Mission Hill Gas Stations
Despite only existing in an area that's about three-quarters of a square mile, the neighborhood of Mission Hill still manages to be the home of over 16,000 residents. This particular neighborhood is home to a fair share of small businesses and startups, and if you're looking for larger commercial properties, this may not be the neighborhood for you. Having said this, this is definitely an area with its share of daily commuters; in fact, this part of Boston certainly experiences a bit of congestion during the morning rush, and as a result, this is certainly a good place to consider a gas station investment.
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Purchasing and Leasing Gas Stations
If you're going to invest in a service station, you'll have a choice between either purchasing the property outright or leasing it from an existing service station owner. Both of these options can be very viable in a neighborhood like Mission Hill, and which option you pick will vary based on your own investment style. For this reason, let's take a look at the kind of investor that might select either:
Purchase – If you're the type of investor that wants to have direct control over your investment, then purchasing your service station can be a great idea. It's important to note that the buy-in is significantly higher as you'll need a large down payment and excellent credit, but if you can provide these, you can certainly profit.
An investor that purchases a property will need a lot of patience; a service station can take a few years to become profitable, and in many cases, service station owners also will have to put in more than a 40-hour work week on the premises. That being said, once you've paid off your mortgage, you'll almost certainly be making a lot of profit. In fact, a service station can go pretty far towards paying for a comfortable retirement.
Lease – If you don't want to wait a few years to make a profit, then leasing is definitely a great way to earn money if you have a little less patience. Not only are you less locked into a certain property when you lease it, but you can also opt to use a lease to see how well a property performs if you choose to purchase it at a later date.
In most cases, you'll be paying just the monthly lease amount rather than paying off a mortgage, insurance, and taxes. Also, if there are problems with the canopy, the pumps, or the tanks, the responsibility for repairing these service station components falls to the owner, not the lessee.
Buying a Service Station with a Convenience Store
When you're in the market to purchase or lease a new service station, you should always consider properties that have add-on businesses because they can help you capitalize faster. These types of properties also have a tendency to:
- Tap into the commuter crowd that wants a place where they can buy snacks before their commute.
- Tap into customers that pay inside rather than at the pump. These customers are more likely to purchase snacks and other items if they come into the store.
- Convert just about anyone that opts to come into the store – even if it's just a quick trip to the bathroom.
- Seize on foot traffic. In an area like this one, which is pretty urban, there are almost always people traveling by foot, and these pedestrians will visit your store for snacks and drinks.
Reasons to Consider this Area for Your Investment
An area like this one is optimal for a service station because it has a fairly large population of commuters and a thriving small business market. With that said, you'll need to know what properties are available before you can select the service station for your needs. Boston City Properties has a detailed listing of available properties in just about every area of Boston, so give us a call at 617-247-1933 today.
If you are in the market to buy or lease a gas station in Mission Hill, the busy Boston neighborhood, you’ve come to the right place. On this page, you can sign up to search Boston City Properties’ constantly updated database of MA commercial real estate listings. In an instant, you can check current availability for fuel stations for sale or lease in this neighborhood. Competition for these properties is fierce, so it’s crucial to get all of the help that you can get. We can also refer you to a skilled commercial property agent in this neighborhood when you’re ready to proceed, and their help is sure to make a big difference.
About the Neighborhood
Covering an area that is just three-quarters of a square mile in size, this charming neighborhood offers a prime downtown location. It is bordered by Longwood Medical Are, Brookline and Roxbury, and it had a population of around 15,900 at the time of the 2010 U.S. Census. Even though this neighborhood is quite small, it is subdivided into smaller districts, including Roxbury Crossing, Parker Hill and the Triangle District. Prime opportunities for profitable fuel stations can be found along busy roads like Huntington Avenue and Tremont Street.
What to Look For
Do you know how to pinpoint fuel stations that will help you to achieve your long-term goals? The agent that we refer you to will, and they are sure to make a huge difference. For now, here are a few things to look for:
- Size – Buy or lease a station that includes a decent-sized convenient store portion. The more retail square footage that you have to work with, the easier that it will be to generate consistent sales and profits.
- Appearance – Look for fuel stations that require very little work to be brought into good aesthetic shape. Don’t bother trying to run a fuel station that is rundown or dilapidated because locals have plenty of better options. If you acquire one like that, be ready to invest time and money into fixing it up.
- Location – Some of the best places for fuel stations to be located include on busy commuter roads, near major freeway exits and at big intersections with lots of traffic. At the same time, though, properties that receive lots of pedestrian foot traffic can work well too because local residents often do light grocery shopping at fuel station convenience stores.
Considerations to Make
Your commercial real estate agent can help you to navigate the complicated process of buying or leasing a fuel station in the city of Boston. Some of the considerations that you’ll have to make include:
- What’s included? – The best stations include more than working fuel pumps. Get more bang for your buck by seeking out stations that include extras like car washes and fast-food restaurants. These properties tend to generate a lot more business. Have the premises and all equipment thoroughly inspected to ensure that everything is in good working order.
- Environmental issues – If you will become the owner of the land on which the fuel station sits, have a thorough environmental survey performed before committing to anything. If there are any underlying issues, the property could be subject to huge fines and penalties—and you will be on the hook for them as the owner.
- Financial records – The seller of any property that you consider will likely insist that it is a good profit generator. Don’t take their word for it, though. Request at least two years’ worth of financial documents, and hire an accountant to assess them on your behalf. You can then go into the situation with a clear understanding of how the property has performed historically and can hopefully avoid unpleasant surprises.
- Lease and financing options – Do not start searching for fuel stations to buy or lease before squaring away your financing. Look into loans from the Small Business Administration if you will be operating the business. If you plan to lease, take care to read listings thoroughly. They typically include information about the type of lease that goes along with the property. Sometimes, it is possible to negotiate new lease terms, and your commercial real estate agent will come in handy here.
How Boston City Properties Can Help
If you’re ready to find Mission Hill gas stations for sale or lease, Boston City Properties is ready to help. First, check current availability by signing up to search our commercial property listings. It only takes a second, and it is the best way to find fuel stations for sale or lease in this busy neighborhood. Later, give us a call to get a referral to a local commercial real estate agent who can assist you further. For more info, call Boston City Properties today.
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