Buy a Gas Station in San Antonio, TX

The San Antonio Gas Station Market

San Antonio is the seventh-largest city in the country with a population approaching 1.5 million and steady population growth driven by migration from both coasts. High vehicle miles traveled, a sprawling metro layout, and limited public transit make fuel demand here durable.

Current Texas listings show a median asking price of $650,000 for gas stations, with cash flow around $384,000 at a 2.3x average multiple. That is a strong multiple for a hard-asset business with real estate often included.

The listed price range runs from $250,000 to well over $100M, but that upper end reflects large multi-site portfolio transactions entirely outside SBA eligibility. For a single-site acquisition financed with SBA 7(a), focus on deals priced between $500,000 and $5M.

Deal Economics: What the Numbers Look Like

Here is how the deal math works on a $650,000 acquisition at current SBA rates:

• Asking price: $650,000
• Annual cash flow: $384,000 (median; verify with tax returns, not broker SDE)
• Implied multiple: 2.3x
• SBA loan (90%): $585,000
• Seller note (5%, full standby at 0% interest): $32,500
• Buyer cash (5%): $32,500
• Total equity injection (10%): $65,000
• Approximate annual debt service: $91,000 (based on current rates of approximately 10% to 11%, 10-year term)
• DSCR: approximately 4.2x

A 4.2x DSCR is well above the 2x target and above the 1.5x floor. At this multiple and cash flow level, the deal math is comfortable. The risk is not in the financing structure. It is in verifying the cash flow.

Note: SDE (Seller Discretionary Earnings) figures from brokers are inflated. Discount any SDE figure by 15% to 30% to approximate actual distributable cash flow before building your DSCR. These are rough estimates based on market data. Actual terms depend on individual qualification and lender.

What to Look for Before You Buy

Gas stations have three revenue layers: fuel sales, convenience store, and ancillary services like car wash or auto repair. Fuel margins are thin, typically 10 to 25 cents per gallon at the pump. The real economics are in the c-store and ancillary revenue. A station doing $384,000 in cash flow with a strong c-store mix is a fundamentally different asset than one almost entirely dependent on fuel volume.

Verify fuel volume with supplier delivery records, not just bank deposits. Gallons sold per month is the cleanest number to underwrite.

Flag the brand affiliation. Branded stations (Shell, Chevron, ExxonMobil) carry fuel supply agreements that restrict your margins and may transfer with the business or require renegotiation at closing. Unbranded or "open dealer" stations give you more pricing flexibility but less foot traffic from brand loyalty.

Environmental Liability and Texas Compliance

Texas regulates underground storage tanks through the Texas Commission on Environmental Quality (TCEQ). Before closing, you need a Phase I environmental site assessment at minimum. If Phase I flags anything, a Phase II follows. Contamination from a prior owner can become your liability the moment you take title.

Ask the seller for current TCEQ compliance certificates and any prior remediation history. If tanks are older than 20 years, budget for replacement regardless of current status.

This is the item that kills gas station deals more than any other. Price it in before you make an offer.

SBA Financing for Gas Stations in Texas

SBA 7(a) loans work well for gas station acquisitions when the real estate is included or the lease has a long remaining term. Lenders want to see at least 2 years of tax returns showing consistent cash flow. Gas stations with heavy cash sales are harder to underwrite because cash businesses raise documentation concerns with lenders.

The full standby seller note is standard on Regalis deals, achieved on over 90% of transactions we close. Full standby means zero payments on the seller note during the SBA loan term, which keeps your monthly debt service low and your DSCR high.

Texas has no state income tax, which marginally improves after-debt cash flow compared to stations in high-tax states. For a business generating $384,000 in cash flow, that difference adds up.

Frequently Asked Questions

How much does it cost to buy a gas station in San Antonio?

The median asking price for a gas station in San Antonio based on current Texas listings is $650,000. Single-site stations in the metro generally trade between $500,000 and $2M depending on fuel volume, c-store revenue, and whether real estate is included.

What cash flow can I expect from a San Antonio gas station?

Current Texas data shows median cash flow around $384,000 at a 2.3x multiple. Treat any SDE figure from a broker with skepticism and discount it 15% to 30% before building your underwriting. Verify cash flow using supplier delivery records, tax returns, and point-of-sale data from the c-store.

Can I use SBA financing to buy a gas station in Texas?

Yes. SBA 7(a) loans are the primary financing tool for gas station acquisitions in the $500,000 to $5M range. The equity injection is 10% of the acquisition price, structured as 5% buyer cash plus a 5% seller note on full standby at 0% interest. On a $650,000 deal, that means $32,500 out of pocket.

What environmental risks should I know about before buying a gas station in Texas?

Underground storage tank contamination is the primary risk. Texas requires TCEQ compliance certification for active stations. A Phase I environmental assessment is non-negotiable before closing. If prior contamination exists, remediation costs can reach $300,000 or more and may not be fully transferable to the seller.

How long does it take to close on a gas station acquisition with SBA financing?

SBA 7(a) closings typically run 60 to 90 days from signed letter of intent to close, assuming clean financials and no environmental complications. Gas station deals often run toward the longer end of that range because of fuel supply agreement transfers, TCEQ compliance review, and lender scrutiny on cash-intensive businesses.

Thinking About Buying a Gas Station in San Antonio?

Regalis Capital's deal team reviews 120 to 150 acquisition opportunities per week. We handle sourcing, financial analysis, deal structuring, SBA financing coordination, and closing, so you are not figuring out the mechanics while also trying to evaluate a business.

If you are looking at gas stations in San Antonio or anywhere in Texas, start with a deal assessment so we can run the numbers on what you are considering.

Start your gas station deal assessment