Should I buy next to a gas station?

2 Replies

I’m looking at duplex in a very desirable neighborhood, where I want to live, close to a ton of amenities. I can pay cash for it, which is part of my short and long term goal. The question I have is... it’s next door to a gas station. Would that turn you off, or would you still go for it, considering the value of a property in this neighborhood is really high.

Right off the top of my head - the two things that come to mind are: 

1) would you want to rent a place next to a gas station? Would it deter you as a tenant?

2) what if the gas station's tanks leak to the extent that it penetrates your property? Your property could become a super-fund site right along with the gas station.

To me, #1 is a minor factor, if a factor at all. Ever notice how many apartment complexes there are right along freeways and loud, ugly interstates? Tenants have a short-term mindset. They want convenience knowing they are renting and it is temporary. Yet a house backing up to an interstate or busy street typically has a significant decrements in value? This is very unappealing to most buyers. Owners have  a much more permanent mindset. 

#2 - I am not an environmental expert or an attorney, but this one may be of concern. The age of the station, part of the country it is in, the location of the fuel tanks in proximity to your shared property line, the slope of the terrain, is your property serviced by a well and perhaps more considerations factor in to this. I would look into these things. Perhaps someone more knowledgeable will chime in with real-world experience on this. I am curious as well. 

Best of luck!

For me I wouldn't mind living close to a gas station, particularly for the proximity to the amenities. I would consider Airbnb for it, because while tenants have a short term view, airbnb clients have an extreme version of that, and considering the location, it makes a lot of sense.

All that said; your point is well taken, I wouldn't have thought of looking into those factors.