“Best corner in West Seattle”: Admiral Chevron for sale

Catching up on commercial real-estate listings, we note that Admiral Chevron is up for sale. According to the listing, they’re asking $1,050,000 — “Best corner in West Seattle and first time on the market” – and saying it grosses more than $5,000,000 a year. The listing does not appear to include the land; county records say the entire parcel, land and business, is appraised at $2.6 million.

Robert June 23, 2009 (11:15 am)

I wonder if this is a result of the Safeway Gas Station a block away? I wouldn’t mind seeing some 2 or 3 story development on that corner instead of a gas station IMHO.

Mike June 23, 2009 (11:25 am)

unless it’s another gas station, it’s going to cost a lot to remove the tanks and do a full cleanup and get EPA approval to put anything else there.

4th Generation Born-N-Raised June 23, 2009 (11:28 am)

What a deal! Buy a gas station in a declining economy when gas prices are rising! And at such a rock bottom price! $5M a year? I’d like to see the year to date income for 2009. My guess is the numbers are a tad down…

I had heard June 23, 2009 (11:33 am)

COOL! It grosses $5 million a year! Course it might be netting -$1 million a year…but it sounds GREAT! ;-)

Sage June 23, 2009 (2:15 pm)

nobody else is offended at the prospect that this could be identified as “the best corner” in West Seattle?

Meghan June 23, 2009 (2:24 pm)

That would be such a great corner for a new commercial/retail/housing development. With the Admiral Theater and all the shops and restaurants right there (and 2 other gas stations just a block away), it seems like a wonderful development opportunity. De-commissioning the gas tanks would make it more expensive, but with such a prime corner location, it would still be very attractive to developers.

Mike June 23, 2009 (2:38 pm)

Attractive, but the costs of removal and cleanup alone could hit $500k by themselves depending on how contaminated the soil is (that’s if you can get approval after the soil study to build anything on it). It’s a huge risk for a developer, and we’ve seen how well Whole Foods and the vacant lots for Huling Bros. are doing.

paul June 23, 2009 (3:12 pm)

hum, that’s 13,698 a day in sales…I know that they are busy, but really now, that busy, or is it based on last years high gas prices? Also, from what I have read the average gas station owner only makes 3 to 5 cents on each gallon sold….

JW June 23, 2009 (3:32 pm)

Isn’t the money in a gas station made off of the “food” and drinks that are sold in the attached convenience stores?

WSHC June 23, 2009 (4:15 pm)

$5M / 365 days / $3 per gallon / 15 gallon gas tank

304 vehicles filling up every day. Conservatively.

Mr. L June 23, 2009 (4:23 pm)

The majority of profits come from food/beverage/tobacco with a 45% profit margin rather than gasoline with a 3% profit margin. But gasoline gets customers in the door.

You really don’t want to have a gas station right next to a safeway fuel station. Kills your already narrow profit margins for gas.