outlay vs full property purchase.
Weaknesses: No revenue/SDE; unusual structure; potential hidden liabilities in ground lease.

Initial Take
This is a speculative screening candidate — must get NDA quickly to understand ground lease economics and confirm whether revenue justifies $3.29M price. High risk without detailed financials.

Link: View Listing

4.24. Established Gas Station with C-Store – Snohomish County, WA (Saad’s Fair Market Score: 52/100)

Reason: Price is heavily tied to real estate value ($2.9M of $3.29M ask); no revenue or SDE disclosed; strong location implied but zero operational data makes it speculative until NDA.

Asking Price: $3,290,000 (includes real estate)
Gross Revenue: Not disclosed
Cash Flow (SDE): Not disclosed (no financial details provided)

Highlights

Real estate-heavy deal: $2.9M of price attributed to property; business value unclear without financials.
Lack of data: No revenue, fuel volumes, or margins disclosed.
Possible upside: Established station in Snohomish County — high growth market; potential solid fuel + C‑store volumes.
Seller financing: Mentioned; could improve deal structure flexibility.
Broker track record: Andrew JP Hong (multiple similar listings in region) — may indicate recurring seller relationships or portfolio opportunities.

Financials & Next Steps

What’s Revealed (Listing Data)

Asking $3.29M, property value $2.9M → business goodwill valued at ~$390K.
No performance data disclosed (must confirm gross sales, gallons/month, margins).
Real estate included → SBA-friendly collateral but requires income verification.

Key Pre‑NDA Questions

Actual monthly fuel and store sales?
Current fuel contract terms (brand, margin, years remaining)?
Tank/environmental compliance (age, upgrades)?
Property details: lot size, traffic counts, redevelopment potential?
Seller financing terms (rate, amortization, balloon)?

Post‑NDA Items to Request

3-year P&Ls and tax returns.
Fuel supply contract and maintenance agreements.
Environmental inspection reports (Phase I/II).
Property appraisal or tax assessments.
FF&E list (pumps, canopy, POS systems).

Debt Service Analysis (SBA 7a, 10% down, 9.5% rate)

Loan amount: $3.29M × 90% = $2.961M
Annual debt service: ≈ $385K/year (~$32K/month)
Required SDE for 1.25 DSCR: ≈ $480K/year
Actual SDE: Not disclosed → must confirm viability post-NDA.

Implications / Analysis

Strengths: Real estate heavy; potential stable cash flow once financials are known; SBA-friendly.
Weaknesses: Zero operating data; price may exceed cash flow capacity.
Upside: If C‑store and fuel volumes are strong, property value provides downside protection.
Risk: Paying mostly for dirt without knowing operating performance — could be overpaying if volumes are modest.

Initial Take
High real estate value with no disclosed income. Worth screening if property is in prime Snohomish corridor (I‑5/US‑2); NDA required to assess cash flow and viability.

Link: View Listing

4.25. Commercial Sign Shop with Property [Score: 75/100]

Reason for Interest

This well-established commercial sign shop in Pasco, WA, presents a solid investment opportunity with consistent revenue, a strong client base, and significant growth potential.

Highlights

Asking Price: $1,400,000
Gross Revenue: $650,000
Cash Flow: $52,000 (estimated)
Real Estate: Included
Established: 1979
Employees: 4
Location: Pasco, WA
Inventory: $75,000 included in asking price
Facilities: 6,875 sq ft building with 2 large bays
Seller Financing: Available with a minimum of $400K down
Growth Potential: Yes
Risk Flags: Yes

Financials

The estimated cash flow (SDE) is $52,000, derived from the gross revenue of $650,000, applying an industry standard margin of 8%. This results in a price-to-SDE multiple of approximately 26.92, which is higher than the ideal range of 3-5x.

Debt Service

With seller financing available, a minimum down payment of $400,000 would reduce the initial cash outlay, making it easier to manage debt service. However, the cash flow may be insufficient to cover all debt obligations comfortably.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 75/100.

Link: View Listing

4.26. Downtown Multi Tenant & Commercial Building Opportunity [Score: 90/100]

Reason for Interest

Prime downtown location with strong visibility, included real estate, and multi-tenant flexibility (8,162 SF). Stable auto parts business revenue with upside from leasing unused space or redeveloping for retail/office. Low risk profile and seller willing to train.

Highlights

Asking Price: $1,750,000
Gross Revenue: $1,234,772
Cash Flow: $98,782 (estimated)

Cash Flow (SDE): $120,000 (disclosed)

Location: Downtown Moses Lake, high visibility and accessibility
Real Estate: Included (valued ~$1.3M)
Building: 8,162 SF; adaptable for 3–4 tenants
Established: 2010
Growth Potential: Yes, expand retail footprint or redevelop for mixed-use
Risk Flags: Revenue trend declining

Financials

The estimated cash flow (SDE) of $98,782 provides a solid return on investment, especially considering the asking price of $1,750,000. The revenue of $1,234,772 indicates a healthy business operation, with potential for increased profitability through expansion.

Price/SDE multiple ≈ 14.6× (high; mitigated by $1.3M real estate value)
Strong hard-asset backing reduces downside risk; cash flow modest but steady
Revenue trend slightly declining but still >$1.2M

Debt Service

With seller financing available, potential buyers may find favorable terms to finance the acquisition, making this an attractive opportunity for investors.

SBA 7(a) loan estimate: 10% down ($175K), finance $1.575M
Payment ≈ $193K/yr at 9.5% over 10 years
DSCR = 120K ÷ 193K ≈ 0.62 (insufficient) → needs either higher equity injection or price negotiation

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 90/100.

Link: View Listing

4.27. Established Gas Station with C-store [Score: 75/100]

Reason for Interest

This established gas station in Snohomish County, WA, presents a solid investment opportunity with included real estate, growth potential, and no significant risk flags.

Highlights

Asking Price: $3,290,000
Gross Revenue: Not Disclosed
Cash Flow (SDE): $0 (not disclosed, estimated at $263,200)
Real Estate: Included in asking price, valued at $2,900,000
Location: Snohomish County, WA
Growth Potential: Yes
Risk Flags: No

Financials

With an estimated cash flow of $263,200 (calculated as 8% of the asking price), the gas station offers a reasonable return on investment. The real estate component significantly enhances the value proposition.

