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C-Stores and Retail Fuel Facilities

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Retail petroleum facilities, including convenience stores, travel centers, and carwashes are customarily marketed and sold as operating businesses or “going concerns.” Thus, the real estate component comprises only part of a combined package that also contains personal property items (FF & E) and the intangible assets of a continuing business enterprise; including goodwill (or a proven track record of successful operations).

Although all of these component parts do contribute to value, the prices paid for these types of properties are almost always a direct function of the profitability associated with the aggregate going concern.

Nevertheless, Federal banking and appraisal regulations stipulate that appraisers must segregate, analyze and report the respective value contributions associated with the (1) real property, (2) personal property, and (3) intangible business
components of the aggregate going concern value. The goal of these requirements is to improve the reliability of lender risk assessments in loan underwriting decisions.

However, development of credible and market-supported analyses for each of these segregated “value components” requires an experienced appraiser who possesses the highly specialized knowledge necessary to competently perform
valuations for these property types.

Yes, there are appraisal companies that do specialize in the valuation of retail petroleum facilities on a regional or even national basis. Fly-in, inspect the property, and fly-out; these traveling appraisers may understand gas stations, but are they really able to keep current on the thousands of unique market
areas across the country? Appraiser competency not only relates to knowledge and experience for particular property types, but also to specific geographical market areas.

New West Consulting knows Arizona. We also possess the specialized skills and depth of experience necessary to value going concerns, including convenience stores, gas stations, travel centers and carwashes. Call us.

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