Wert-Berater, Inc. is an independent gas station feasibility study consultant preparing lender- and agency-ready analyses for new developments, acquisitions, expansions, and refinancing of gas stations, convenience stores, and fuel retail properties. Our studies evaluate AADT and turning movements, fuel-volume capture, local competition, cents-per-gallon margins, convenience-store and foodservice sales, development costs, operating expenses, debt-service coverage, and downside sensitivity for SBA, USDA, and conventional financing.
Prepared for lenders, CDCs, and federal agencies to SBA SOP 50 10 8, USDA 7 CFR Part 5001, and conventional underwriting standards. Fiduciary duty runs to the lender and the agency, never the borrower. 4,000+ engagements since 1998 covering $41.2 billion in evaluated project value. So far in 2026: 41 engagements and $1.54 billion evaluated — 17 SBA, 11 USDA.
A gas station feasibility study consultant is engaged by the lender, the Certified Development Company or the reviewing agency — not by the borrower — to answer one question with evidence: can this specific site, built at this cost, under these margin assumptions, generate cash flow sufficient to service the proposed debt? The consultant derives traffic capture and fuel volume rather than accepting the sponsor's projection, tests the margin against local pricing, models the inside store and every ancillary component separately, and issues a determination together with the conditions on which it rests. Independence is the point: at Wert-Berater the fee is fixed and never contingent on the finding.
Fuel and convenience feasibility is traffic arithmetic disciplined by margin reality. The two variables that decide the outcome — capture rate and cents-per-gallon margin — are also the two a sponsor is most likely to state optimistically, which is why an independent analyst is required and why both are stress-tested before they reach the coverage test.
A feasibility study for a fuel and convenience retail project is not a market overview. It is a transaction-ready analytical package, and every component of the operation is modeled and documented before the numbers are consolidated into a single coverage conclusion.
| Analysis area | What we examine | What the lender receives |
|---|---|---|
| Site access & geometry | Curb-cut placement, median breaks and turn restrictions, signalization, sight lines, price-sign visibility, posted speed of the fronting roadway. | A capture rate with its access basis stated, not a rule of thumb. |
| Traffic volume (AADT) | State DOT counts for the fronting roadway, short-term count adjustment factors, directional disaggregation and, where geometry is asymmetric, turning-movement counts. | A gallons-per-day projection traceable to published counts. |
| Fuel-volume capture | The share of passing vehicles that can physically and conveniently enter the site, calibrated to access, visibility and competitive position. | A capture assumption stress-tested at ±5, 10 and 15 percent. |
| Competitive fueling supply | Every fueling position in the trade area counted by physical field survey and characterized by canopy age, MPD count, brand affiliation, pricing tier and inside-store format. | A named competitor schedule standing behind the capture rate. |
| Fuel margin | Rack-to-retail spread, branded versus unbranded supply and the dealer agreement behind it, local pricing survey, card interchange treated as a deduction. | A supportable cents-per-gallon range rather than a historical average. |
| Inside-store revenue | Gallons-to-inside-sales ratios adjusted for gross square footage and the merchandise program proposed, tested against NACS and OPIS benchmarks. | Merchandise revenue derived from gallons rather than asserted. |
| Foodservice and QSR | Format and daypart mix, trade-area population density, daytime employment from Census LEHD data, and the existing quick-service supply. | A separately modeled foodservice line. |
| Ancillary components | Car wash, EV charging, diesel and fleet fueling, lottery, propane and ATM — each on its own revenue, cost and margin assumptions. | Every component modeled separately, never a single blended line. |
| Operating cost structure | Labor built from the staffing model the operator actually proposes, utilities, card fees, maintenance and environmental compliance cost. | An expense build a credit officer can test line by line. |
| Development budget | RSMeans location-adjusted cost data applied to the proposed scope and tested against the loan request and equity injection. | A budget reconciled to the debt actually being sought. |
| Environmental standing | UST registration status, remediation history on the subject parcel, and open compliance obligations bearing on viability or collateral value. | A technical-feasibility section addressing collateral risk. |
| Ten-year pro forma | Fuel, merchandise, foodservice and ancillary components built up separately, then consolidated into a single project-level statement. | A fully linked Excel model with no hardcoded values. |
| Sensitivity and stress testing | Volume and margin moved ±5, 10 and 15 percent; interest-rate stress from +0.5 to +3.0 percent. | The point at which the project stops covering its debt. |
| Debt-service coverage | Coverage computed at both the operating and the global level against the applicable program minimum (1.15x operating and 1.00x global under SOP 50 10 8). | Coverage stated at both levels against the governing standard. |
| Determination and conditions | The finding itself and the operating assumptions, market conditions and project specifications on which it rests. | A plain-language determination written for the credit file. |
The analysis starts at the curb rather than with demographics. State department of transportation AADT counts establish how many vehicles pass the site, but a raw count is not demand. It is disaggregated by direction and, where the geometry creates asymmetry, refined with turning-movement counts. Where counts are dated, short-term count adjustment factors are applied before the figure is used.
