Definitions/Industry Overview
Convenience and gas (C&G) outlets (gasoline convenience stores, service stations, travel plazas and other petroleum related facilities) are typically businesses that are heavily invested in real estate and equipment. Appraisals of these facilities must consider concepts, terminology, and definitions that go beyond the typical appraisal of tangible assets such as real estate and equipment. Although the tangible real property and/or equipment components of these facilities may be leased, the vitality of the retail business will have a direct bearing on the value of any leased fee or leasehold ownership position. Therefore it is critical that readers and users of this report understand the terminology used in this appraisal report and the definitions of the various terms used herein. It should be noted that not all valuation professionals are in agreement as to the meaning of the terminology and definitions used in this report. Indeed there are many gray areas with respect to the valuation of tangible real and personal property as well as intangible personal property.
The above definitions are taken from The Dictionary of Real Estate Appraisal, Sixth Edition, The Appraisal Institute; 2015 unless otherwise indicated.