Debt Service

Given the asking price and estimated cash flow, potential buyers should consider financing options that align with the cash flow to ensure manageable debt service.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 75/100.

Spreadsheet Fields

{'Business Name': 'Established Gas Station with C-store', 'Asking Price': 3290000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Snohomish County, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 75, 'Notes': 'Real estate included, estimated cash flow based on industry standard.', 'Strategy': 'Consider for investment with growth potential.', 'Revenue': 'Not Disclosed', 'Cash Flow': 'Estimated at $263,200', 'Multiples': 'Not Disclosed'}

Score: 58/100

Link: View Listing

4.28. Gas Station in Cowlitz County, WA [Score: 65/100]

Reason for Interest

This gas station presents a unique opportunity for investors looking to acquire a property with real estate included and potential for growth in a developing area.

Highlights

Asking Price: $3,500,000
Gross Revenue: Not Disclosed
Cash Flow: $0
Location: Cowlitz County, WA
Real Estate: Included
Location Quality: Other
Growth Potential: Yes
Risk Flags: No

Financials

With the cash flow currently reported as $0, we estimate the Seller's Discretionary Earnings (SDE) based on the industry standard of 8% of gross revenue. However, since gross revenue is not disclosed, we cannot provide a precise SDE figure. This lack of revenue information significantly impacts the financial assessment.

Debt Service

Given the asking price of $3,500,000 and the estimated cash flow (SDE) being $0, it is crucial for potential buyers to consider financing options carefully, as the current cash flow does not support debt service.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 65/100.

Spreadsheet Fields

{'Business Name': 'Gas Station in Cowlitz County, WA', 'Asking Price': 3500000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Cowlitz County, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 65, 'Notes': 'Cash flow currently reported as $0; revenue not disclosed.', 'Strategy': 'Evaluate growth potential and real estate value.', 'Revenue': 'Not Disclosed', 'Cash Flow': '0 (estimated SDE not calculable)', 'Multiples': 'Not Applicable'}

Score: 58/100

Link: View Listing

4.29. Gas Station in Okanogan County, WA [Score: 90/100]

Reason for Interest

Prime freeway-adjacent Chevron station at a high-traffic intersection (Walmart, Truckstop, McDonald’s). Real estate included, strong fuel + store sales, and simple operations (short hours, low labor needs).

Highlights

Asking Price: $3,750,000
Gross Revenue: $5,143,375 (~$428K/month)
Cash Flow (SDE/NOI): $449,600 (~8.7% margin)
Fuel Volume: 80,000 gallons/month (≈ 960K/year)
Store Sales: $50,000/month (≈ $600K/year)
Real Estate: Included in asking price (Chevron-branded property)
Facilities: New MPDs, POS system, 30-foot freeway sign
Location Quality: Prime – busiest intersection in 50 miles

Financials

The estimated cash flow of $411,470 indicates a healthy profit margin, especially given the high revenue of over $5 million. The asking price of $3,750,000 results in a price-to-SDE multiple of approximately 9.1, which is slightly above the ideal range but still reasonable given the location and included real estate.

Price/SDE Multiple: $3.75M ÷ $449K = 8.3× (slightly high but justified by prime location + included RE)
Margins: ~8.7% blended (healthy for branded station)
Fuel Margins: Likely $0.35–$0.40 typical rural WA (≈ $336K–$384K annual gross margin)
Debt Service (SBA 7a, 10% down, 9.5% rate):
Loan = $3.375M
DS ≈ $440K/year → DSCR ≈ 1.02× (tight, needs strong ops or seller financing overlay)

Debt Service

With a cash flow of $411,470, the debt service coverage ratio appears favorable, allowing for potential financing options to be explored.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 90/100.

Score Breakdown

Price (20): 15 – Multiple slightly above 6× target, offset by prime location and RE value

Cash Flow (20): 18 – Strong $449K SDE relative to peers

Real Estate (20): 20 – Chevron-branded property included; high traffic corridor

Location & Traffic (15): 15 – Busiest intersection in 50 miles; anchored by Walmart/McDonald’s

Growth & Expansion (15): 12 – Potential for extended hours or additional retail/QSR pads

Red Flags / Risk (10): 10 – No major environmental or competitive risks disclosed

Spreadsheet Fields

{'Business Name': 'Gas Station in Okanogan County, WA', 'Asking Price': 3750000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Okanogan County, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 90, 'Notes': 'High traffic location with included real estate.', 'Strategy': 'Acquire and optimize operations.', 'Revenue': 5143375, 'Cash Flow': 411470, 'Multiples': 9.1}

Score: 85/100

Link: View Listing

4.30. Major Brand Gas Station with C-store [Score: 60/100]

Reason for Interest

This major brand gas station with a convenience store presents a unique investment opportunity, particularly due to its included real estate and growth potential.

Highlights

Asking Price: $3,890,000
Gross Revenue: Not Disclosed
Cash Flow: $0 (Not Disclosed)
Real Estate: Included ($3,000,000)
Location Quality: Other
Growth Potential: Yes
Risk Flags: No

Financials

With the cash flow not disclosed, we cannot provide a definitive financial analysis. However, using the estimated SDE based on the asking price and industry standards, we can derive an estimated cash flow of $311,200 (calculated as $3,890,000 × 0.08).

Debt Service

Given the asking price of $3,890,000 and estimated cash flow of $311,200, potential buyers should consider how this cash flow will support any debt service obligations they may incur upon acquisition.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 60/100.

Spreadsheet Fields

{'Business Name': 'Major Brand Gas Station with C-store', 'Asking Price': 3890000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Washington', 'Listing Source': 'BizBuySell', 'Fair Market Score': 60, 'Notes': 'Real estate included, cash flow not disclosed.', 'Strategy': 'Consider growth potential and real estate value.', 'Revenue': 'Not Disclosed', 'Cash Flow': 'Estimated $311,200', 'Multiples': 'Not Applicable'}

Score: 58/100

Link: View Listing

4.31. Well Established Branded Gas Station in Grays Harbor County [Score: 75/100]

Reason for Interest

This well-established branded gas station presents a unique investment opportunity in Grays Harbor County, WA. With a solid average monthly sales figure and a long-term fuel contract, it offers potential for growth and stability.

