A 76 gas station is a branded fuel site running on a Phillips 66 family supply agreement, so buying or selling one is partly a real estate trade and partly a fuel-brand transaction. The 76 image, canopy standards, and term commitments travel with the deal, and a buyer is underwriting both the dirt and the contract. Branded sites like 76 generally price tighter than unbranded stores because the brand draws traffic and lends credit support to the fuel income. National gas station cap rates run about 5.6%, roughly 5.58% with fuel income and 6.87% without it. Where a specific 76 site lands depends on lease structure, location, fuel volume, and the strength of the C-store. This page covers what a 76 deal involves and how to move on one.
What a 76 Gas Station Deal Involves
A 76 station is a branded fuel asset, which means a buyer is acquiring three things at once: the real estate, the C-store business, and the fuel supply relationship. The 76 brand sits in the Phillips 66 family, so the site operates under a branded supply agreement that sets minimum gallon commitments, image standards, and a remaining term. That contract is a core value driver, not a footnote.
Deals come in different shapes. Some are absolute net leased to a credit operator, which trade closest to the tightest cap rates. Others are owner-operator businesses sold with the real estate, where the buyer steps into running the store. Confirm early which structure you are buying. Our buyer representation team and the branded gas station listings are the right starting points.
Fuel Supply, Branding, and Image Obligations
The 76 brand carries obligations that survive the sale. A branded supply agreement typically locks in a minimum volume, a remaining term, and image standards covering the canopy, dispensers, signage, and store appearance. A new owner usually has to be approved by the brand and may inherit required image upgrades. Price those costs before you sign.
This is the central difference between branded and unbranded ownership. Branded fuel like 76 draws built-in traffic and lends credit support to the income, which is why these sites generally price tighter than independents. The tradeoff is less pricing freedom and ongoing compliance spending. Our guides on the jobber fuel supply agreement and branded versus unbranded stations break down exactly what transfers and what it costs.
Who Buys 76 Gas Stations
Three buyer types compete for 76 sites. Passive investors want a net leased 76 with a credit tenant and a long term, often as a 1031 replacement, and they price almost entirely off the cap rate and lease quality. Owner-operators and existing multi-store operators buy for cash flow and want a strong C-store, since the store is about 30% of revenue but around 70% of profit. Regional consolidators buy portfolios to gain scale and fuel-purchasing leverage.
The buyer pool sets the price. A clean net leased 76 in a tight state draws national investor demand, while an owner-operator deal draws local operators using SBA financing. Knowing which buyer fits your asset shapes how it should be marketed. See who buys gas stations and our NNN gas station listings.
How 76 Stations Are Valued and Priced
Two methods set the number. Income-producing net leased 76 sites are valued on cap rate. National gas station cap rates run about 5.6%, near 5.58% with fuel income and 6.87% without it. State matters: Florida is tightest near 5.11%, Texas about 5.63%, the Carolinas 5.0% to 5.5%, Tennessee 5.4% to 5.75%, and weaker markets 6.0% to 6.5% or more. For reference, top branded names like Wawa price 4.83% to 5.20% and Circle K 5.35% to 5.65%, so a 76 typically falls inside this branded band depending on the operator and lease.
Owner-operator 76 deals use EBITDA multiples instead. Combined business-plus-real-estate sales run around 8x EBITDA, 7x to 9x in premium markets, while business-only deals run 2.5x to 4.0x. Run the math with our cap rate calculator and valuation calculator.
How to Buy a 76 Gas Station
Start with financing, since it sets your price range and timeline. SBA 7(a) loans cap at $5M and require a 15% minimum equity injection on special-purpose fuel sites, with real estate terms up to 25 years and June 2026 rates around 9% to 11.5% APR variable. Conventional financing usually needs 30% to 40% down, and many banks avoid underground storage tanks due to CERCLA liability. SBA closings run 30 to 90 days, conventional 30 to 60.
Diligence on a 76 must cover the fuel supply agreement, image-upgrade obligations, and the tanks. A Phase I ESA at $1,800 to $3,500 is required on SBA fuel deals. Work through our due diligence checklist and financing options before you make an offer.
How to Sell a 76 Gas Station
Selling a 76 starts with positioning the asset to the right buyer pool. A net leased 76 with strong fuel volume and a long supply term should be marketed to investors on its cap rate. An owner-operator 76 should be packaged with clean financials showing the C-store contribution, since that profit drives the multiple. Confirm the supply agreement term and any pending image requirements up front, because both affect what a buyer will pay.
Most station sales take 3 to 6 months. Broker commissions run 10% to 20% on business-only deals and about 6% to 10% when real estate is included. For a stronger outcome, owners with surplus capital tied up in the real estate can also weigh a sale-leaseback. Start with our seller representation team to position the asset.
