East Boston Gas Stations
East Boston or Eastie, as the neighborhood is often referred to, is a community that was originally several islands that were connected. Today, there are over 40,000 residents who live in this area of Boston, and quite a few ways to traverse the area. To start, both I-90 and Route 1A connect this community to other parts of the state, which is great for an investor. Logan airport is even located in this area, so you can cash in on rental cars that need to fill their tanks on the way to the airport.
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Purchasing and Leasing Gas Stations
Deciding to invest in a service station in the area can be a big decision, but before you select a location, it is important that you consider whether you want to jump right into the investment and make an offer to purchase the property or whether leasing it for a while is a better option for you. Let's consider the advantages of both options:
- Leasing – This is an option that many investors choose when their cash flow is a bit lower than they would like. This is because the initial investment on the property is going to be much lower if you lease the station, which allows you to focus on profiting instead of paying your mortgage.
In addition, you will not need to pay taxes on the property or repair any of the major aspects of the station that fail. This means that if the tanks begin to leak or the canopy over the pumps needs to be replaced, the owner is going to be responsible for it, not you. Leasing also gives you the opportunity to get to know the neighborhood, the traffic flow, and the number of customers that you will get daily. If the numbers are not up to your expectations, you can easily find another location without much of a loss.
- Purchasing – Purchasing the property means that you have the final say regarding everything that happens on your property. You can expand if you feel the need, run promotions that your customers will take advantage of, and choose the suppliers that you use at your station. If you find that running it all is too much, you can hire help or rent out aspects of the station to others.
Buying a Service Station with a Convenience Store
When you decide which service station in the area you are going to invest in, you will want to ensure that it is going to be a profitable option for you. A service station that sells gas alone is going to give you a profit of a few cents for each gallon of gas that you sell, so you will need to ensure that there are other things to purchase at the station as well. This can be a car wash, a repair shop, a tire shop, or a convenience store.
Many investors decide that a convenience store is going to be the most profitable option to add to the station because customers will venture inside for things like lottery tickets, cigarettes, coffee, and more. This is especially true when you are located in an area where vacationers and travelers frequent, and since this area is so close to the airport, a convenience store is going to be a great option here. Having a grill that allows you to serve hot food to your customers can also help bring in locals who are on their way to or from work.
Reasons to Consider this Area for Your Investment
Since Logan Airport is located right in this community, investing here can open up great opportunities, but you will need to decide which area in the community is best. Major highways are easy to reach from nearly every part of the neighborhood, so if you are basing the decision off of traffic flow alone, you will have quite a few options, which include:
- Eagle Hill
- Lower Eagle Hill
- Orient Heights
- Lower Orient Heights
- Jeffries Point
If you are an investor seeking new opportunities in the city of Boston, you may have heard about the great potential that goes along with owning or leasing a gas station. If you have zeroed in on East Boston and want to acquire a fuel station there, do yourself a favor and sign up with Boston City Properties. We will give you immediate, free, unlimited access to our huge online database, which includes continually updated listings for commercial properties for sale and for lease throughout the city. We also have connections with experienced commercial agents in this neighborhood, and we can give you a referral whenever you’re ready.
About the Neighborhood
Located directly across Boston Harbor from downtown Boston, this neighborhood is sometimes referred to as “Eastie.” At the time of the 2010 U.S. Census, it had a population of around 40,500 people. Bordered by the communities of Winthrop and Revere, this neighborhood is also home to numerous fuel stations. These businesses tend to do a brisk trade because many commuters live in the area, and they need to keep their cars fueled to get around.
What to Look For
If you’ve never bought or leased a fuel station, it is crucial to get help from a qualified commercial real estate agent; we can refer you to one when you’re ready. In the meantime, here are a few things to keep in mind when browsing listings for fuel stations for sale in this Boston neighborhood:
- Appearance – For optimal profitability, you need to attract customers not just for gas but for snacks and other items. Therefore, the fuel station that you buy should already be in decent aesthetic shape. Otherwise, you should be prepared to renovate the place to make it more welcoming.
- Size – Bigger is definitely better when it comes to fuel stations—especially in the big city. Many locals do light shopping at fuel station markets, so look for a station with decent amounts of retail space. Long lines can scare away business, so get a station that has a decent number of working gas pumps.
- Location – The most profitable stations are located on busy roads with lots of commuter traffic. Busy intersections are even better, but beware of corners with three or four stations—if you buy one of them, you will have to share business with a lot of competition. That can cut down a lot on your overall profitability.
Considerations to Make
A lot goes into buying a fuel station—at least, that’s the case if you want to buy or lease one that will actually generate money. We will connect you with a commercial real estate agent in the neighborhood who can help you to identify the best options. For now, here are a few of the things that you will need to keep in mind:
- Environmental issues – If you are going to own the land and the station, beware. Underlying environmental problems can cost you a small fortune in fines from running afoul of state and federal environmental regulations. Breathe easier by having a thorough environmental survey performed before committing yourself to the deal.
- What’s included? – Will you just be leasing or buying the building, or will the land be yours too? Additionally, does the station come with everything that you will need to open for business quickly, or will you have to invest in expensive equipment like new tanks?
- Financial records – What kind of track record does this particular station have in terms of sales? The current owner should be more than willing to hand over financial documents from the last two years. Have a qualified CPA or accountant analyze them to ensure that you don’t end up with a money pit. Remember too that there are many things that you can do to increase sales.
- Lease and financing options – Thanks to our online database, you will probably find some viable options in no time. Before you get too excited, however, make sure that you have financing lined up if you are buying. At the very least, have a preapproval. If you’re leasing, seek out properties that aren’t attached to existing leases. That way, you may be able to negotiate your way to better terms.
How Boston City Properties Can Help
If you’re ready to find an East Boston gas station to buy or lease, Boston City Properties is ready to help. Sign up now for immediate, free, unlimited access to our constantly updated database of searchable MA commercial real estate listings. You can then quickly check current availability for stations for sale and for lease in this neighborhood. When the time comes, contact us to get a referral to a commercial agent in this area who can assist you further. For more information, call Boston City Properties today.
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gas stations