A renovated, cash flowing fuel and convenience asset with the real estate included, priced at $1.1M. The systems work, the traffic is verified, and the highest margin equipment in the building is sitting idle. This is an asset that was under run, not a broken one.
No projection is required to justify entry. The base case is built on a full year of register data, with the real estate carried inside the price.
The $1.1M includes the land and the building. No rent, no landlord, no lease renewal risk. Every dollar of NOI flows to the owner, and the property appreciates on its own track. You build equity on two lines at once.
The $110,686 in 2025 net income traces to actual POS data and a full year seller summary. The price basis is what the asset already does. The headline cap rate has one verifiable dependency, covered in full below.
A Noble Roman's pizza line is installed, branded, and dormant, with $27.93 in all of 2025. A car wash bay sits plumbed and wired with no equipment. Neither is a speculative bet. Both exist. They are simply switched off.
Panther Parkway is the primary commercial artery for Smiths Station, a commuter link between Columbus, Fort Moore, and the Auburn and Opelika corridor. This is a location that matures into value, not away from it.
The raw POS report shows cigarettes running at a loss for 2025: $105,316 in sales at a negative 6.49% margin, or minus $6,838. The seller summary restates cigarettes at a 15% margin, or plus $15,797. That difference is the standard manufacturer buy down rebate (Altria, Reynolds), which is paid quarterly and does not appear at the register.
The reconciliation is plausible and common in this asset class. It is also the single largest swing in the file, $22,635. If the rebate statements are produced in diligence, the headline holds. If they are not, the cap rate steps down to the floor. We show you both, openly.
Both ends of that range are strong entry pricing for a real estate inclusive c store in a growing corridor. The point is not which number to believe. The point is that one folder of rebate statements decides it, and it is the first thing to request.
Source: XtraExport POS Daily Book Report, Panther Quick Stop, 1/1/2025 to 12/31/2025. Fuel margin and the cigarette adjustment are seller stated, tagged accordingly.
| Department (top by revenue) | Sales | Gross Profit | Margin |
|---|---|---|---|
| Cigarettes rebate | $105,316 | ($6,838) | -6.5% |
| Deli / Foodservice | $74,223 | $35,654 | 48.0% |
| Energy Drinks | $64,135 | $32,838 | 51.2% |
| Soda | $50,261 | $22,677 | 45.1% |
| Grocery | $48,674 | $19,556 | 40.2% |
| Tobacco (other) | $36,591 | $6,649 | 18.2% |
| Beer | $28,561 | $6,038 | 21.1% |
| Water / Juice | $19,046 | $11,465 | 60.2% |
| Candy | $18,495 | $8,931 | 48.3% |
| Chips | $16,385 | $5,930 | 36.2% |
| Coffee | $5,486 | $5,179 | 94.4% |
| Noble Roman's Pizza dormant | $27.93 | $27.93 | 100% |
| All Departments | $504,541 | $165,351 | 32.8% |
Coffee at 94.4% and water/juice at 60.2% confirm a healthy high margin grab and go mix. Deli at 48.0% confirms that foodservice already performs at this address, which is the proof anchor under the pizza activation below. The cigarette line is the one item carrying a verification flag. Noble Roman's at $27.93 is the dormant asset.
| Bridge to Net Income | Amount | Status |
|---|---|---|
| Inside gross profit (seller adjusted, incl. cigarette rebate) | $187,697 | blended |
| Fuel margin | $47,560 | seller stated |
| Total gross profit | $235,257 | blended |
| Less operating expenses (payroll, utilities, insurance, tax) | ($124,571) | seller stated |
| Net Income / NOI (pre financing, no rent) | $110,686 | 10.1% cap |
Payroll and taxes of $71,124 is the largest single expense and covers roughly single person coverage across the 5am to 8pm window. A fully passive buyer who replaces all owner hours with hired labor should budget added management cost. We flag this rather than bury it, consistent with how we underwrite payroll.
Illustrative financed scenario: ~$220K down plus ~$50K opening inventory, roughly $270K cash deployed. ~$880K loan at 7.5% over 20 years equals ~$85,069 annual debt service. Terms are illustrative and not a financing offer.
The two cards are the same asset. The only variable between them is one folder of rebate statements. This is precisely why we put that document first on the diligence list. A debt free buyer skips the spread entirely and earns the full NOI yield, 8.0% to 10.1% on the price.
