Fuel and Convenience Store
For Sale
Contact for pricing
Pending
18463 Rd 23, Madera, CA 93637
Fuel and convenience store on 4.95 acres for sale.
Property Size6,241 SF
Lot Size4.95 Acres
Days on Market370
Property Features for 18463 Rd 23
General Information
Standard status
Pending
Size
6,241 SF
Total Parking Spaces
82
Lot size
4.95 Acres
Property subtype
Retail
Occupancy
100%
Lease Type
Absolute NNN
Investment Type
Net Lease
Net Operating Income
$227,982
Building Details
Year Built
2018
Tenancy
Single
Listing Agency:
CBRE Atlanta
(858) 546-4651
Listed By:
Thomas Carr · License #374849
Source:
Crexi
Added: Aug 6, 2025
Changed: Aug 8
Last Checked: Aug 8 at 11:48AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CBRE Atlanta
Investment Insights
Based on property information with market context.
Available for sale is a 6,241 square foot fuel and convenience store located on 4.95 acres in Fresno, CA. The property has approximately 14.0 years remaining on the lease. The lease includes a 7.50% rent increase scheduled for 2029 and 2034, as well as increases in each of the three renewal options, consisting of two 5-year options, followed by one 4-year, 10-month option. Note that the business itself is not for sale.
Key Highlights
- ±14.0 years remaining on the lease.
- Located on 4.95 acres.
- 7.50% rent increase in 2029, 2034 and in each of the three renewal options.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$136,656
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.45%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,733,120
$2.7M
Cap Rate 7%
$1,952,229
$2.0M
Cap Rate 9%
$1,518,400
$1.5M
Market Conditions
NOI Build-Up for 6,241 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$193.2K $30.96/SF
− Vacancy
−$11.0K −$1.76/SF
EGI
$182.2K $29.20/SF
− OpEx
−$45.6K −$7.30/SF
NOI
$136.7K $21.90/SF
Area
Madera County, CA
Vacancy
5.70%
Lease Rate
$30.96 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,733,120
Cap Rate 7%
$1,952,229
Cap Rate 9%
$1,518,400
Alternative Uses
Best Use
Specialty Retail
$1.95M
$1.71M – $2.28M
NOI $136,656 @ 7.0% cap · market cap 3.45%
Second Best
Retail
$1.82M
$1.59M – $2.13M
NOI $127,545 @ 7.0% cap · market cap 3.22%
Theoretical Best
Office A
$2.42M
$2.11M – $2.82M
NOI $169,066 @ 7.0% cap · market cap 4.26%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
2
Businesses Nearby
Explore this area
Business Placement
Demographics for 93637, CA
40,202
Population
12,918
Households
3.1
Avg Household Size
32
Median Age
13%
College-Educated
70%
High-School Grad
280.4 sq mi
ZIP Area
143
Density / Sq Mi
$74,621
Median Household Income
$36,057
Median Earnings
$1,345
Median Rent
$369,200
Median Home Value
Market
Vacancy Rate% for Retail in West region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Gas station - Fuel and convenience store on 4.95 acres for sale.
Where is this gas station located?
The property is located at 18463 Rd 23 Madera, CA.
What is the asking price?
The asking price for this property is $3,964,904.
What are key features of this property?
This property features: ±14.0 years remaining on the lease.; Located on 4.95 acres.; 7.50% rent increase in 2029, 2034 and in each of the three renewal options.