Highlights

Asking Price: $4,000,000
Gross Revenue: Not Disclosed
Cash Flow: $0 (estimated SDE: $6,400)
Location: Grays Harbor County, WA
Real Estate: Included
Location Quality: Other
Growth Potential: Yes
Risk Flags: No

Financials

The asking price of $4,000,000 is based on the business's potential, with average monthly sales reported at $80,000 and a margin of approximately 40%. This results in an estimated SDE of $6,400, calculated from the provided sales figures. The long-term fuel contract of 9 years adds to the stability of the investment.

Debt Service

Given the estimated SDE, potential buyers should consider their financing options carefully to ensure they can cover debt service obligations while also investing in the growth of the business.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 75/100.

Spreadsheet Fields

{'Business Name': 'Well Established Branded Gas Station', 'Asking Price': 4000000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Grays Harbor County, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 75, 'Notes': 'Estimated SDE based on average monthly sales.', 'Strategy': 'Consider growth potential and long-term fuel contract.', 'Revenue': 'Not Disclosed', 'Cash Flow': 'Estimated SDE: $6,400', 'Multiples': 'Not Disclosed'}

Score: 58/100

Link: View Listing

4.32. Branded Gas Station with Real Estate [Score: 75/100]

Reason for Interest

This branded gas station in Thurston County, WA, offers a solid investment opportunity due to its established presence, included real estate, and potential for growth.

Highlights

Asking Price: $4,100,000
Gross Revenue: Not Disclosed
Cash Flow: $0 (estimated SDE: $76,000)
Location: Thurston County, WA
Real Estate: Included
Location Quality: Other
Growth Potential: Yes
Risk Flags: No

Financials

The asking price of $4,100,000 with an estimated SDE of $76,000 results in a price/SDE multiple of approximately 53.9, which is relatively high. However, the inclusion of real estate adds value to the overall investment. The monthly inside sales are reported at $85,000, and the annual gross profit stands at $950,000, indicating a healthy profit margin.

Debt Service

Given the estimated SDE of $76,000, potential buyers should consider their financing options carefully. The cash flow is currently at $0, which may impact the ability to service debt unless additional revenue streams are identified or operational efficiencies are implemented.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 75/100.

Spreadsheet Fields

{'Business Name': 'Branded Gas Station with Real Estate', 'Asking Price': 4100000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Thurston County, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 75, 'Notes': 'Includes real estate, growth potential, and no major risks.', 'Strategy': 'Evaluate operational efficiencies to improve cash flow.', 'Revenue': 'Not Disclosed', 'Cash Flow': 'Estimated SDE: $76,000', 'Multiples': '53.9'}

Score: 58/100

4.33. Gas Station in Grays Harbor County, WA [Score: 70/100]

Reason for Interest

This gas station presents a solid investment opportunity with included real estate and potential for growth, despite the current lack of disclosed revenue and cash flow.

Highlights

Asking Price: $4,200,000
Gross Revenue: Not Disclosed
Cash Flow: $0 (not disclosed)
Location: Grays Harbor County, WA
Real Estate: Included
Location Quality: Other
Growth Potential: Yes
Risk Flags: No

Financials

With the cash flow not disclosed, we estimate SDE as Gross Revenue × 0.08. Given the gross profit of $960,000, we can estimate the cash flow (SDE) at approximately $76,800. This estimation provides a basis for evaluating the price-to-cash flow multiple.

Debt Service

Assuming a standard financing structure, potential buyers should consider the debt service based on the estimated cash flow of $76,800. This will impact the overall investment strategy and financial planning.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 70/100.

Spreadsheet Fields

{'Business Name': 'Gas Station in Grays Harbor County, WA', 'Asking Price': 4200000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Grays Harbor County, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 70, 'Notes': 'Includes real estate, growth potential, cash flow estimated.', 'Strategy': 'Evaluate financing options based on estimated cash flow.', 'Revenue': 'Not Disclosed', 'Cash Flow': 'Estimated $76,800', 'Multiples': 'Estimated Price/SDE multiple of 54.7'}

Score: 58/100

Link: View Listing

4.34. Gas Station/Foodmart [Score: 75/100]

Reason for Interest

This gas station presents a unique opportunity for investors due to its potential for growth and the inclusion of real estate in the sale.

Highlights

Asking Price: $4,200,000
Gross Revenue: Not Disclosed
Cash Flow (SDE): $0 (estimated as $336,000)
Location: Snohomish County, WA
Real Estate: Included
Location Quality: Other
Growth Potential: Yes
Risk Flags: No

Financials

While the cash flow is currently reported as $0, estimating it based on industry standards gives us an SDE of approximately $336,000. This estimation is based on the assumption that gross revenue would yield an 8% margin typical for gas stations.

Debt Service

With an estimated cash flow of $336,000, the debt service coverage ratio will depend on the financing terms, which are not disclosed. However, the inclusion of real estate can provide leverage in financing options.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 75/100.

Spreadsheet Fields

{'Business Name': 'Gas Station/Foodmart', 'Asking Price': 4200000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Snohomish County, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 75, 'Notes': 'Cash flow is estimated based on industry standards.', 'Strategy': 'Consider acquisition for growth potential and real estate value.', 'Revenue': 'Not Disclosed', 'Cash Flow': 'Estimated $336,000', 'Multiples': 'Not Disclosed'}

Score: 58/100

Link: View Listing

4.35. High GP Gas Station Opportunity Over $1.2M Yearly [Score: 75/100]

Reason for Interest

This gas station presents a unique investment opportunity due to its prime location, potential for growth, and included real estate, making it attractive for both operators and investors.

Highlights

Asking Price: $4,300,000
Gross Revenue: $0
Cash Flow (SDE): $0 (estimated: $0)
Location: Prime freeway-adjacent location
Real Estate: Included
Growth Potential: Yes
Risk Flags: No

Financials

While the current cash flow is reported as $0, the estimated cash flow based on industry standards is also $0. The asking price of $4,300,000 suggests a significant investment, but the absence of disclosed revenue raises concerns about immediate profitability.

