Conoco is a recognized branded fuel banner, and a Conoco location trades on the strength of its image package, fuel supply contract, and store volume rather than the brand name alone. Most Conoco sites sell as dealer-operated businesses on real estate, where the buyer takes over the supply agreement and the branding obligations that come with it. National convenience-store cap rates run about 5.6%, roughly 5.58% with fuel and 6.87% without fuel, and a branded site near strong traffic counts compresses tighter than a weaker market location. Whether you are buying your first Conoco or selling one you have run for years, the deal turns on verified fuel and in-store numbers, the supply contract terms, and clean environmental records on the underground tanks. Work with our buy-side team or list your station with us.
What a Conoco gas station deal involves
A Conoco transaction is usually one of three structures. The first is business-only, where you buy the operating company and inventory but lease the site. The second is the business plus the real estate, the most common branded structure, and the third is the real estate alone leased to an operator. Each carries different financing and risk. Business-only deals price at 2.5x to 4.0x EBITDA, combined fuel and C-store operations at 4.0x to 7.0x EBITDA, and a site sold with its real estate at about 8x EBITDA, reaching 7x to 9x in premium markets. The underground storage tanks make environmental review central to any deal. Order a Phase I ESA early and work through a full due diligence checklist before you commit capital.
Fuel supply, branding, and image obligations
Buying a Conoco means inheriting a branded fuel supply agreement, often through a jobber rather than directly with the brand. That contract sets your fuel cost per gallon, minimum volume commitments, the term remaining, and the image standards you must maintain. Image obligations can require canopy, dispenser, and signage upgrades on a schedule, and those capital costs belong in your underwriting. Net fuel profit is only a few cents per gallon even though 2025 gross fuel margins averaged 40-plus cents per gallon, so the supply contract terms matter to your bottom line. Read the agreement before closing and confirm assignment rights. Our jobber supply agreement guide and the branded versus unbranded comparison explain how these terms move value.
Who buys Conoco gas stations
Conoco buyers fall into a few groups. Owner-operators want a branded site they can run day to day, often a first or second store, and they value steady fuel volume and a stable supply contract. Multi-site operators add Conoco locations to existing portfolios where they already have jobber relationships and back-office scale. Passive investors look for the real estate with a creditworthy operator on a long lease, which is the structure that compresses cap rates the most. About 60% of US C-store operators run a single store, so first-time and small-portfolio buyers make up a large share of demand. If you want passive income from the dirt rather than daily operations, review NNN gas station listings and our branded gas station inventory.
How a Conoco station is valued
Value comes from two engines. Real estate value is set by capitalizing the rent or owner-equivalent income at a market cap rate, near 5.6% nationally and tighter in strong states like Florida at about 5.11% or Texas at about 5.63%. Business value is set by applying a multiple to verified EBITDA, 4.0x to 7.0x for a combined fuel and C-store operation. The in-store side carries the weight, contributing about 30% of revenue but roughly 70% of profit at margins of 20% to 40%, so a buyer scrutinizes inside sales, fuel throughput, and the supply contract together. Run the numbers with our valuation calculator and cap rate calculator, then read what a good cap rate looks like.
How to buy a Conoco gas station
Start with financing because special-purpose properties shape the path. An SBA 7(a) loan caps at 5 million dollars and requires a 15% minimum equity injection on gas stations, with real estate terms up to 25 years and June 2026 rates around 9% to 11.5% APR variable. Conventional financing runs 30% to 40% down and many banks avoid underground tanks because of CERCLA liability. Underwriting requires a Phase I ESA at 1,800 to 3,500 dollars, and SBA closings run 30 to 90 days. Confirm the fuel supply agreement assigns to you and that image upgrade obligations are quantified before you sign. Compare loan paths in our SBA versus conventional guide, then talk to us about financing a purchase.
How to sell a Conoco gas station
Selling a Conoco well starts with clean, verified numbers. Buyers and their lenders want trailing fuel volume, inside sales, margins, and a profit and loss they can tie to tax returns and POS data. Get ahead of the environmental review by confirming tank tests and compliance records, since the Phase I ESA will surface problems either way. Know your structure, because a business-only sale and a sale with real estate price on different math, 2.5x to 4.0x EBITDA versus about 8x with the dirt. Business broker commissions run 10% to 20% on business-only deals and about 6% to 10% when real estate is included, and a typical sale takes 3 to 6 months. List your Conoco with us or first read how to sell a gas station.
