I found a brand new Triplex.... It's next to a gas station.

Multi-Family and Apartment Investing
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I found a brand new Triplex.... It's next to a gas station.

Jamie Montpellier
Investor · Aurora, Ontario · Member since 2014 · 48 posts · 2 votes

Ladies and gentlemen,

I was very excited to learn that my business partner and I are ready to make a move on a MFU 3-4 plex in 2015.  The caveat is that we have a situation with the four plex, it is a new build next to a gas station. What are your thoughts on location when considering MFUs?  Does it matter as much as SFU? The neighborhood is B grade, the building A grade and the numbers work. 

Cheers,

Jamie

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Joel OwensBusiness Member
Moderator
Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
11y

What KIND of gas station??

Is it currently in operation?? Is it an old gas station mom and pop or  a brand new gas station such as a Quik Trip or a Race Trac etc.??

You need to worry about environmental contamination, illegal dumping next to the gas station over the years, and leaking of gas tanks.

It doesn't matter who caused the contamination the EPA will make the current owners clean It up.

If it's a new build the seller should have a phase one completed on the land. It should also cover adjoining parcels on all sides .

If the phase one turned up a problem that a phase 2 which is much more expensive is ordered. If it is an old problem that was fixed years ago a (NFA) no further action letter should be available.

There are many other factors but without report clearance it should definitely be a no go.  

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  • Chris Soignier
    Real Estate Broker · North Richland Hills, TX · Member since 2013 · 1k+ posts · 607 votes
    11y

    As long as you're not living there, it's all about the numbers.     If the #'s work, and you're confident in them, go for it!

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  • Joel OwensBusiness Member
    Moderator
    Real Estate Broker · Canton, GA · Member since 2010 · 15k+ posts · 11k+ votes
    11y

    What KIND of gas station??

    Is it currently in operation?? Is it an old gas station mom and pop or  a brand new gas station such as a Quik Trip or a Race Trac etc.??

    You need to worry about environmental contamination, illegal dumping next to the gas station over the years, and leaking of gas tanks.

    It doesn't matter who caused the contamination the EPA will make the current owners clean It up.

    If it's a new build the seller should have a phase one completed on the land. It should also cover adjoining parcels on all sides .

    If the phase one turned up a problem that a phase 2 which is much more expensive is ordered. If it is an old problem that was fixed years ago a (NFA) no further action letter should be available.

    There are many other factors but without report clearance it should definitely be a no go.  

    Podcast Guest on Show #47
    NNN Invest53 Reviews
    WebsiteView Page
    1Reply
  • Matthew Paul
    Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
    11y

    If its well water I would be a bit carefull.  

    0Reply
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