Access then governs how much of that traffic is reachable: curb-cut placement, median breaks and turn restrictions, signalization, sight lines, visibility of the price sign, and the speed of the fronting roadway. A high-count corridor with a restrictive median can convert worse than a quieter site with unimpeded ingress and egress. The resulting capture rate is documented percentage point by percentage point, expressed as gallons per day, and stress-tested at ±5, 10 and 15 percent before it reaches the pro forma.
Fuel margin is the single most volatile line in the model. It is analyzed as rack-to-retail spread, distinguishing branded from unbranded supply and the dealer agreement behind it, because those terms drive cents-per-gallon economics far more than headline pump price. Credit-card and fleet-card interchange is treated as a deduction from that margin rather than left out. A supportable range is derived from the local pricing survey and OPIS spreads, and coverage is then tested across the low end of that range rather than at its midpoint.
Gallons per day then drives the inside store. Merchandise and foodservice revenue is derived from gallons-to-inside-sales ratios adjusted for gross square footage and the specific program proposed, tested against NACS and OPIS benchmarks, and reduced to reflect ramp-up where the store is new. The analysis addresses merchandise mix and margin, foodservice or QSR format, the staffing model, card interchange and shrink. Where the store carries packaged liquor, tobacco, lottery or propane, each is modeled on its own assumptions. Ancillary components — car wash, QSR, diesel and fleet fueling, EV charging — are each modeled before consolidation, because a blended ancillary line cannot be stressed by a credit officer.
Competitive supply analysis is conducted through physical field survey, not map searches. Every fueling position in the defined trade area is counted and characterized: canopy age, number of MPDs, brand affiliation, pricing tier and inside-store format. State underground storage tank registries and environmental agency permit databases identify operating sites and flag locations that may be approaching the end of their regulatory compliance cycle. Fuel-brand dealer agreements and wholesale supply arrangements, where disclosed in public filings or licensing records, inform the competitive pricing structure.
For foodservice and QSR components, trade-area population density, daytime employment counts from Census LEHD data, and the existing quick-service restaurant supply are reviewed. Where the branded food pad is the primary project rather than a component of a fuel site, it is underwritten separately as a QSR and drive-thru feasibility study, on traffic capture, access geometry and drive-thru throughput rather than on gallons. A capture-rate assumption that does not account for every nearby fueling position cannot support a credit determination.
SBA engagements are prepared to SOP 50 10 8, including its debt-service-coverage minimums of 1.15x operating and 1.00x global. USDA engagements follow RD Staff Instruction 5001 across the Business & Industry, Community Facilities, REAP and Value-Added Producer Grant programs. Conventional engagements are built to the lender's stated coverage standard, typically 1.20x. Mid-engagement program conversions — such as restating an SBA-framed study in conventional underwriting language — are handled without re-deriving the analytical base.
SOP 50 10 8 does not impose a blanket feasibility-study requirement; the need for one on a given transaction is the lender's or the CDC's determination, and a study is commonly called for on start-up and special-purpose projects. Fuel and convenience projects frequently fall into that category because the collateral is special-purpose and the revenue is operating-dependent; an acquisition may therefore require a separate going concern appraisal of the real estate and operating business. Where a feasibility study is required, the SOP requires that it be prepared by an independent third party with no economic interest in the transaction, which excludes a consultant paid on contingency or affiliated with the borrower.
On SBA 504 engagements the study typically supports a CDC and a third-party lender financing owner-occupied fuel-retail real estate, and the coverage question is asked of the project and of the operating company together. On SBA 7(a) engagements the study more often supports an acquisition or a start-up where the operating history is thin or absent, so the derivation of volume and margin carries more of the analytical weight. In both cases the study is prepared to the same coverage minimums — 1.15x operating and 1.00x global — and in both cases the determination and its conditions are written for the credit file. Wert-Berater's fee is fixed and not contingent on the finding; the fiduciary duty runs to the lender and the reviewing agency.
Under 7 CFR Part 5001 a feasibility study is required for certain new-business projects and may otherwise be required at the Agency's discretion. Where one is required, it is expected to address market, technical, financial and management feasibility as distinct sections rather than as a single narrative. For fuel retail, Wert-Berater's technical section addresses environmental compliance status, UST registration and any remediation history on the subject parcel — items that bear on both project viability and collateral value. The study does not replace a Phase I or Phase II environmental site assessment, but it incorporates their findings where they are available and states their absence where they are not.
