Gulf-Branded Gas Station & C-Store, Dinuba California

$13.7M

Revenue

$1.4M

SDE

8.5x

Multiple

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Full Editorial Writeup

This is a Gulf-branded gas station and convenience store sitting on a hard corner in Dinuba, California, a Tulare County town in the Central Valley. The site moves serious fuel volume, pumping 2,782,157 gallons in 2025 at a $0.65 per gallon margin, which drives $11,760,000 of the reported $13,650,000 in gross sales. Inside sales run roughly $1,840,000 at 30% margins, and the 4,042 SF building on a 1.02 acre lot also houses a drive-thru and dining room leased to a Mexican restaurant tenant at $4,900 per month for supplemental rental income.

The asset is well capitalized and modern despite the older 1998 building. New 700-series dispensers with FlexPay kits and a TLS-450PLUS Veeder-Root monitoring system were installed in 2024, a 100+ KW solar system is in place, and a Type 21 liquor license is included. The Gulf supply contract carries favorable rack pricing (a penny and a half plus freight) with only a minimal termination cost, giving a buyer optionality on branding.

Current ownership runs light, working roughly four days a week for two to three hours a day, with a nine-person hourly staff and a $19.50/hour lead manager. The seller is retiring. At $11.9M against $1,394,613 of EBITDA, the 8.53x multiple reflects that real estate is included in the price, so this comps closer to a fuel-plus-property acquisition than a pure operating business.

Why we like it

Earnings quality is anchored in high fuel throughput of 2.78 million gallons a year at a healthy $0.65 per gallon margin, plus 30% margin convenience sales and $58,800 of annual restaurant rent. That mix of fuel, inside sales, and a triple-net-style tenant diversifies the cash flow more than a single-revenue-line station.
The moat is the location and the license stack. A hard corner in a Central Valley town is hard to replicate, the Type 21 liquor license adds pull, and the Gulf contract locks in favorable rack pricing (a penny and a half plus freight) that most independents cannot match.
Fuel and staple convenience goods are non-discretionary. People buy gas, cigarettes, drinks, and snacks in every economic climate, so the revenue base holds up through downturns better than discretionary retail or hospitality.
The equipment is fresh and the operating model is light. New 2024 dispensers, FlexPay, a TLS-450PLUS system, and a 100+ KW solar array mean low near-term capex, while current ownership runs it in a few hours a day, leaving obvious room for a more engaged operator to add margin.

How to improve it

Attack inside-sale mix within the first 90 days. Convenience is only $1.84M against $11.76M in fuel, so a merchandising reset around beer, tobacco, energy drinks, and hot food off the existing kitchen can lift the highest-margin line without new capex.
Add or expand foodservice. The site already has a full kitchen, drive-thru, and dining room leased at just $4,900/month; either renegotiate the lease to market, add a percentage-of-sales clause, or bring foodservice in house to capture the full margin.
Push loyalty and payment economics. Fuel margins swing on card fees and repeat visits, so installing a branded loyalty app and steering customers toward cash or debit can meaningfully protect the $0.65 per gallon spread.
Optimize fuel buying against the Gulf contract. Verify the rack pricing advantage, model the minimal termination cost against unbranded supply, and use that leverage to either lock better terms or capture cents-per-gallon savings.
Monetize the solar and reduce operating cost. Confirm the 100+ KW system is offsetting the highest usage hours and true up net metering, since electricity is a top expense line for a station running coolers and dispensers 24/7.
Tighten labor scheduling around traffic peaks. With nine hourly staff and a light-touch owner, an operator who builds real shift-level scheduling to demand can trim labor as a percent of sales while improving service during rush periods.
Formalize the books for a cleaner exit and financing. Move from broker-summary numbers to audited or reviewed statements so the next buyer, and your own lender at 70 to 75% LTV, underwrites off verified fuel and inside margins.

Diligence notes

Verify the fuel margin and volume. A $0.65 per gallon margin is strong for a branded station, so pull the fuel purchase invoices, monthly gallon reports, and third-party rack pricing to confirm the 2,782,157 gallon figure and the reported spread are sustainable, not a peak year.
Confirm the real estate is actually in the price. The listing says Real Estate is Owned but also shows Not Disclosed, and the 8.53x multiple only makes sense if the building and 1.02 acre lot transfer; get an appraisal and separate the real estate value from the operating business value.
Scrutinize the restaurant lease and tenant. At $4,900/month, review the lease term, renewal options, tenant payment history, and whether that rent is at or below market, since it is baked into the EBITDA and could roll off or need renegotiation.
Validate the Gulf contract terms. Get the actual supply agreement to confirm the minimal termination cost, the penny-and-a-half-plus-freight rack pricing, remaining term, volume commitments, and any image or capex obligations tied to the brand.
Check environmental and tank compliance. Verify the underground storage tanks, the 2024 Veeder-Red monitoring records, prior leak or remediation history, and current California environmental permits, because tank liabilities can dwarf the purchase price if mishandled.
Reconcile revenue and EBITDA figures. Gross sales appear as both $13,650,000 and $13,600,000, SDE is not disclosed, and only EBITDA is given; require tax returns and point-of-sale data to confirm the $1,394,613 EBITDA before financing at these terms.

Source

Originally listed on BizBuySell. View original listing →