Transaction Types

How Buyers Evaluate Each Deal Structure

Most gas station deals fall into a few common structures, and each one changes how a buyer thinks about risk, valuation, and financing. A clean structure with clear documents can be worth more than a “better” site with unclear terms.

Real Estate + Business

This is typically the most straightforward structure when the site cash flows and the real estate supports the price. Buyers look at cap rate support on the property and EBITDA support on the operation. Clean environmental history and up-to-date equipment condition reports help the deal close on time.

Business-Only (Leasehold)

Here, the lease is the deal. Buyers focus on remaining term, options, rent escalations, assignment language, and whether the rent is supportable from documented store performance. Lenders and buyers will also ask how improvements are handled and who owns key equipment.

Ground Lease

Ground leases can work well when the operator wants low capital tied up in real estate. Buyers want strong term and options, predictable escalations, and clear maintenance responsibilities. The underwriting often treats the lease like a long-term fixed obligation that must be well covered.

Sale-Leaseback

Sale-leasebacks are common for owners who want liquidity while keeping operations. Pricing tends to hinge on tenant strength (financials), lease term, and rent coverage. Buyers typically prefer clear reporting, defined maintenance, and a rent level that leaves room for operational volatility.

Not sure which structure fits your situation? We can walk through a quick decision tree and recommend the path that maximizes certainty of close without exposing sensitive details publicly.