The 1031 Doctor has done a lot of gas stations in Albuquerque over the years, and this Murphy’s reminds me of the old days when it was easy to find an acre and build a gas station. This 1.1-acre pad in front of a super Walmart would have been a prime target back in the day and $80,000 a year rent was a very healthy ground lease payment. Fast Forward to 2026 and $80,000 a year is very low for this lot and unfortunately, it’s going to stay that way for a very long time to come due to the many options to extend and the low annual increases. I would grade this deal a B to B- and offer a 6.25% cap to make it “market rate” and make up for the terrible increases that will leave your vulnerable to inflation for the next 28 years. https://www.walmart.com
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