Debt Service

Given the asking price and estimated cash flow, potential investors should carefully consider financing options and the ability to service debt based on future revenue projections.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 75/100.

Spreadsheet Fields

{'Business Name': 'High GP Gas Station Opportunity Over $1.2M Yearly', 'Asking Price': 4300000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Location', 'Listing Source': 'BizBuySell', 'Fair Market Score': 75, 'Notes': 'Estimated SDE based on industry standard.', 'Strategy': 'Investment for growth and expansion.', 'Revenue': 0, 'Cash Flow': 0}

Score: 68/100

Link: View Listing

4.36. Gas Station G.P $745K Yearly [Score: 70/100]

Reason for Interest

This gas station in Thurston County, WA, presents a unique opportunity with real estate included, a solid revenue potential, and growth opportunities.

Highlights

Asking Price: $4,300,000
Gross Revenue: Not Disclosed
Cash Flow (SDE): $0 (Not Disclosed, estimated SDE = $0)
Location: Thurston County, WA
Real Estate: Included
Location Quality: Other
Growth Potential: Yes
Risk Flags: No

Financials

The asking price of $4,300,000 does not reflect any disclosed cash flow or revenue, leading to an estimated SDE of $0. This significantly impacts the valuation and attractiveness of the deal.

Debt Service

Without disclosed cash flow, assessing debt service capabilities is challenging. Potential buyers should conduct thorough due diligence to understand financing options.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 70/100.

Spreadsheet Fields

{'Business Name': 'Gas Station G.P $745K Yearly', 'Asking Price': 4300000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Thurston County, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 70, 'Notes': 'Cash flow and revenue not disclosed; real estate included.', 'Strategy': 'Evaluate growth potential and market conditions.', 'Revenue': 'Not Disclosed', 'Cash Flow': 'Not Disclosed (estimated SDE = $0)'}

Score: 58/100

Link: View Listing

4.37. Chevron Gas Station [Score: 70/100]

Reason for Interest

This Chevron gas station presents a unique opportunity for investors due to its prime location, included real estate, and potential for growth despite currently reported cash flow being zero.

Highlights

Asking Price: $4,450,000
Gross Revenue: Not Disclosed
Cash Flow: $0 (Not Disclosed)
Location: Yakima County, WA
Real Estate: Included
Location Quality: Prime
Growth Potential: Yes
Risk Flags: No
Average Monthly Store Sales: $130,000
Average Monthly Fuel Sales: 40,000 gallons

Financials

While the cash flow is reported as $0, estimating SDE based on the average monthly store sales, we can derive an estimated cash flow of approximately $10,400 per month (based on an 8% margin of the average monthly store sales). This translates to an estimated annual cash flow of about $124,800.

Debt Service

Given the asking price of $4,450,000 and the estimated annual cash flow of $124,800, the debt service coverage ratio would need to be calculated based on financing terms, which are not disclosed here.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 70/100.

Spreadsheet Fields

{'Business Name': 'Chevron Gas Station', 'Asking Price': 4450000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Yakima County, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 70, 'Notes': 'Estimated cash flow based on average monthly store sales.', 'Strategy': 'Evaluate growth potential and location advantages.', 'Revenue': 'Not Disclosed', 'Cash Flow': 'Estimated $124,800', 'Multiples': 'Not Disclosed'}

Score: 68/100

Link: View Listing

4.38. Gas Station/Grocery/Carwash in Cowlitz County, WA [Score: 90/100]

Reason for Interest

Prime I‑5 corridor Chevron with grocery, fuel, and carwash — strong location, diversified income, and real estate included. Fuel contract expiration creates flexibility for rebranding or negotiating better margins.

Highlights

Asking Price: $4,495,000
Gross Revenue: $3,999,425 (~$333K/month)
Cash Flow (SDE): $432,000 (≈ 10.8% margin)
Fuel Volume: 60,000 gallons/month (≈ 720K gallons/year)
Store Sales: $45,000/month (~$540K/year)
Carwash Sales: $15,000/month (~$180K/year)
Real Estate: Included — Chevron-branded facility + 3,725 SF office/warehouse (potential rental income)
Location Quality: Prime — heavily traveled arterial with freeway visibility/access

Financials

Price/SDE Multiple: $4.495M ÷ $432K = 10.4× (above ideal 4–6×, justified by real estate + carwash + traffic corridor)
Fuel Margins: Not disclosed; assume $0.35–$0.45 typical = ~$252K–$324K/year gross margin
Diversification: Grocery, fuel, and carwash with additional warehouse rental potential improves stability
Debt Service (SBA 7a, 10% down, 9.5% rate):
- Loan = $4.045M
- DS ≈ $529K/year → DSCR ≈ 0.82× (tight; needs price negotiation or higher equity)

Debt Service

With the estimated cash flow, the business should comfortably cover debt service, assuming reasonable financing terms.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 90/100.

Score Breakdown

Price (20): 14 – Multiple is high but mitigated by asset mix and prime location

Cash Flow (20): 18 – Strong $432K SDE for sub-$5M acquisition

Real Estate (20): 20 – Included real estate with Chevron brand + rental warehouse value

Location & Traffic (15): 15 – I‑5 arterial with high visibility and heavy traffic count

Growth & Expansion (15): 13 – Rebranding, carwash optimization, or warehouse rental could add NOI

Red Flags / Risk (10): 10 – No disclosed environmental or competitive concerns

Total = 90/100

Quick Rationale

Prime freeway location, diversified revenue streams (fuel, store, carwash), included real estate with extra rental upside, and minimal risks = 90/100.

Spreadsheet Fields

{'Business Name': 'Gas Station/Grocery/Carwash', 'Asking Price': 4495000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Cowlitz County, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 90, 'Notes': 'Prime location with growth potential.', 'Strategy': 'Acquisition for operational expansion.', 'Revenue': 3999425, 'Cash Flow': 319954, 'Multiples': '14.05'}

Score: 85/100

Link: View Listing

4.39. Established Gas Station On Busy Arterial!! [Score: 70/100]

Reason for Interest

This gas station presents an interesting opportunity due to its prime location, included real estate, and potential for growth despite the current lack of disclosed cash flow.

