North End Gas Stations
As one of the oldest residential communities in Boston, North End is only about 0.36 square miles. With a population of about 10,000, this is definitely an area that investors should consider, especially if you are considering a service station for your investment. This is an area that is not directly accessible by public transportation, so residents who need to travel often use their personal vehicle, which means that service stations are required in this area.
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Purchasing and Leasing Gas Stations
Investing in a service station, especially in this area, can be a great opportunity for you to expand your portfolio and make a profit. Before you jump into a purchase, you may want to consider leasing property as well. Both options have their benefits, but you will need to decide which option works best for your financial needs.
- Leasing – This is an option that allows you to invest without spending a lot of money upfront. You will be required to put a deposit down on the property, but it will be much less than the down payment for purchasing property would be. In addition, you will not need to be concerned with the taxes on the property or any repairs that need to be taken care of. Since these concerns will fall to the owner, you will be able to spend your money on the business itself. This allows you to get a feel for the neighborhood before putting a lot of money into the investment, and if the location does not work out, you can find another one when your lease is up.
- Purchasing – This is an option that gives you the freedom to decide what you want to do with the property. Of course, you will need to have a down payment ready for the investment, but typically, that is only going to be a percent of the full asking price. You will be able to expand as you see fit, which means that you can add a garage, a tire shop, a car wash, or a convenience store to the station in order to increase your profits. Once you make one or more of these expansions, you can either run the expansion yourself or rent it to another party, either way, the expansion will add to your profits.
Buying a Service Station with a Convenience Store
One of the best ways to increase your profits, especially in a residential neighborhood such as this one, is to invest in a gas station with a convenience store. If you purchase a location without a store, this is going to be one of the first expansions that you will want to make. You will want your convenience store to appeal to locals, so you will need to have a variety of snacks and drinks that they can grab on their way home from work. Make sure to have fresh, hot coffee available for the morning rush, and if you have the space, a grill will be appreciated by your regulars because they will not need to stop at another location to break their fast.
Another great way to earn a profit is to advertise a promotion at the gas pump. This will bring the customers inside for their discounted soda or other item and open up the possibility for an additional purchase.
Reasons to Consider this Area for Your Investment
Though there are not specific sub-neighborhoods in this community, this is an area that is often frequented by travelers who are looking who are seeking historical landmarks such as the equestrian statue of Paul Revere and the Freedom Trail. In addition, this residential area has quite a few residences, which will bring regular customers to your service station. Wondering where to start? Give Boston City Properties a call at 617-247-1933.
Are you looking to purchase or lease a gas station in Boston’s North End? Due to the tiny size of this neighborhood and the fierce competition for profit-generating stations, acquiring one isn’t easy. Since properties fly off of the market fast, you need access to timely and accurate information. Get that and more by signing up with Boston City Properties. When you do, we will give you free, instant, unlimited access to our searchable MA commercial real estate listings. From there, checking availability for fuel stations on the market in this neighborhood will be a breeze. We also have commercial real estate experts in the area and will refer you to one whenever you’d like.
About the Neighborhood
Situated right on Boston Harbor, this neighborhood is one of the oldest communities in Greater Boston. It is also extremely small, covering an area the size of just 0.36 square miles. Covered by the 02109 zip code, this neighborhood had a population of just over 10,000 at the time of the 2010 U.S. Census. Many commuters live in the area, so fuel stations tend to thrive. We have agents in this neighborhood who know its commercial market well, and they can help you to identify viable options.
What to Look For
With a referral to a knowledgeable commercial real estate agent, it will be much easier to find properties that will generate the profits that you need in return for your investment. A few examples of what to look for in such properties include:
- Size – You may have to spend more, but get a station with the largest and nicest convenience mart that you can afford. You will have more space to sell a wider variety of items, and locals are more likely to stop there for more than just gas. Likewise, get a station with as many gas pumps as possible to reduce the risk of frustratingly long lines.
- Appearance – If you have room in your budget to renovate the place, this won’t matter quite as much. If you want more of a turnkey situation, however, make sure that the station that you get is in good shape aesthetically. Aim for clear signage, a clean, inviting store and canopies to shield customers from inclement weather.
- Location – The agent that we refer you to can point out thoroughfares in this neighborhood that are particularly popular with commuters, and you can focus your search efforts on those places. Intersections are great too, but make sure that the station that you buy or lease isn’t too close to competing stations.
Considerations to Make
Several factors can arise to negatively impact your ability to own and operate a profitable fuel station. A few of the considerations that you’ll have to make during the process include:
- What’s included? – Stick with fuel stations on the market that include everything that you will need to get up and running right away. If pumps are missing or inoperable, for example, you will have to spend a small fortune to get things going. Remember too that if you are buying, some properties include only the land or only the building.
- Lease and financing options – Get your finances squared away before actively looking for fuel stations in this neighborhood. If you will be leasing, seek out properties whose owners are open to negotiating lease terms. If you’re going to buy and plan to operate the business, look into loans from the Small Business Administration.
- Financial records – Past performance is not a definitive guarantee of future success, but it is still essential to perform due diligence by requesting and analyzing financial records from any station that you’re thinking about acquiring. Have an experienced CPA or accountant look them over for you to find out whether the property has a strong track record of consistent sales or whether it tends to struggle.
- Environmental issues – If you are going to own the property outright, note that you will bear full responsibility for ensuring that no environmental regulations are violated. Confirm that no issues exist at the time of sale by having a thorough environmental study performed on the premises. The small amount that you’ll pay now could save you thousands later.
How Boston City Properties Can Help
When North End gas stations hit the market, they don’t tend to last for too long. With that in mind, it is essential to have reliable access to up-to-the-second commercial real estate information. Get that now by signing up with Boston City Properties. You can then quickly search our listings to check current availability for fuel stations for sale or lease in this part of the city. We can refer you to a skilled commercial agent when you’re ready as well, so give us a call.
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gas stations