Both are modeled and tagged as such. Each is anchored to this store's own verified performance, not to industry averages. The first costs almost nothing to switch on. The second needs equipment, but the expensive part, the structure and the utilities, is already built.
The pizza line is installed, branded, and visible in the property photos, the warmer, the prep rail, the oven, the stacked boxes. In all of 2025 it produced $27.93 across roughly seven transactions. The infrastructure cost is already paid. This is a menu you turn on, not a kitchen you build.
| Modeled Scenario | Pizza Sales | Margin | Gross Profit | Est. Net Add |
|---|---|---|---|---|
| Conservative · ~8% slice attach | $42,500 | 55% | $23,375 | $15,000 |
| Base · half of deli velocity | $52,000 | 56% | $29,120 | $22,000 |
| Stretch · matches deli velocity | $74,000 | 57% | $42,180 | $34,000 |
Net add is gross profit after incremental daily prep labor and waste, on the equipment already installed. Pizza carries a higher food cost than the deli, so margin is modeled below the deli's 48%, deliberately conservative. Inputs to switch it on: Noble Roman's franchise reactivation, ingredient supply line, two to three hours of daily prep, and signage already on the wall.
The bay is built. Per the listing and photos, plumbing and electrical are already in place. The only missing piece is the wash equipment, or a tenant. Unlike the pizza line, this lever needs capital, but the structure and utilities, the costly part of any wash, are done.
| Modeled Path | Capex | Annual Revenue | Op. Cost | Est. Net Add |
|---|---|---|---|---|
| Equip the bay · self serve or in bay automatic | $45K–$80K | $44K–$66K | ~35% | $28,000–$43,000 |
| Lease the bay · third party operator or storage | $0 | $9K–$18K | minimal | $9,000–$18,000 |
The equip path builds permanent value into the real estate and earns recurring high margin revenue with low labor demand. The lease path turns an idle bay into income today with no capital out. The listing already names additional rental use as an option, so both doors are open.
Seller is obtaining it. Beer already does $28,561 at 21% margin. Spirits expand the category and lift margin per ticket.
Open 5am to 8pm today on a commuter corridor. The 8pm to 11pm window of fuel, coffee, and food is left on the table.
No agreement in place. Regular at $0.20 CPG sits below the southeast range. A fresh branded or unbranded contract has immediate margin impact on 136,887 regular gallons.
Separate from the rebate question, the raw register loss signals a retail pricing gap. Even at rebate parity, retail price discipline recovers margin directly.
Every upside figure on this page is Modeled and depends on operator execution. They are presented as ranges, anchored to this store's verified economics, and never added to the price. You pay for what the asset does today. You buy it for what it can do next.
Because the real estate is included, the asset returns on two lines at once: operating cash flow plus property appreciation. Figures below assume 3% annual NOI growth and 3% annual appreciation from $1.1M. Assumptions stated, not guaranteed.
A family acquisition like this one is a generational hard asset: it produces income now, it builds equity through the loan, and the land appreciates underneath the business. The operating upside is hands on, exactly the kind of value a committed owner operator captures and a passive seller left behind.
Short, sequenced, and led by the one item that sets the cap rate. We would rather hand you the question than hide it.
Tobacco rebate documentation. Manufacturer buy down statements that reconcile the POS cigarette loss to the seller's 15% margin. This is the $22,635 swing and it sets the cap rate.
Two to three years of federal tax returns. Confirm the $110,686 net income is consistent year over year, not a single strong period.
Fuel invoices and CPG. Validate gallons, grades, and the $0.279 blended margin, and confirm no supply agreement is in place.
Payroll breakdown. Confirm whether any owner draw is inside the stated $71,124, to size true passive labor cost.
Noble Roman's reactivation path. Franchise status, equipment condition, and the steps to switch the pizza line back on.
Phase I environmental and UST compliance. Standard AL ADEM underground storage tank confirmation for a fuel site.
$110,686 in verified 2025 net income. Real estate included, no rent. A car wash bay ready for equipment. A pizza line installed and branded that produced $27.93. A liquor license in process and a fuel contract waiting to be written. The systems work, the traffic is real, and the asset was under run by its prior operator. Confirm the rebate folder, and the headline holds. Even at the floor, this is real estate inclusive cash flow with two levers you can switch on.