Is Avondale Ready For A 7-Eleven?

[Charles Hunter]

Could you be thinking of European Street on Park, which used to be a Cities Service / Citgo service station up until around 1970 or 1971?

[duvaldude08]

Gosh yall are old!! LMBO 

[Gators312]

I am all for an appropriately designed 7-11 in the area. What I would love to see there though would be something similar to Parker's in downtown Savannah. It offers gas, typical convenience store offerings, and cafe/lunch items. It also has outside cafe seating.

As you can see in this picture the area for gas though is mainly a drive through with two pumps along the left side. This keeps it from putting the store so far back fro the street.


Here is a link to a slide show of the interior and their offerings.
http://www.cnsrvr.com/smn/rt/parkers_market/ec.html

This place is AWESOME....a few of us stumbled across this store after an Avett Brothers concert in Savannah last July. 

I can't say enough how much this would fit that space.  The product would fit the clientele to a tee.

[ChriswUfGator]

And it has gas, I'd love it. Perfect! I saw that driving by it in Savannah and thought it was a cool concept.

[Jimmy]

Holy mother of God.  The sound at that Parkers link above is... loud. 

[MusicMan]

FOR THE RECORD:  This location is not a FSBO. It WAS a FSBO for at least two years, but now is listed by a local Commercial Broker. Do not know the current asking price. I believe they own it free and clear, no issues other than a lot of (sellers) signatures needed to close this deal and that usually slows things down. Add that to an already slow market and you have the current situation.

[logical]

The FSBO comment is correct.  No brokers "turned down" listing the property.  The owners chose to put up a sign. and later turned to a broker.

Typically, a buyer requires a period of time to do a feasibility study, generally up to 90 days, and often with options to extend the feasibility duration for additional 30 day periods.  It would not be surpising if the actual sale happens after Thanksgiving, if the Buyer sees no larger-than-life issues

Another point...an earlier postee lamented that an asking price of, say, $1.3 mil translates into about $4.8 mil per acre.  That "method" is absolutely NOT how buyers determine the price they will pay.  A purchase price is determined by several variables, such as the business plan, build out costs, capitalization of costs, return on investment.  I know of a 3,000+ s.f. commercial building, with no parking and a zero lot line, in a similar shopping area, one story, which sold for about $1.2 mil.  The building will be gutted then built out to suit the buyer's business plan.  If the earlier postee's "method" of pricing the purchase were applied, the buyer is paying about $14 mil 'per acre'.

On another topic, I watched when the tanks, gas lines, pumps and dispensers were removed, followed by the removal of tons of contaminated soil, and replaced by clean soil.  I later learned that the owners could have sold the contaminated property for a lot more than the current asking price, but would not pass along to the buyer the huge task of remediating the property.  Kudos to the owners.  I wonder how many of the postees on this board would have "taken the money and run" rather than do the right thing, AND pay for the cleanup to boot.

By the way....the removed tanks were fiberglass, not steel, as one of the postees presented as fact.  I saw them come out of the ground, crushed and hauled away.  It is interesting how people present themselves as "Carnac The Magnificent" when they more closely resemble Curly, Moe or Joe.     

[acme54321]

The FSBO comment is correct.  No brokers "turned down" listing the property.  The owners chose to put up a sign. and later turned to a broker.

Typically, a buyer requires a period of time to do a feasibility study, generally up to 90 days, and often with options to extend the feasibility duration for additional 30 day periods.  It would not be surpising if the actual sale happens after Thanksgiving, if the Buyer sees no larger-than-life issues

Another point...an earlier postee lamented that an asking price of, say, $1.3 mil translates into about $4.8 mil per acre.  That "method" is absolutely NOT how buyers determine the price they will pay.  A purchase price is determined by several variables, such as the business plan, build out costs, capitalization of costs, return on investment.  I know of a 3,000+ s.f. commercial building, with no parking and a zero lot line, in a similar shopping area, one story, which sold for about $1.2 mil.  The building will be gutted then built out to suit the buyer's business plan.  If the earlier postee's "method" of pricing the purchase were applied, the buyer is paying about $14 mil 'per acre'.