Highlights

Asking Price: $4,595,000
Gross Revenue: Not Disclosed
Cash Flow: $0 (not disclosed)
Location: Main thoroughfare in Skagit County, WA
Real Estate: Included in asking price
Growth Potential: Yes
Risk Flags: No

Financials

Cash flow is currently not disclosed, and thus we will estimate it based on the industry standard. Assuming a gross revenue of $0, the estimated SDE is $0, which does not provide a strong financial basis for valuation. However, the real estate is included in the asking price, which adds value.

Debt Service

With an estimated cash flow of $0, the ability to service debt may be challenging unless additional revenue streams or operational efficiencies are identified.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 70/100.

Spreadsheet Fields

{'Business Name': 'Established Gas Station On Busy Arterial!!', 'Asking Price': 4595000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Skagit County, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 70, 'Notes': 'Real estate included, cash flow not disclosed.', 'Strategy': 'Evaluate branding offer and operational improvements.', 'Revenue': 'Not Disclosed', 'Cash Flow': 'Estimated $0', 'Multiples': 'Not Applicable'}

Score: 58/100

Link: View Listing

4.40. Branded Gas Station/C-Store [Score: 70/100]

Reason for Interest

This gas station offers a solid investment opportunity due to its prime location, included real estate, and potential for growth in a low-competition area.

Highlights

Asking Price: $4,995,000
Gross Revenue: Not Disclosed
Cash Flow: $0 (Not Disclosed)
Location: Pacific County, WA
Real Estate: Included
Growth Potential: Yes
Risk Flags: No

Financials

Cash flow is currently reported as $0, but given the gross revenue is not disclosed, we cannot provide a definitive cash flow figure. However, if we estimate cash flow based on industry standards, we would use a standard margin of 8% of gross revenue. Without specific revenue figures, this remains an unknown.

Debt Service

With the asking price of $4,995,000 and no disclosed cash flow, potential buyers should carefully consider financing options and how to manage debt service in the absence of current cash flow.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 70/100.

Spreadsheet Fields

{'Business Name': 'Branded Gas Station/C-Store', 'Asking Price': 4995000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Pacific County, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 70, 'Notes': 'Cash flow currently reported as $0; revenue not disclosed.', 'Strategy': 'Evaluate growth potential and financing options.', 'Revenue': 'Not Disclosed', 'Cash Flow': 'Not Disclosed'}

Score: 58/100

Link: View Listing

4.41. Gas Station with Real Estate [Score: 65/100]

Reason for Interest

This gas station in Grays Harbor County, WA, presents a unique investment opportunity with included real estate and potential for growth, despite current cash flow challenges.

Highlights

Asking Price: $5,100,000
Gross Revenue: Not Disclosed
Cash Flow: $0
Location: Grays Harbor County, WA
Real Estate: Included
Location Quality: Other
Growth Potential: Yes
Risk Flags: No
Monthly Inside Sales: $155,000
Gallons Sold: 33,000
Additional Food Sales: $40,000
Annual Gross Profit: $1.2MM
Fuel Contract: Ending soon

Financials

With a cash flow of $0, we will estimate the SDE based on the annual gross profit of $1.2MM. Assuming a standard industry margin of 8%, the estimated SDE is $96,000. The asking price of $5,100,000 results in a price/SDE multiple of approximately 53.125, which is significantly high.

Debt Service

Given the high asking price relative to the estimated cash flow, potential buyers should carefully consider financing options and the implications of a high debt service ratio.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 65/100.

Spreadsheet Fields

{'Business Name': 'Gas Station with Real Estate', 'Asking Price': 5100000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Grays Harbor County, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 65, 'Notes': 'High asking price relative to estimated cash flow.', 'Strategy': 'Evaluate growth potential and financing options.', 'Revenue': 'Not Disclosed', 'Cash Flow': 'Estimated $96,000', 'Multiples': '53.125'}

Score: 58/100

Link: View Listing

4.42. Gas Station in Grays Harbor County, WA [Score: 60/100]

Reason for Interest

This gas station presents a unique opportunity with included real estate and potential for growth, despite the current lack of cash flow.

Highlights

Asking Price: $5,500,000
Gross Revenue: Not Disclosed
Cash Flow (SDE): $0 (estimated $0)
Location: Grays Harbor County, WA
Real Estate: Included
Growth Potential: Yes
Risk Flags: No

Financials

Currently, the cash flow is reported as $0, which significantly impacts the valuation. However, the gross profit from gas sales is noted at $1.1M, indicating potential revenue generation. The estimated SDE based on the current cash flow is $0.

Debt Service

Given the asking price of $5,500,000 and the estimated cash flow of $0, this investment may require additional financing or restructuring to service any debt incurred during acquisition.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 60/100.

Spreadsheet Fields

{'Business Name': 'Gas Station in Grays Harbor County, WA', 'Asking Price': 5500000, 'Industry/Niche': 'Gas Station', 'State / Location': 'WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 60, 'Notes': 'Cash flow currently reported as $0.', 'Strategy': 'Consider potential for growth and real estate value.', 'Revenue': 'Not Disclosed', 'Cash Flow': 'Estimated $0', 'Multiples': 'Not Disclosed'}

Score: 58/100

Link: View Listing

4.43. High-Volume 76 Gas Station [Score: 85/100]

Reason for Interest

Premium gas station in a high-income Puget Sound location with multiple profit centers (fuel, store, car wash, U-Haul). Real estate included; prime corridor between Joint Base Lewis‑McChord and Chambers Bay Golf Course.

Highlights

Asking Price: $6,150,000
Gross Revenue: $3,556,000 (~$296K/month)
Cash Flow (SDE): ~$284,480 (≈ 8% margin; NOI reported as $690K but needs confirmation vs. owner comp)
Fuel Volume: 8 fueling stations, EMV-upgraded; car wash + U-Haul center add extra revenue
Real Estate: 2.10 acres, 2,170 SF store + 1,370 SF car wash, standalone dog wash/snack shack
Location Quality: Prime corner in high-income area with strong traffic flow
Growth Potential: Yes — expansion possible on 3 commercial parcels and additional profit centers

Financials

The estimated cash flow (SDE) of $284,480 indicates a solid return on investment. The gas station's revenue of $3,556,000 supports a healthy operational margin, with the potential for further growth through additional profit centers.

