Las Vegas locals and Strip-adjacent sites, Reno�Sparks, I-15 California traffic, I-80 truck diesel, and highway c-stores. Confidential number first � then buyers if you want them.
Clark County is a tourism + inbound-California gallon machine. Washoe is a different buyer list. A rural US-95 site is a third deal entirely. We price the business and the dirt separately, and we do not use a Phoenix multiple on a Primm off-ramp.
Two businesses live here: neighborhood gallons (shift workers, apartments, school runs) and visitor gallons (I-15, airport, Strip-adjacent, Boulder Hwy). Buyers pay for documented inside sales and a lease or owned pad that survives a brand change. Gaming-adjacent sites get extra diligence on hours, parking, and local licenses � not a higher multiple by default.
Smaller population, more weather-sensitive diesel, and California weekend traffic on I-80 and US-395. Buyers here are often regional operators, not national c-store platforms. Fuel supply and winter volume swings show up in quality-of-earnings. If most of your year is three ski months and I-80 delays, we say that in the CIM instead of hiding it.
Southbound and northbound I-15 sites live on California plates. Price, hours, and diesel vs. unleaded mix matter more than �Las Vegas growth� headlines. A Primm / Jean / Apex site is a corridor asset, not a neighborhood c-store.
I-80 and US-93/95 truck stops are a different buyer: rack, DEF, parking stalls, showers, and scale proximity. If you only have two islands and no truck parking, do not market it as a travel center.
Nevada Division of Environmental Protection runs the tank program. Buyers want leak detection, tightness tests, and a clean compliance history before they wire a deposit. An open enforcement item kills SBA and most roll-up offers.
Out-of-state operators (especially CA) underwrite NV on take-home, not just gallons. That helps demand. It does not fix a weak c-store or a ground lease with five years left.
Vegas land can dwarf the business. A branded ground lease with rent bumps and a buyout clause is a different listing. We split those in the asking price so you are not comparing a $2M pad to a $900k leasehold.
Sites near tribal land, or the long gaps on US-95 and US-50, have permit and jurisdiction issues a valley buyer will trip on. We flag that before you waste a month in escrow.
Business only: about 1.8x�3.0x SDE, same band as other western c-stores. A $500k SDE shop is often $900k�$1.5M before dirt. I-15 / high-inside-margin / clean NDEP files sit toward the top. Seasonal highway and messy tanks sit toward the bottom. Owned Clark County land is its own appraisal � do not bury it inside the multiple.
Five minutes. Confidential. Then a call if the range makes sense.