On another topic, I watched when the tanks, gas lines, pumps and dispensers were removed, followed by the removal of tons of contaminated soil, and replaced by clean soil.  I later learned that the owners could have sold the contaminated property for a lot more than the current asking price, but would not pass along to the buyer the huge task of remediating the property.  Kudos to the owners.  I wonder how many of the postees on this board would have "taken the money and run" rather than do the right thing, AND pay for the cleanup to boot.

By the way....the removed tanks were fiberglass, not steel, as one of the postees presented as fact.  I saw them come out of the ground, crushed and hauled away.  It is interesting how people present themselves as "Carnac The Magnificent" when they more closely resemble Curly, Moe or Joe.   

OWNED

[ben says]

I am all for an appropriately designed 7-11 in the area. What I would love to see there though would be something similar to Parker's in downtown Savannah. It offers gas, typical convenience store offerings, and cafe/lunch items. It also has outside cafe seating.

As you can see in this picture the area for gas though is mainly a drive through with two pumps along the left side. This keeps it from putting the store so far back fro the street.


Here is a link to a slide show of the interior and their offerings.
http://www.cnsrvr.com/smn/rt/parkers_market/ec.html

This place is AWESOME....a few of us stumbled across this store after an Avett Brothers concert in Savannah last July. 

I can't say enough how much this would fit that space.  The product would fit the clientele to a tee.

That Parker's in downtown Savannah is one of the coolest gas stations I've ever been to. Genius use of urban space. Only gas station I've ever been to where I can get gas, a smoothie, Saracha sauce, and some unique ethnic food goods...

[MusicMan]

Having dinner at 'town tonight , heard that this was a done deal.  Already closed. Can anyone confirm this? My source is well placed.

[ChriswUfGator]

Having dinner at 'town tonight , heard that this was a done deal.  Already closed. Can anyone confirm this? My source is well placed.

@ What price?

[ChriswUfGator]

The FSBO comment is correct.  No brokers "turned down" listing the property.  The owners chose to put up a sign. and later turned to a broker.

Typically, a buyer requires a period of time to do a feasibility study, generally up to 90 days, and often with options to extend the feasibility duration for additional 30 day periods.  It would not be surpising if the actual sale happens after Thanksgiving, if the Buyer sees no larger-than-life issues

Another point...an earlier postee lamented that an asking price of, say, $1.3 mil translates into about $4.8 mil per acre.  That "method" is absolutely NOT how buyers determine the price they will pay.  A purchase price is determined by several variables, such as the business plan, build out costs, capitalization of costs, return on investment.  I know of a 3,000+ s.f. commercial building, with no parking and a zero lot line, in a similar shopping area, one story, which sold for about $1.2 mil.  The building will be gutted then built out to suit the buyer's business plan.  If the earlier postee's "method" of pricing the purchase were applied, the buyer is paying about $14 mil 'per acre'.

On another topic, I watched when the tanks, gas lines, pumps and dispensers were removed, followed by the removal of tons of contaminated soil, and replaced by clean soil.  I later learned that the owners could have sold the contaminated property for a lot more than the current asking price, but would not pass along to the buyer the huge task of remediating the property.  Kudos to the owners.  I wonder how many of the postees on this board would have "taken the money and run" rather than do the right thing, AND pay for the cleanup to boot.

By the way....the removed tanks were fiberglass, not steel, as one of the postees presented as fact.  I saw them come out of the ground, crushed and hauled away.  It is interesting how people present themselves as "Carnac The Magnificent" when they more closely resemble Curly, Moe or Joe.     

Welcome, newbie.

So let me ask you this; Why would they have closed the station to avoid remediating fiberglass tanks that already met the new DEP guidelines? Did they just enjoy losing money?

