Gas Station Valuation: Distinguishing the Real, Personal ...

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Gas Station Valuation Distinguishing the Real Personal andIntangible PropertyAppraisal Institute Annual MeetingIndianapolis Indiana.
July 24 2013Michael F Kurschat ASA M S F MAIKurschat Company 2075 W Big Beaver Ste 222 Troy MichiganPhone 248 816 9166.
Kursuchat kurschatco com Contact InformationMichael F Kurschat ASA M S F 2075 W Big Beaver Ste 222 Troy Phone 248 816 9166.
kurschat kurschatco com www Kurschatco com Speaker s BackgroundMichael F Kurschat ASA M S F Appraiser 25 years.
President Kurschat Company with 4 other appraisers Bachelors Degree In Business Administration Masters Degree Finance Past President of the Detroit Chapter of ASA Appraisal experience Mortgage Financing Condemnation .
Litigation support Tax Appeal Estate Gift Tax Wide Variety of Property types Shopping Centers Industrial Apartments Offices Development Property Specialties Expert Witness Testimony Circuit Court Tax Tribunal Purchased leased and sold commercial shopping center.
Speaker s BackgroundMichael F Kurschat ASA M S F Appraiser 25 years Kurschat Company Troy MI Bachelors Degree In Business Administration.
Masters Degree Finance Past President of the Detroit Chapter of ASA Appraisal experience Mortgage Financing Condemnation Litigationsupport Tax Appeal Estate Gift Tax Wide Variety of Property types Shopping Centers Industrial Apartments .
Offices Development Property Specialties Expert Witness Testimony Circuit Court Tax Tribunal Purchased leased and sold commercial shopping center property Cub Scout Den Leader Caught a 27 Northern Pike Computer Skills Performed several fdisk exe operations.
I Invented the Internet Detroit Michigan Yes Detroit just filed forbankruptcy making it the largestmunicipal bankruptcy in US History .
Professional group we re talkingabout gas stations not politics Some of those gas stations are in Overview1 What s There.
a Physical Characteristicsb Traffic Count Competition2 Classifying Ita Real Propertyb Personal Property.
c Intangible Propertyd Going Concern3 Methodology for Valuationa Income Approachb Cost and Sales Comparison Approaches.
4 Data and Cases What s TherePhysical Characteristics Convenience Store Fast Food Sales Seating.
Lighted Canopy and Dispensers Underground Storage TanksBare Steel with Cathodic Protection Least DesiredFiber Coated SteelDouble Wall Fiberglass Most Desired.
Car Wash What s ThereLocational Characteristics Trend toward High TrafficIntersection.
Traffic Count Cars Day Typically from County Source Corner Count two Roads Divided HighwayEffective Traffic Exposure Typically half of Far Side of Freeway Interchange Location.
Typically a wildcard in evaluating location Locational Characteristics CompetitionSummarize superior or inferior stations in area x mileNumber of Competitors.
Rating of Competitors Quality Brand and Market Strategy ofCompetitorsSam s Club Gas Kroger Gas SpeedwayLoyalty Programs.
Classifying It Defined Tangible Property Intangible Property Personal Property Tangible andIntangible .
Going Concern or not Tangible Property Defined Property that can beperceived with the senses includesland fixed improvements .
furnishings merchandise andother items of working capital used inan enterprise The Dictionary of Real Estate Appraisal 5th Ed Appraisal Institute Real Property.
Personal Property Intangible Property Nonphysical assets including butnot limited to franchises trademarks patents copyrights .
goodwill equities securities andcontracts as distinguished fromphysical assets such as facilitiesand equipment USPAP 2012 2013 Intangible Property .
Examples gas stations Customer Relationships Non Compete Agreements Franchise Agreements Trade Name Trademark.
Assembled Workforce Liquor License Other Goodwill Real Property Real Property The interests.
benefits and rights inherent in theownership of real estate Sounds like the Intangible aspect but NOT Real Estate an identified parcel ortract of land including.
improvements if any USPAP 2012 2013 Sounds more Tangible aspects Physical An article that was once personalproperty but has since beeninstalled or attached to the land or.
building in a rather permanentmanner so that it is regarded inlaw as part of the real estate TheDictionary of Real Estate Appraisal 5 th Ed Appraisal Institute Is It Real Property or Personal Property .