Price/SDE Multiple (est.): $6.15M ÷ $284K = 21.6× (well above ideal 4–6×; premium pricing justified by trophy location and real estate)
Potential Adjusted Multiple: If NOI ($690K) is closer to true SDE, multiple drops to ~8.9× (more reasonable). Requires clarification.
Diversification: Multiple revenue sources reduce risk — fuel, convenience retail, car wash, U‑Haul, snack shack.
Debt Service (SBA 7a, 10% down, 9.5% rate):
Loan = $5.535M
DS ≈ $724K/year → DSCR tight at 1.0× using $690K NOI (acceptable) but weak at 0.4× using $284K SDE.

Debt Service

With an asking price of $6,150,000 and an estimated cash flow of $284,480, potential buyers should evaluate financing options carefully to ensure manageable debt service ratios.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 85/100.

Score Breakdown

Price (20): 12 – High multiple vs. cash flow; premium location supports partial justification

Cash Flow (20): 15 – Solid NOI; SDE uncertain; verification required

Real Estate (20): 20 – 2.1 acres prime Puget Sound corridor with improvements

Location & Traffic (15): 15 – High-visibility corner between JBLM & Chambers Bay Golf

Growth & Expansion (15): 13 – Additional parcels + profit centers (espresso pad, rental)

Red Flags / Risk (10): 10 – No disclosed environmental or contract issues

Total = 85/100

Quick Rationale

High-income market, multiple profit centers, trophy real estate, but pricing premium and unclear SDE vs. NOI = 85/100.

Spreadsheet Fields

{'Business Name': 'High-Volume 76 Gas Station', 'Asking Price': 6150000, 'Industry/Niche': 'Gas Station', 'State / Location': 'WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 85, 'Notes': 'Includes real estate, strong revenue, and growth potential.', 'Strategy': 'Acquisition for investment and potential expansion.', 'Revenue': 3556000, 'Cash Flow': 284480, 'Multiples': 'Not Disclosed'}

Score: 75/100

Absentee vs. owner-operator Scenario

Adding absentee vs. owner-operator to the analysis meaningfully changes the Fair Market Score for Steilacoom 76 because:

Current P&L reflects full labor costs + inefficiencies (no owner hours).
An engaged owner/operator (or family) could reduce wage expense, improve margins, and capture missed revenue (car wash, deli, U-Haul, etc.).
Price must still be negotiated downward because even with owner involvement, DSCR barely breaks even at current $6.15M price.

Factoring in the actual financial statements you provided (IDS Properties / Speed‑E‑Mart 76) changes the analysis significantly versus the prior high‑level estimate:

Revised Saad Fair Market Score: Speed‑E‑Mart 76 – Pierce County, WA

Key Takeaways from Financials

Net Sales (2024): $3,556,849 (matches earlier gross revenue figure)
Gross Profit Margin: 27.35% → higher than typical gas station (20–25%) → good mix of inside sales
Net Income (after expenses): $45,828 (1.3% margin) – very low vs prior $284K SDE estimate
Interest Expense: $450,638 (12.7% of sales!) – large debt load depresses net income
Depreciation/Amortization: $167,201 combined – non‑cash; add back for SDE
Owner Comp: $23,000 – add back for true SDE
Adjusted SDE (proxy):
45,828 + 450,638 (interest) + 167,201 (DA) + 23,000 (owner comp) ≈ $686,667

This adjusted figure aligns with the NOI figure ($690K) cited in the listing, confirming that true cash flow is closer to $680K–$700K vs the raw net income.

Revised Valuation & Multiple

Asking Price: $6,150,000
Adjusted SDE/NOI: ≈ $690,000
Price-to-SDE Multiple: 6,150,000 ÷ 690,000 = 8.9×

Benchmark: Trophy WA gas stations w/ real estate trade 6–8× → 8.9× is slightly rich but justifiable given high-income corridor, multiple profit centers, and expansion parcels.

Debt Service Analysis

SBA 7a, 10% down, 9.5% rate:
Loan = $5.535M → DS ≈ $724K/year
DSCR (Debt Service Coverage Ratio):
690K ÷ 724K = ~0.95× → break-even; requires seller carry, price reduction, or equity injection to achieve safe DSCR (1.25× target).

Updated Score Breakdown

Price (20): 14 – High multiple but supported by prime real estate and diversified revenue
Cash Flow (20): 18 – Adjusted SDE is strong, but interest-heavy structure impacts buyer’s DSCR
Real Estate (20): 20 – 2.1 acres prime Puget Sound corner with modern improvements
Location & Traffic (15): 15 – Adjacent JBLM, Chambers Bay, high commuter flow
Growth & Expansion (15): 13 – Room for espresso pad, additional profit centers
Red Flags / Risk (10): 5 – Heavy leverage, verify tank/environmental compliance

Total = 85/100 (unchanged score but rationale updated)

Quick Rationale

Real cash flow (SDE) is healthy when adjusted for non‑cash items, but heavy interest load and high price-to-SDE multiple make financing tight. Trophy location and real estate justify premium; seller financing or equity boost needed for comfortable DSCR.

Revised Fair Market Score – Steilacoom 76

New Adjustments

Absentee Operation Flag: Owner does not work site → upside if run by owner (labor savings + tighter controls).
Potential Savings: $150K–$200K (manager + shift coverage) could be recaptured → effectively raising SDE toward $850K–$900K scenario.
Adjusted Multiple (Owner-Op): 6.15M ÷ 850K ≈ 7.2× (in line with trophy real estate gas stations in WA).
Adjusted DSCR (Owner-Op): 850K ÷ 724K ≈ 1.17× → still tight but feasible with small equity bump or seller carry.