Conventional lenders typically require 1.20x coverage and concentrate their review on the fuel margin assumption and the competitive position of the site. The questions most commonly raised in underwriting are whether the capture rate is defensible given access geometry, whether the margin assumption reflects current rack pricing rather than a historical average, and whether the ancillary components are modeled conservatively enough to be credible. The study is built to answer each of those before the credit officer asks.
The methodology uses state DOT traffic counts including short-term count adjustment, a physical fuel-pricing survey of the competitive set, NACS and OPIS industry benchmarks, and RSMeans location-adjusted development budgets. The model presents fuel, merchandise, foodservice and ancillary components separately before consolidation, with DSCR tested under the program minimum across volume and margin stress cases.
Every Wert-Berater financial model is fully linked with no hardcoded values, so any reviewer can stress any input. Deliverables comprise a complete narrative report and the linked Excel model, with ten-year pro forma, sensitivity analysis at ±5, 10 and 15 percent, interest-rate stress from +0.5 to +3.0 percent, and ratio analysis benchmarked against RMA and IBISWorld data.
Five inputs drive the coverage ratio on a fuel and convenience project more than any others. Each is tested explicitly rather than accepted from the sponsor's projections, because small movements in any one of them can shift a marginal approval to a decline.
Every assumption is documented in the narrative and traceable to its source in the linked model.
Wert-Berater quotes a fixed fee within one business day of the initial inquiry. The fee does not change based on the finding, the loan amount or the complexity of the ancillary components, and there are no contingency arrangements and no success fees — the structure is designed so that the analyst's compensation is never tied to the outcome of the determination. Because scope varies with site count, program and the number of ancillary components, the fee is quoted per project rather than published as a list price; the deliverables and the standard of work are the same regardless of project size. Rush delivery is accepted case by case for an additional fixed fee, quoted up front and likewise never contingent on findings.
Standard delivery is ten to fifteen business days from a complete data room. The clock starts when the data room is complete, not when the engagement is initiated, which is the single largest variable in the calendar. For a fuel and convenience project the data room typically includes the site plan and access geometry, the proposed development budget, any existing traffic studies, the fuel supply agreement or proposed brand affiliation, the business plan or operator resume, and any environmental assessment work completed on the subject parcel. Rush delivery is available when the lending timeline requires it.
Have a fuel-retail deal in underwriting? Tell us the site, the program and the loan structure. A fixed fee is quoted within one business day — before any work begins, and never contingent on the finding.
Request a fixed-fee quote →Each engagement below has been published by the firm as a completion release. The determination shown is the one the study actually returned — including where the finding was qualified rather than clean.
A major-brand gas station expansion in Elmore County, examined for SBA 504 purposes under SOP 50 10.
A 4,971 SF convenience store with sixteen fueling positions, dual QSR and EV supercharging.
A companion engagement on a 4,623 SF store with fourteen fueling positions and a national-brand QSR.
A 5,600 SF gas station, convenience store and packaged-liquor destination with ten fueling positions.
A travel center combining fuel, convenience retail and QSR on a freight corridor.
Freight-oriented sites are handled separately under travel center and truck stop feasibility studies, and standalone wash projects under car wash feasibility studies. Wider fuel-retail market work is collected in the gas station and truck stop market reports.
Donald Safranek leads the firm's feasibility practice and personally reviews and signs every engagement, including the fuel-retail determinations described on this page. No study exits the firm without principal review.
Full professional background →
This page is maintained by Wert-Berater, Inc. and was last substantively reviewed on 5 September 2026.
Wert-Berater quotes a fixed fee within one business day of the initial inquiry. The fee is not contingent on the finding and does not change based on the loan amount or the complexity of ancillary components such as car wash or EV charging. Contact the firm directly for a project-specific quote; the structure and deliverables are the same regardless of project size.
Standard delivery is ten to fifteen business days from a complete data room. The data room for a fuel and convenience project typically includes the site plan, development budget, proposed fuel supply or brand agreement, operator resume, and any environmental assessment work on the subject parcel. Rush delivery is available when a lending deadline requires it. The clock starts when the data room is complete, not when the engagement is initiated.
Fuel margin is the central difficulty. It is volatile, location-specific, and difficult to project from historical averages because rack-to-retail spreads move with crude markets and local competitive behavior. Capture rate is the second contested variable: a site with poor access geometry or a strong competitive set nearby may not achieve the volume its AADT would suggest. Both inputs must be stress-tested, not accepted from the sponsor's projections.
Yes. Each ancillary component—car wash, EV charging, QSR, lottery, propane—is modeled on its own revenue, cost, and margin assumptions before being consolidated into the project-level pro forma. A study that blends ancillary revenue into a single line cannot be reviewed or stressed by a credit officer and is routinely sent back by agency reviewers on projects with material ancillary income.