Plumbing Fixture Real or Personal Trade Fixtures Articles placed in or attached torented buildings by a tenant tohelp carry out the trade or.
business of the tenant aregenerally regarded as tradeThe Dictionary of Real Estate Appraisal 5 th Ed Appraisal Institute Personal Property Identifiable tangible objects that are.
considered by the general public asbeing personal for example furnishings artwork antiques gemsand jewelry collectibles machineryand equipment all tangible.
property that is not classified as real USPAP 2012 2013 Mike s TOP 10 Listof personal property for a gas1 Fountain Drink Dispenser 24 .
2 Cash Registers Checkouts 19 3 Gondola Shelving 12 4 Coffee Maker Coffee dispenser 11 5 Ice Maker 10 6 Carbonator and tanks 9 .
7 Slush Machine 8 8 Movable tables chairs 7 Intangible Real Property Real Property is always classifiedas a tangible asset by the real.
property discipline Does that make the most sense Tangible Property Intangible PropertyPersonal Patents Real Property Property Contracts .
Trained and assembledworkforce Fixtures Copyrights Trade FixturesFurniture .
Site Improvements PermanentlyInterests Leased Fee Fee simple leasehold easement etc .
Real Personal Intangible 1 acre of land Convenience Store Building A Brick.
A Trained and Assembled Workforce Car Wash Building Toilet Sink Liquor License Walk in Cooler.
Real Personal Intangible Light Pole Compressor lines Canopy.
Car Wash Blowers Brushes 10 000 gallon underground fuel tank Plumbing for toilet Real Personal .
Intangible Piping for dispensers Furnace Fuel Dispensers Traffic Count.
Branding Established client base Going Concern A business having the ability tocontinue functioning as a business.
entity into the future The Dictionary of Real Estate Appraisal 5th Ed Appraisal Institute Composed of a mixture of Real Personal and Intangible Assets Three Legged Stool.
The whole is not necessarily the sum ofthe parts Valuation of a Going When is it appropriate to value of thereal estate only .
Estate tax return Property tax assessment appeal Mortgage financing These issues need to be resolved atthe time of engagement with the.
Examples Going Concern Valero gas station 4 dispensers high traffic intersection withconvenience store BP Station 8 dispensers car wash .
freeway interchange BP Station McDonalds 8 dispensers freeway interchange near theme park Urban gas station with liquor license Valuation.
Income Approach Gasoline Sales Convenience Sales Other Car wash liquor fast foodfranchise rental units.
Sales Comparison Approach Cost Approach Income Approach Gasoline Sales Traffic Count Multiplier .
Gallons Mo divided by Traffic Dependent upon Competition Compare with the subject Weigh reliability of the subject s salesinformation.
Compare with Averagehttp www eia gov Comparable IncomeIn Traffic Ct Competation Store Gallons Store Traffic StoreNo Comp per day SF per mo Sales Mult Sales sf.
1 9 064 59 518 Low Avg 2 139 140 796 60 013 2 37 28 062 0 003 31 638 Avg High 1 270 96 170 51 430 3 04 40 503 0 024 46 846 Avg Low 1 675 146 545 71 894 3 13 42 924 0 031 42 580 Avg Low 4 836 170 000 90 000 3 99 18 615 0 048 27 200 Low Avg 1 344 160 000 92 956 5 88 69 16.
6 0 065 44 264 Avg High 1 350 71 677 24 080 1 62 17 847 0 079 54 902 High 1 653 91 278 56 614 1 66 34 258 0 098 31 055 Average 1 153 55 000 40 000 1 77 34 699 1 005 48 012 High 1 347 53 000 55 000 1 10 40 83Subject 61 024 High 1 465 105 000 1 72.