Score Impact

Price (20): Stays at 14 (premium pricing; recommend negotiate sub-$6M for comfort).
Cash Flow (20): Rises from 18 → 20 (owner-operator uplift + addbacks).
Real Estate (20): 20 (prime 2.1-acre corner).
Location & Traffic (15): 15 (JBLM + Chambers Bay corridor).
Growth & Expansion (15): 13 (espresso pad, U-Haul, car wash).
Risk / Red Flags (10): 5 (verify environmental & fuel contract).

Total = 87/100 (up from 85/100 due to owner-operator upside)

Key Note

Under current absentee ops: ~$690K SDE, DSCR borderline.
With owner-operator transition: ~$850K SDE possible → transforms deal viability.
Target price: $5.75M–$5.9M to give buffer for SBA underwriting and reserves.

Even with owner involvement, the deal’s DSCR (Debt-Service Coverage Ratio — the cash flow available to cover principal, interest, and lease obligations used by lenders to size loans on income properties) barely breaks even at the current $6.15M price, so the price must still be negotiated downward.

Comparison to Shell, near Bend: View Link

Link: View Listing

4.44. Super High Volume Convenience Store and Station [Score: 100/100]

Reason for Interest

Prime Chevron-branded facility at the junction of two state highways — extremely high traffic counts and exceptional visibility. High inside sales ($180K/month) with strong deli margins and fuel volumes (~55K gal/month). Real estate included; seller financing available at 6%.

Highlights

Asking Price: $6,250,000
Gross Revenue: $6,310,000 (~$525K/month)
Cash Flow (SDE): $650,000 (≈ 10.3% margin)
Real Estate: Included in price; high-value commercial parcel in Kitsap County
Location Quality: Prime — high-income traffic corridor, highway junction
Growth Potential: Yes — expand deli program, add car wash or rental add‑ons
Risk Flags: None disclosed; strong infrastructure and traffic support low risk

Financials

The estimated cash flow of $504,800 reflects a healthy operation with a gross revenue of $6,310,000. The asking price of $6,250,000 results in a price-to-cash flow multiple of approximately 12.4, which is reasonable given the prime location and included real estate.

Price/SDE Multiple: $6.25M ÷ $650K = 9.6× (slightly high but supported by trophy location + high-volume deli margins)
Revenue per SF: Unknown (store SF not disclosed, but high volume suggests efficient use of footprint)
Debt Service (Seller Carry @ 6%): ~favorable vs. SBA → ~ $450K/year DS → DSCR ≈ 1.44 (strong)
Operational Strength:

Inside sales dominate ($180K/month store + $30K/month deli = $210K/month inside)
Fuel = 55K gal/month, typical margins $0.30–$0.40 = $16K–$22K gross/month
Strong blended gross profit → balanced revenue mix, resilient to fuel volatility

Debt Service

The seller is willing to carry a contract at 6% interest, which can provide favorable financing terms for the buyer.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 100/100.

Score Breakdown

Price (20): 18 – Above average multiple but justified by exceptional revenue and location
Cash Flow (20): 20 – Strong SDE, high-volume operation with margin stability
Real Estate (20): 20 – Included, high-value corner with trophy appeal
Location & Traffic (15): 15 – Highway junction, highest traffic in county
Growth & Expansion (15): 15 – Potential for car wash or additional programs
Red Flags / Risk (10): 10 – No major risks disclosed; infrastructure modern

Total = 100/100

Quick Rationale

Exceptionally high-volume Chevron with dominant inside sales, prime highway location, real estate included, and seller financing available. Premium pricing is supported by strong margins and growth upside = 100/100.

Spreadsheet Fields

{'Business Name': 'Super High Volume Convenience Store and Station', 'Asking Price': 6250000, 'Industry/Niche': 'Gas Station/Grocery', 'State / Location': 'Kitsap County, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 100, 'Notes': 'High visibility and traffic, included real estate, seller financing available.', 'Strategy': 'Owner-operator with hands-on management.', 'Revenue': 6310000, 'Cash Flow': 504800, 'Multiples': 12.4}

Score: 85/100

Link: View Listing

4.45. A-One Gas with Convenient Store and 42 Room Hotel Knights Inn [Score: 70/100]

Reason for Interest

This gas station and hotel combination offers a unique investment opportunity in Quincy, WA, with included real estate and potential for growth.

Highlights

Asking Price: $7,499,000
Gross Revenue: Not Disclosed
Cash Flow (SDE): Estimated at $599,920
Real Estate: Included, valued at $3,000,000
Location: Quincy, WA
Inventory: $200,000 (not included in asking price)
Established: Not Disclosed
Growth Potential: Yes
Risk Flags: No

Financials

With an estimated cash flow of $599,920, the gas station's price-to-cash flow multiple is approximately 12.5x, which is above the ideal range of 3-5x for full scoring. The real estate component adds significant value, being included in the asking price.

Debt Service

Given the estimated cash flow, potential buyers should evaluate their financing options to cover the asking price while considering the operational costs and potential revenue from both the gas station and hotel.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 70/100.

Spreadsheet Fields

{'Business Name': 'A-One Gas with Convenient Store and 42 Room Hotel Knights Inn', 'Asking Price': 7499000, 'Industry/Niche': 'Gas Station and Hotel', 'State / Location': 'Quincy, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 70, 'Notes': 'Includes real estate and has growth potential.', 'Strategy': 'Evaluate financing options and operational costs.', 'Revenue': 'Not Disclosed', 'Cash Flow': 'Estimated at $599,920', 'Multiples': '12.5x'}

Score: 58/100

Link: View Listing

4.46. High Volume Gas Station with Property [Score: 65/100]

Reason for Interest

This high-volume gas station in Thurston County, WA, presents a solid investment opportunity due to its established presence, included real estate, and potential for growth.

Highlights

Asking Price: $9,200,000
Gross Revenue: Not Disclosed
Cash Flow: $0 (estimated SDE: $160,000)
Location: Thurston County, WA
Real Estate: Included
Location Quality: Other
Growth Potential: Yes
Risk Flags: No

Financials

While the cash flow is currently reported as $0, the estimated Seller's Discretionary Earnings (SDE) based on the gas station's gross profit indicates a potential cash flow of $160,000. This estimation is derived from the reported annual gross profit of $2.0 million, applying an industry-standard margin of 8%.

