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Eminent Domain Case

In: Business and Management

Submitted By biltmoreliving
Words 7890
Pages 32
Counter Offer to Summary/Offer to Purchase Real Property

Due to acquisition of right of way and damages

Silver Bullet, Inc. William “Bill” I. Young
1116 Shoal Creek Road | Burnsville | NC 28714 Property Location: 4075 Hwy 19E | Burnsville T:828.208.0006

1|P a g e

COUNTER OFFER TO SUMMARY/OFFER TO PURCHASE REAL PROPERTY
Submitted to the State of North Carolina Department of Transportation

OVERVIEW
Retail gasoline businesses, such this gas station and convenience store, are single-purpose economic enterprises. Because of their specialty of design, they cannot be readily converted to other types of businesses without a significant loss in value. Gas station convenience stores are special-built properties designed to make money in only one way, and they are not easily adapted to other uses. These businesses derive a significant part of their gross sales, about 50 percent, from the sale of motor fuels (National Association of Convenience Stores, 2006). The Silver Bullet recorded at one time 77% of gross sales from the sale of gasoline. This business also sold propane and kerosene (2000 UST). This site has (1) 8,000, (2) 6,000, and (1) 2000 gallon warranted (40 yrs) USTs for fuel (installed by Southern Tank & Pump, NC).

stations, and canopies, which are situated on-site but separate from the building. Design features create and significantly influence the property value. For example, the fuel service is so specially-designed that if it becomes no longer profitable to sell motor fuel at a particular site, the contributory value of the fuel service will be zero or even negative. Unlike a generic retail store or office building, the fuel service cannot be put to any other use. This specialty of design and economic narrowness of use for retail gasoline properties can result in an after value that is comparatively low. Case law indicates that an abutting...

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