Fairhaven Gas Stations
As part of the Providence Metro area, Fairhaven, Massachusetts, is a town that is positioned at the southern tip of Massachusetts and has a sizeable population of commuters. This is also a great area for vacationers, and as a result, there is a sizeable influx of families in the spring and summer. With these factors taken into consideration, it can be a great move to invest in a gas station in this town due to the fact that gas is a modern necessity, especially in a place that doesn't have extensive mass transit options like this town.
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Purchasing and Leasing Gas Stations
If you're considering a service station as an investment, it's crucial that you understand that this type of business takes a bit of work for the investor. In fact, in many cases, this type of investment is considered one that includes a job due to the fact that many service station investors can end up working at the station for more than 50 hours a week. With that taken into consideration, an investment of this type can be entered into via a rental agreement or an outright purchase. Here are the advantages of both:
- Purchasing Your Service Station – If you want complete control over your service station, then you should consider purchasing one rather than leasing it. When you buy, you'll have control over the way the station is run, its equipment, and how you develop any associated expansions. Also, purchasing one opens up the opportunity for you to lease out the property later.
- Leasing a Service Station from an Owner – Over time, an owner may get tired of running their service station and will be looking for a lessee to rent the space and provide them with monthly cash flow. This is a fairly advantageous situation for an investor because it involves a smaller buy-in, and carries with it less responsibility than would be required with an outright purchase.
Opportunities for Expansion
Once you have a property to work with, you'll want to consider expansion due to the fact that there's not a lot of profit to be made purely in gas sales. That being said, gas sales serve as a great way to get your customers into your other expansion businesses, which can include:
- Convenience Stores – This is the most common expansion, and having one of these can really increase your daily profit because many motorists have to stop into a convenience store to pay for their gas at the pump. During this process, they will often purchase candy, coffee, snacks, or cigarettes.
- Car Washes – While this type of expansion can really provide good capital in months with higher pollen counts or stormy weather, you can almost always make good profits during just about any part of the year when you have an attached car wash. Additionally, these require no skilled labor and some are almost entirely automated.
- Auto Repair Garages - While garages will have a requirement of skilled labor, the money received from auto repairs can be fairly profitable, and it's also important to consider that auto maintenance is more common today due to the longer life cycles of modern vehicles. It's also important to consider that many motorists that frequent your business during their commute will also consider your business when they are looking for auto repair and maintenance.
Locating Your Investment
To be honest, running a service station can certainly take a bit of work, and finding the right location is also integral to making the best profits. If you're wondering where to start or just want advice for this type of investment, consult with Boston City Properties today; we have years of experience and have a sizeable pool of potential investment locations that we can use to help to find your investment. Give us a call at 617-247-1933.
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gas stations