Portfolios

Gas Station Portfolios for Sale

Buying five sites is not buying one site five times. The buyer pool is different, the debt is different, and the diligence is different — and a package of similar sites routinely clears at a better number than the same sites sold one at a time.

We run multi-site processes across Florida, on both sides. Most of it never reaches a public marketplace.

3
Active portfolios
13+
Sites across them
250+
Sold & leased
Current Inventory
Live — synced from our CRM

Portfolios We Have Now

Off-Market

3 confidential portfolios under NDA

  • ▪ 11 sites — FL
  • ▪ 2 sites — Miami, FL
  • ▪ Multi-site — Palm Beach County, FL

Portfolio sellers are the most confidentiality-sensitive owners we work with — several sites means several teams, suppliers and competitors learning of an exit at once. Full detail is released under NDA.

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The Economics

Why Portfolios Price Differently

A different buyer pool entirely

Private equity, family offices and platform operators will not underwrite a single store — the diligence and management overhead is nearly identical whether they buy one site or ten, so one site is not worth their time. Package the same sites together and you reach capital that was structurally unavailable to you before.

Debt gets easier, not harder

Counterintuitive to most first-time sellers. A lender looking at eight sites sees diversified income instead of single-site concentration risk, and the deal size justifies attention a $2M single store never gets. Cross-collateralisation across the package is standard, and some debt markets simply do not quote on individual assets.

The weakest site sets the tone

The real risk in packaging. Buyers price the portfolio off its problems, not its average — one site with an open environmental case or an expiring brand contract will be used to discount all of them. If the sites are not reasonably uniform, running separate processes usually nets more even though it is more work.

PropCo/OpCo reaches institutional scale

Splitting the real estate from the operations lets each half trade to the buyer who values it most — the dirt at a cap rate to passive capital, the business at a multiple to an operator. It works particularly well on portfolios, because the real estate side reaches the size where institutional pricing applies. We have structured separations of this kind, including a $44M PropCo/OpCo transaction.

A PropCo/OpCo separation splits one station into two assets One gas station is separated into a property company holding the real estate and an operating company running the business. The property company is leased to the operator and sold to a passive investor priced on a cap rate. The operating company is sold to an operator priced on an EBITDA multiple. Each half trades to the buyer who values it most, and for the right site the two together can exceed what the whole would fetch as a single going concern. ONE STATION Business + real estate PROPCO The real estate Leased to the operator Priced on a cap rate 5.5% – 7.5% OPCO The business Fuel, c-store, staff Priced on a multiple 4x – 6x EBITDA Passive investor 1031, NNN, institutional Operator Wants the P&L, not the dirt Two buyers competing beats one buyer choosing
For the right site, the halves sold separately exceed what the whole fetches as a single going concern. It is not right for every station — but it should be a decision rather than an assumption.
Questions

Portfolio FAQ

Why do gas station portfolios sell differently from single sites?

Scale changes who the buyer is. A single station draws owner-operators and local investors; a portfolio draws private equity, family offices and platform operators who will not look at one store because the management overhead is the same either way. That deeper, better-capitalised pool is why portfolios often clear at a tighter cap rate or a stronger multiple than the same sites sold one at a time.

Should I sell my sites as a portfolio or individually?

It depends on how uniform they are. If the sites are similar in brand, volume and condition, a portfolio usually nets more — one process, one diligence, one closing, and a buyer paying for scale. If one or two are materially weaker, selling them together drags the whole package down to the weakest site, and you are better off running a portfolio process on the strong ones and separate processes on the rest.

How is a multi-site portfolio financed?

Usually more easily than a single store, which surprises people. Lenders underwriting a portfolio see diversified income rather than one-site concentration risk, and the deal size justifies attention that a single $2M station does not get. Cross-collateralisation across the package is common. Portfolios of a certain size also open up debt markets that simply do not quote on single assets.

What is a PropCo/OpCo split, and does it apply to a portfolio?

It separates the real estate into one entity and the operating business into another, so each trades to the buyer who values it most — the dirt to a passive investor at a cap rate, the operations to an operator at a multiple. It applies especially well to portfolios, because the real estate side reaches institutional scale where it prices best. We have structured separations of this kind, including a $44M PropCo/OpCo transaction.

Do I have to buy the whole portfolio?

Sometimes, sometimes not. Some sellers require an all-or-nothing sale because the point of the process is a clean exit; others will carve out. It is worth asking early, because the answer changes your financing and your diligence scope. We will tell you which kind of process a package is before you spend money on it.

Are your portfolio listings public?

Mostly not. Portfolio sellers are typically the most sensitive about confidentiality — several sites means several teams, several fuel suppliers and several sets of competitors who would all learn of an exit at once. Most of the portfolio inventory we transact is released under NDA rather than listed publicly.

Buying or selling multiple sites?

Tell us the criteria or the package. If a portfolio process is not the right answer for your sites, we will tell you that and explain why.

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