The Gas Station business is very competitive today. Location is everything with traffic count, population, and highway access being critical to success.

It is getting very expensive to build a new facility from the ground up. Average cost to build is approaching $2 million. Plus, you have the uphill fight over zoning requirements and environment regulations which cause lengthy delays.

Stand-alone gas stations are dwindling in number. Most stations have some other profit center like a lube center, car wash, large convenience store, or a service garage.

You should be looking for high volume stations - the higher the volume the more attractive (valuable) the business becomes.

You also need to be aware of the margin of profit margin on each gallon of gas sold. 

Find out if the tanks have been inspected within the last year and meet or exceed the EPA standards.  Ask if there have been any leaks or hazardous waste found within the last 10 years.

Other considerations:

Brand identity
Does it have a canopy
Is it clean
Lease terms or value of the land (if included)
Who maintains the Pumps (dispensers)
High visibility
Good access (in and out)
Convenience Store with minimum 2,000 sf.
High traffic count
Corner location (hard corner with a light is best)
How many profit centers does it have
Is it selling Beer and Lottery tickets
Is there a competitor nearby or planned (Racetrac, WaWa)
Open 24/7

How to Determine What a Gas Station Is Worth