Also, they weren't "crushed" they were hauled off on a truck, to where I don't know. I am surprised you didn't know this. This would appear to indicate to me that you know only what the owners are telling you. Regarding your comments about "take the money and run" implying that this would leave the problem for a future buyer, as long as an owner discloses a latent defect, which in this case would have been a mandatory tank remediation, then you simply factor that into the price and move forward. This is hardly cheating anyone, or shirking any responsibility, as the buyer would be well aware of what he was required to do before the sale closed. And it is perfectly legal. Not sure why you imply that would have been bad or wrong somehow?

The fact that they didn't do this is reflective of exactly what I mentioned, that they grossly overpriced the property and thought the remediation would be cheaper than taking the corresponding price cut, trying to wring every last dollar out of it. I love how you've spun this as some altruistic measure, almost as though they were charitably contributing to the next owner. Give me a break.

[ChriswUfGator]

The FSBO comment is correct.  No brokers "turned down" listing the property.  The owners chose to put up a sign. and later turned to a broker.

Typically, a buyer requires a period of time to do a feasibility study, generally up to 90 days, and often with options to extend the feasibility duration for additional 30 day periods.  It would not be surpising if the actual sale happens after Thanksgiving, if the Buyer sees no larger-than-life issues

Another point...an earlier postee lamented that an asking price of, say, $1.3 mil translates into about $4.8 mil per acre.  That "method" is absolutely NOT how buyers determine the price they will pay.  A purchase price is determined by several variables, such as the business plan, build out costs, capitalization of costs, return on investment.  I know of a 3,000+ s.f. commercial building, with no parking and a zero lot line, in a similar shopping area, one story, which sold for about $1.2 mil.  The building will be gutted then built out to suit the buyer's business plan.  If the earlier postee's "method" of pricing the purchase were applied, the buyer is paying about $14 mil 'per acre'.

On another topic, I watched when the tanks, gas lines, pumps and dispensers were removed, followed by the removal of tons of contaminated soil, and replaced by clean soil.  I later learned that the owners could have sold the contaminated property for a lot more than the current asking price, but would not pass along to the buyer the huge task of remediating the property.  Kudos to the owners.  I wonder how many of the postees on this board would have "taken the money and run" rather than do the right thing, AND pay for the cleanup to boot.

By the way....the removed tanks were fiberglass, not steel, as one of the postees presented as fact.  I saw them come out of the ground, crushed and hauled away.  It is interesting how people present themselves as "Carnac The Magnificent" when they more closely resemble Curly, Moe or Joe.   

OWNED

Hardly.

What we clearly have here is the agent trying to justify a price that, since he mentioned Carnac, is a better joke than even Carson himself could have written. I guess there's a sucker born every minute, and he must have found one. Let's just hope for his sake it's a cash deal, and there is no financing contingent on an appraisal.

To put this in further  perspective, almost directly across the street you can get a similarly-sized parcel for $1.9mm (and that's only asking) that includes an operating restaurant, an operating liquor store, a 4COP liquor license, and the extant structures which are in reasonably good condition, all for $600k more than this former gas station where you'll have to invest another $1mm +/- on top of the purchase price in demolishing it and building a new structure from scratch.

FWIW, I think the Monty's listing is also overpriced, so that should tell you what my thoughts are on the price of this complete teardown. I guess if the buyer is 7-11 then they can overpay as much as they'd like, it's only stockholder's money. But if it's a private buyer, I hope the price reflects a grossly discounted figure from the list price, or else my advice would be please don't scuff the walls, let's keep it nice in case I want to pick it up at the foreclosure sale.

[MusicMan]

Did not get the price, but it will be public record in a week or two (coj.net) if it did indeed sell.
The geuss-timate was less than $1 million.

If they pay $800,000 then do a tear away + buildout at that site they will be in it for ??

$1.3 million?? How many Snickers and Slurpee's do you have to sell to be profitable with that expense??

[cline]

Considering they pull in about $15billion company-wide per year, I think they can afford it.