LOS ANGELES, CALIFORNIA (November 2, 2022) - Ronnie Givargis, investment sales broker in Northmarq's Los Angeles office, was recently highlighted in a Los Angeles Times story titled, "California's Gas-Car Phaseout Brings Turmoil to Mom-and-Pop Gas Stations." The article delves into the impact of the landmark requirement from the California Air Resources Board to require that all new automobiles and light trucks sold in the state be zero emission by 2035.
While current independent gas station owners may not be immediately impacted, as the deadline gets closer many analysts foresee a significant number of closures. One prediction sited by the Times estimated that nearly half of the states 5,081 mom-and-pop gas stations would permanently shut their doors by 2035.
But there is a saving grace for gas station owners: their highly desirable locations. Givargis noted that there is a strong demand for these sites, a large swath of which are "located on irreplaceable corners."
"If your site is located in a desirable area, re-purposing the property will be simple and profitable," he added, noting that such parcels could be ideal for drive-through restaurants, banks, and high-volume retailers.
Givargis credited the 2035 mandate as the catalyst behind "individual owners wanting to sell their stations now more than in the past." But before many gas stations can be repurposed, remediation to clean up the site and make it habitable for future business may be required.
Other topics include:
- Converting from a gas-station to charging-station
- Charging station profitability
- Gas station owner perspectives