Debt Service

Given the asking price of $9,200,000 and the estimated cash flow of $160,000, the debt service coverage ratio would need to be evaluated based on financing terms, which are not disclosed in this listing.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 65/100.

Spreadsheet Fields

{'Business Name': 'High Volume Gas Station with Property', 'Asking Price': 9200000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Thurston County, WA', 'Listing Source': 'BizBuySell', 'Fair Market Score': 65, 'Notes': 'Cash flow is currently $0; estimated SDE is $160,000.', 'Strategy': 'Evaluate growth potential and financing options.', 'Revenue': 'Not Disclosed', 'Cash Flow': 'Estimated $160,000', 'Multiples': 'Not Disclosed'}

Score: 58/100

Link: View Listing

Gas Station Acquisition Opportunity [Score: 85/100]

Reason for Interest

This gas station presents a compelling acquisition opportunity due to its solid revenue, included real estate, and growth potential in a low-risk environment.

Highlights

Asking Price: $1,400,000
Gross Revenue: $3,354,981
Cash Flow (SDE): $268,398 (estimated)
Location: Locations
Real Estate: Included
Established: 2007
Employees: 29
Facilities: Remote office with multiple warehouse docks
Competition: Very little competition in the markets served
Growth Potential: Yes
Reason for Selling: Retirement

Financials

The gas station has a gross revenue of $3,354,981 and an estimated cash flow (SDE) of $268,398. The asking price of $1,400,000 results in a price-to-SDE multiple of approximately 5.20, which is slightly above the optimal range of 3-5x, indicating a fair valuation.

Debt Service

Financing options are available, with the seller pre-approved for lender financing requiring $280,000 down. This makes the acquisition accessible for potential buyers.

Score Reason: Strong real estate, moderate cash flow, some growth upside, minor risks = 85/100.

Spreadsheet Fields

{'Business Name': 'Gas Station Acquisition Opportunity', 'Asking Price': 1400000, 'Industry/Niche': 'Gas Station', 'State / Location': 'Locations', 'Listing Source': 'BizBuySell', 'Fair Market Score': 85, 'Notes': 'Strong revenue and included real estate.', 'Strategy': 'Expansion and marketing to drive growth.', 'Revenue': 3354981, 'Cash Flow': 268398, 'Multiples': '5.20'}

Score: 85/100

Link: View Listing

Monthly report - August 2025

Featured deals

4.1. Value-Add C-Store w/ Gas Station Buildout – Mesa, WA (Saad’s Fair Market Score: 62/100)

4.2. Commercial Property – Mount Vernon, WA (Saad’s Fair Market Score: 58/100)

4.3. Pierce County 76 Gas Station – Tacoma, WA (Saad’s Fair Market Score: 61/100)

4.4. Neighborhood Market + Gas Station + Waterfront Home – Gig Harbor, WA (Saad’s Fair Market Score: 70/100)

4.5. Gas Station – Snohomish County, WA (Saad’s Fair Market Score: 68/100)

4.6. Turnkey Newly Renovated Gas Station & C-Store – Walla Walla, WA (Saad’s Fair Market Score: 82/100)

Reason for Interest

Highlights

Financials

Debt Service Example

Score Breakdown

Quick Rationale

4.7. Two Gas Stations Package (Leased) – Snohomish County, WA (Saad’s Fair Market Score: 75/100)

4.8. Gas Station with Property – Snohomish County, WA (Saad’s Fair Market Score: 78/100)

4.9. Exxon Gas Station – Spokane, WA (Saad’s Fair Market Score: 70/100)

4.10. Branded Gas Station – Grant County, WA (Saad’s Fair Market Score: 74/100)

4.11. Well-Established Business (Ground Lease) – Snohomish County, WA (Saad’s Fair Market Score: 58/100)

4.12. I‑5 Gas Station Lot – Lewis County, WA (Saad’s Fair Market Score: 64/100)

4.13. Gas Station / Grocery / Laundromat + Property – Grant County, WA (Saad’s Fair Market Score: 86/100)

Reason for Interest

Highlights

Financials

Debt Service Example

Score Breakdown

Quick Rationale

4.14. Grocery–Gas & Liquor Store (Business Only) – Spokane County, WA (Saad’s Fair Market Score: 60/100)

Highlights:

Initial Take

Quick Financials (What We Know / Need)

4.15. Conoco Station w/ Expansion Opportunity – Yakima, WA (Saad’s Fair Market Score: 80/100)

Reason for Interest

Highlights

Financials

Debt Service Example

Score Breakdown

Quick Rationale

4.16. Grocery / Gas Station / Property – Clark County, WA (Saad’s Fair Market Score: 82/100)

Reason for Interest

Highlights

Financials

Score Breakdown

Quick Rationale

4.17. Chevron Gas Station / Grocery / Property – Cowlitz County, WA (Saad’s Fair Market Score: 60/100)

Highlights

Financials & Next Steps

What’s Revealed (Listing Data)

Key Pre‑NDA Questions

Post‑NDA Items to Request

Debt Service Analysis (SBA 7a, 10% down, 9.5% rate)

Implications / Analysis

Initial Take

4.18. Gas Station/C‑Store/Real Property – Snohomish County, WA (Saad’s Fair Market Score: 76/100)

Highlights

Financials & Next Steps

What’s Revealed (Listing Data)

Key Pre-NDA Questions

Post-NDA Items to Request

Debt Service Analysis (SBA 7a, 10% down, 9.5% rate)

Implications / Analysis

Initial Take

4.19. Major Prime Location Gas & C‑Store – Snohomish County, WA (Saad’s Fair Market Score: 68/100)

Highlights

Financials & Next Steps

What’s Revealed (Listing Data)

Key Pre-NDA Questions

Post-NDA Items to Request

Debt Service Analysis (SBA 7a, 10% down, 9.5% rate)

Implications / Analysis

Initial Take

4.20. Snohomish County Gas Station/Grocery – Snohomish, WA (Saad’s Fair Market Score: 72/100)

Highlights

Financials & Next Steps

What’s Revealed (Listing Data)

Key Pre-NDA Questions

Post-NDA Items to Request

Debt Service Analysis (SBA 7a, 10% down, 9.5% rate)

Implications / Analysis

Initial Take