A gas station, complemented by a retail convenience store, at 40-10 Broadway was sold in an all cash transaction valued at $650,000. The property, formally branded as Sunoco, is strategically located on the corner of Broadway and Blue Hill Avenue at the intersection of Route 4 and Route 208 in the municipality of Fair Lawn in Bergen County, New Jersey.
The seller, Zero Twenty Four Gas Station Inc., purchased the property for $390,000 in 1995 and has been operating it as a Sunoco Station since time of acquisition. After 14 years of operation, the owners decided to retain Massey Knakal to ensure they get the maximum value in today’s market which would enable them to redeploy the maximum amount of capital into other business they own and operate. The buyer, Armo Fuel LLC, a local operator, purchased the station to reposition and operate it under their owner branding.
Through Massey Knakal’s comprehensive marketing program, we were able to generate multiple offers which enabled us to ultimately procure an all cash buyer. The sales price equates to 5.13x GRM, $36 per square foot, and more notably, a 7.14% capitalization rate. The sellers were able to satisfy their contractual obligation prior to closing and deliver the station unbranded.
Neighborhoods: Bergen County/ Agents: John Ciraulo