Valuation of a Gas Station?

[Charlie MacPherson]

I have the opportunity to list a gas station (my 3rd).  This one is available as a lease, which is pretty easy to figure out.

However, the seller also wants to list it for sale.  I can value the business based on Owner's Discretionary Income, but I'm not sure how to value the land.

It's in a small seaside town and there's only one gas station on the main street.  The only other commercial comps are commercial condos that are retail spaces.  

I'm hoping to avoid paying a commercial appraiser, but that could be the only option.

Any other suggestions?

[Joel Owens]

Get a BPO on it from an appraiser. Should be a much cheaper price than a full appraisal.