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Does owning a home near a multi-pump gas station decrease the property value?

There is a proposal in our town for a multi-pump gas station to take over an intersection near a densely populated residential area, mostly owner occupied with a few scattered rental properties (homes). Area residents are concerns not only about increased traffic and pollution, but also about the property values of the homes... This is not new news- communities all over the country are fighting large chain gas-station-convenience-store developments. Are there any statistics regarding property value and proximity to multi-pump gas stations?
  • July 31 2013 - Newark
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Answers (4)

Simply...YES....no matter what any body tells you something else...the closer you are to a busy intersection, especially one with commercial, the less desirable the property will be.....take out the extra traffic and increase in accidents , consider the crime factor that follows multi-pump stations with the store attached....good luck

  • August 04 2013
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Hello, In reply to SteadyState, the question was in regard to "statistics regarding property value and proximity to multi-pump gas stations". I would guess that the O.P. is looking to present that information to the city government. Do you know where the O.P. can get those statistics? Thanks, Sean
  • July 31 2013
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One does not need a study to infer the obvious - a fraction (no zero) numbers of potential buyers will be discouraged to buy the home because of increased fire risk and increased risk of robbery, traffic, etc.
I would not pay as much for a property near a gas station.
  • July 31 2013
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Hello User01348318, I am guessing you are talking about the one near Apple Rd. I understand your concerns. Unfortunately, I don't know of any definitive studies on this subject. I am sure some buyers would rule out properties close to a convenience store. Some buyers would view it as an added benefit to be close to a convenience store with a gas pump. Overall, I think it would not have a significant impact on the property values. I grew up near Apple Rd, so I wish you the best of luck in getting the City to consider your concerns. If you would like to discuss this with me, feel free to give me a call. In the meantime, I will see if I can find any information regarding property values being effected by this type of business. Best, Sean
  • July 31 2013
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