Average 42 891 1 863 109 385 60 221 2 73 36 32Median 44 264 1 350 96 170 56 614 2 37 34 69 Gasoline Margins Margins are based on area competition Check margins based on gas prices.
Analyze subject s income statement for actualmargins for the subject BEWARE how are sales taxes reportedOften shown as overhead should be Cost OfGoods Sold results in inflated margin .
Reliability of Cash Business Science vs Art Income Approach Convenience Sales Sales SF store area.
Compare with actual sales Beer Wine Liquor Prepared foods Margins and Industry Norms Services ATM Check Cashing etc .
Compare Actual MarginsTo Standards for theItems Revenue Cost of Goods Gross Margin Cigarettes Tobacco 101 372 37 73 035 17 28 337 28 Beverage 51 600 56 33 379 20 18 221 35 .
Lottery 8 590 20 6 242 64 2 347 27 Candy 15 628 86 9 376 77 6 252 40 Chips 7 531 55 4 569 31 2 962 39 Fountain 2 584 36 529 11 2 055 80 Coffee 17 177 69 9 414 12 7 764 45 .
Groceries 16 175 14 10 689 92 5 486 34 Milk Dairy 6 311 18 5 525 34 786 12 Auto Oil 11 982 32 6 163 65 5 189 49 General Merchandise 4 386 17 3 962 30 424 10 Fast Food 10 997 36 8 628 64 2 368 22 .
Car Wash 42 661 85 6 222 27 36 436 85 Totals 296 998 00 177 738 00 119 260 40 Income Approach Summary of Gross Profit Gallons x Margin.
Gross Profit Fuel Sales SF x SF X Margin Gross Profit Store Income Approach Fixed Expenses Property Taxes.
Variable Expenses Most others Credit Card Fees 2 5 to 3 ofcredit card sales Amount of Detail subjectiverequirement.
Develop NOI Income Approach CreditAnnual SalesGal 67 334 808 008Price 3 85 3 110 831.
C store other mo 131 245 1 574 940 credit card 50 00 2 342 885charge 2 50 58 572 14Total Charges 58 572 14 Extracted Overall Cap.
Extract from sales where sales andmargins are available EXPENSES Calculate using samemethodology Consistency equilibrium balance.
in the universe Sample Extracted CapAnnual Income80 000 mo gal fuel 0 08 76 800 45 000 mo C Store 30 162 000.
Total Gross Profit 238 800Real Estate Taxes 9 900Bank Charges 38 040Variable Exp 25 59 700Management 10 23 880.
Total Expenses 131 520NOI 107 280Cap Rate 107 280 NOI 13 41 800 000 Price Sales Comparison.
Sale Allocations goodwill covenants Unit of Comparison Price per SF of What Preferred method is total price Comparison Factors for adjustments.
Land size Dispensers Building Size Traffic Count Competition Sales Volume.
Cost Approach ImprovementsTanks dispensers piping Site Valuation Size Frontage corner location.
Traffic Count Typically from CountyRoad CommissionCompetition AllocationReal Personal and.
Intangible Personal Property Depreciated Cost Approach orSales Comparison Intangible Assets based on.
Contribution orsales when available Example of Liquor LicenseSelling at 100 000Contributes 150 000.
AllocationReal Personal andIntangible Example of Liquor LicenseSelling at 100 000.
Contributes 150 000 How should it be allocated For a Mortgage Appraisal For a Divorce Settlement For Property Tax Assessment .
Does it matter Special Situations Fast food lease Car Wash Gift Shop.
Diesel Fueling Stations The Jerky Outlet Leased Facility Sources of Data US Dept Of Energy Historical.
Gasoline Prices State Dept of Environmental Quality tank information County Road Commissions Traffic Wholesale Gasoline Prices OPIS.
opisnet com(USPAP 2012-2013) Mike’s TOP 10 List of personal property for a gas station Fountain Drink Dispenser (24) Cash Registers / Checkouts (19) Gondola Shelving (12) Coffee Maker / Coffee dispenser (11) Ice Maker (10) Carbonator and tanks(9) Slush Machine (8) Movable tables/chairs (7) Intangible Real Property Nope.

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