Gas Station & C-Store Properties
Net-lease gas station and convenience store investment properties.
Market snapshot
These figures describe Specialty & Niche Commercial Properties (8.1.9), the segment that Gas Station & C-Store Properties sits within. They are not figures for Gas Station & C-Store Properties on its own.
- Market size
- ~$12B
- Growth
- ~8.0%CAGR (2017–22, nominal)
- Companies
- ~7,239 firms
96.6% of firms have fewer than 20 employees: 6,993 micro-businesses, below most mandates.
- 20–99
- 14961%
- 100–499
- 4920%
- 500+
- 4820%
The residual commercial category covers ground leases, billboards, marinas, parking parcels and other assets that fit no standard type. Fragmented by nature and rarely intermediated, which is precisely why yields sit above the institutional property classes.
NAICS 531190. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.
Business model & economics
Revenue model
Niche-property lease and site income
Key economics
- Revenue per firm
- $1,619,719
- Revenue per employee
- $330,761
- Employees per firm
- 4.9
- Recurring revenue
- High
- EBITDA margin
- Often strong
- Capex intensity
- Moderate
recurring niche-property income
specialized high-yield niches
Characteristics
- Scale-driven: payroll is only 13% of revenue, so the cost base is assets, not headcount
- Moderate strategic-buyer pool: 48 firms exceed 500 employees, so a scaled asset has buyers, but not many
- Alternative sectors beyond traditional core CRE.
- Manufactured housing, land, gaming, parking, and more.
- Several niches among the best-performing real estate.
NAICS 531190. U.S. Census Bureau, 2022 Statistics of U.S. Businesses; U.S. Census Bureau, 2022 Economic Census.
Geographic concentration
Wyoming, South Dakota and Arizona. Niche commercial property concentrates in states with large land holdings and light regulation, where ground leases and non-standard assets make up a bigger share of the commercial base.
U.S. Census Bureau, 2022 Statistics of U.S. Businesses (firms by state), NAICS 531190. Concentration shown by location quotient.
M&A deal context
Who’s acquiring
- Specialty & alternative REITs
- Private-equity real estate
- Niche-sector investors
What’s driving deals
- Diversification into alternative property types.
- High-growth niche-sector demand.
- Consolidation of fragmented specialty assets.
Find Gas Station & C-Store Properties acquisition targets
Search Acquisera’s index for companies classified under Gas Station & C-Store Properties (8.1.9.3) and build a targeted deal pipeline.
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