Shell Gas Station with Real Estate, Elmont

About this opportunity

A Shell gas station property in a prime location on the border of Queens and Nassau County, priced as a distressed sale. The station is valued at $4 million to $4.5 million. It sits next to a major highway on very busy Hempstead Turnpike, across the street from the newly built UBS Arena (home of the New York Islanders, open about two years) and the famous Belmont Park racetrack.

The sale includes the real estate and everything on it: all tanks, lines and everything underground, pumps, dispensers, canopy, convenience store, 3-bay auto repair shop, a used car lot for 20 or more cars, office, bathrooms, storage and many parking spots for trucks.

The business and lease are not included. One tenant runs everything (pumps, store, auto repair and used car lot) and has 5 to 6 years left on the lease. The tenant pays close to $13,000 a month, triple net, and covers all expenses, so the owner pays none. The tenant has never made a late payment. Current market rent is about $20,000 to $25,000 a month. Business financials are not available, because the tenant keeps the business private.

All cash is preferred, but financing is possible if needed, in some cases through a bank loan and/or owner financing. Copies of the current lease and fuel supply agreement can be provided to serious buyers.

Highlights

• Priced as a distressed sale; valued at $4M–$4.5M
• Across from UBS Arena and Belmont Park on Hempstead Turnpike
• Triple-net tenant at close to $13,000/mo, never a late payment
• Market rent about $20,000–$25,000/mo
• Includes c-store, 3-bay repair shop and a 20+ car used car lot
• Owner pays no expenses
• Cash preferred; bank or owner financing possible

Financial details

Asking price

$4,995,000

Real estate

Included

Fuel brand

Shell

Monthly rent

$13,000

Lease

Current tenant: 5–6 years remaining, triple net

Current rent

Close to $13,000/mo, triple net (net to owner)

Market rent

About $20,000–$25,000/mo

Stated value

$4,000,000–$4,500,000

Tenant payment history

Never a late payment

Included

Tanks, lines, pumps, dispensers, canopy, c-store, 3-bay repair shop, 20+ car used lot, office, bathrooms, storage, truck parking

Not included

The business and lease

Business financials

Not available (tenant's private business)

Financing

Cash preferred; bank loan and/or owner financing possible

Documents

Copies of the lease and fuel supply agreement for serious buyers

Figures are provided by the seller and have not been independently verified. Buyers should perform their own due diligence.