SBA SOP 50 10 8 requires that the feasibility study be prepared by an independent third party with no economic interest in the transaction. A study prepared by a consultant hired and paid on a contingency basis, or by a party affiliated with the borrower, does not satisfy the independence requirement. Wert-Berater's fee is fixed, not contingent on the finding, and the firm's fiduciary duty runs to the lender and the reviewing agency.
The study addresses UST registration status, remediation history on the subject parcel, and any open environmental compliance obligations that could affect project viability or collateral value. Where 7 CFR Part 5001 calls for a feasibility study, technical feasibility is addressed as a distinct section, and for fuel retail Wert-Berater includes environmental compliance status within it. The study does not replace a Phase I or Phase II environmental site assessment but incorporates their findings where available.
An independent consultant is engaged by the lender, CDC, or agency rather than the borrower, and tests whether a proposed or existing fuel and convenience site can generate cash flow sufficient to service the proposed debt. The work covers site access and traffic capture, fuel volume projection, inside-store and foodservice revenue, ancillary components, development cost review, a ten-year pro forma, and sensitivity testing. The consultant issues a determination and states the conditions on which it rests. Wert-Berater's fee is fixed and is never contingent on the finding.
Volume begins with state DOT AADT counts for the fronting roadway, adjusted with short-term count factors and, where site geometry creates directional asymmetry, supplemental turning-movement counts. A capture rate is then applied, calibrated to access geometry, signalization, visibility, and the number of competing fueling positions in the trade area, each counted by physical field survey rather than map search. The result is expressed as gallons per day and stress-tested at ±5, 10, and 15 percent before it reaches the pro forma.
Capture rate is derived, not assumed from a rule of thumb. It begins with the share of passing vehicles that can physically and conveniently enter the site: curb-cut placement, turn restrictions, median breaks, signalization, sight lines, and the speed of the fronting roadway. That figure is then adjusted for the competitive set, where every fueling position in the trade area is counted and characterized by canopy age, MPD count, brand affiliation, pricing tier, and inside-store format. A capture assumption that does not account for each nearby fueling position cannot support a credit determination.
Lenders and agency reviewers look for an independent determination supported by a fully linked financial model they can re-run themselves. In practice that means documented traffic and capture assumptions, a defensible cents-per-gallon margin, inside-store revenue derived from gallons rather than asserted, ancillary components modeled separately, a development budget tested against the loan request, debt-service coverage stated at both the operating and global level, and sensitivity testing that shows where the project stops covering its debt. The conditions attaching to the determination must be stated in plain language for the credit file.
SBA SOP 50 10 8 does not impose a blanket feasibility-study requirement; the need for one on a given transaction is the lender's or the CDC's determination, and a study is commonly called for on start-up and special-purpose projects. Fuel and convenience projects frequently fall into that category because the collateral is special-purpose and the revenue is operating-dependent. Where one is required, it must be prepared by an independent third party with no economic interest in the transaction, which excludes a consultant paid on contingency or affiliated with the borrower.
The inside-store analysis is built from gallons-to-inside-sales ratios adjusted for gross square footage and the specific merchandise and foodservice program proposed, then tested against NACS and OPIS benchmarks. It addresses merchandise mix and margin, foodservice or QSR format, the staffing model, card interchange, and shrink. Where the store carries packaged liquor, tobacco, lottery, or propane, each is modeled on its own assumptions. The c-store analysis is consolidated with fuel and ancillary components into a single pro forma rather than reported alongside it.
Both are central to the determination. Gallons per day is derived from AADT and capture rather than accepted from the sponsor's projection. Margin is analyzed as rack-to-retail spread, distinguishing branded from unbranded supply and the dealer agreement behind it, and is stress-tested because it is volatile and location-specific, so historical averages alone will not support a finding. Credit-card and fleet-card interchange are treated as a deduction from that margin. Volume and margin are the first two variables sensitivity testing moves.
Qualify a project. Tell us about the project and the program. We will tell you the truth about it — scope, timeline, and fee confirmed before work begins.
Schedule a Zoom Call →Legal disclosure. Wert-Berater, Inc. offices are mailing addresses only. Following the COVID-19 pandemic the firm has elected to work remotely; its office locations receive mail and are not staffed for visitors or in-person meetings. Headquarters mailing address: 1968 South Coast Hwy, Ste 2382, Laguna Beach, CA 92651.
Wert-Berater, Inc. is an independent provider of feasibility studies and other related services. The firm does not provide financing or equity investment advice, and does not arrange, broker, or place debt or equity capital of any kind.
All appraisal assignments are performed by Bruce E. Jones, MAI, ASA-GC, BCA, CMEA, a member of the Appraisal Institute since 2006, a staff member of Wert-Berater, Inc. and owner of Special Purpose Realty Valuation.