Wakefield Gas Stations
If you're looking for a commuter-friendly town in which to invest, Wakefield, which is a Boston suburb that's only about 14 miles from the city, is a great option. Not only is the property market currently booming, but the majority of the residents in town opt to commute to and from Boston on a daily basis, which means that there is a distinct need for gas in town. For this reason, a dedicated investor can make a lot of profit if they opt to either purchase or lease a gas station in town.
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Purchasing and Leasing Gas Stations
When investors are looking to acquire a service station, in many situations, they don't know whether to purchase the property outright or to simply lease it from an owner. There are certainly benefits for both of these choices, but it effectively comes down to how much work you're willing to put into the business.
- Purchasing – To be honest, this is the option that will require the most resources and time. First, to purchase a property like this you will need good credit for the loan and more than a little bit of capital for the down payment. With that said, you're going to have a high level of freedom and options when you opt to purchase, and the mortgage will also remain fixed for the entire term of the loan, which can make your monthly bills very easy to manage.
- Leasing –As you might expect, there's a lot less commitment involved in the leasing process. Not only will you not need the high amounts of credit and capital that you would when purchasing a station, but you'll also be able to profit faster due to the fact that you won't have a mortgage to pay off. That being said, you may end up locked into a corporate brand, which can be limiting. That being said, if the property underperforms, you won't have to worry about having been so majorly invested into the location; you can break or wait out the time of your lease and then change locations.
Buying a Service Station with a Convenience Store
If you're going to make a good profit off of your new service station, it's a good idea to either purchase or lease one that has at least one expansion like a convenience store, car wash, or garage. If you want an expansion business that requires the least skilled labor, then you can't go wrong with a convenience store.
Not only are stores of this type great resources for daily commuters, but customers that come in from nearby I-95 will also use your convenience store to purchase items like coffee and lottery tickets, and they will also come in to use your bathroom facilities as well. Once in the store, customers are far more inclined to make an unrelated purchase, which is where a sizeable chunk of your profits will come from.
Neighborhoods to Consider for Your Investment
If you're looking to invest in Wakefield with this type of business, it is important to note that the town has five distinct neighborhoods in which to open your service station. These include:
- Montrose
- The Town Center
- Gazebo Circle
- Greenwood
- Main Street
For those looking to capitalize on commuters, Montrose, Town Center, and Gazebo Circle all grant easy access to I-95, which also means that motorists driving up the coast will have access to your service station if it's in these neighborhoods. The other two neighborhoods, which are in the southernmost sections still can grant business opportunities for service station owners, but if you want a listing of opportunities in any of the neighborhoods in town, give us a call today at Boston City Properties at 617-247-1933.
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gas stations