Gas stations for sale in Indiana.

Indiana sits at the crossroads of America, a freight-driven market where interstate corridors push consistent fuel volume through single-store gas stations and C-stores. Casey's, the Speedway heritage that defined Indiana retail fuel for decades, and a deep field of independents create steady single-store deal flow across the state. That depth of independent ownership is exactly where buyers and sellers find priced-right opportunities.

Gas Station Trader is a specialist gas station and C-store brokerage (Eagle Nest Property Group, Dallas TX) with more than 250 million dollars transacted. We handle buying, selling, sale-leaseback, and financing for Indiana operators and investors. Call us at 469.949.6467 to talk through your deal.

The Indiana gas station market

The US holds about 152,000 C-stores, and roughly 60 percent are single-store operators. That single-store concentration defines Indiana, where independents sit alongside Casey's and the Speedway-heritage footprint that shaped the state for years. Indiana does not crack the top tier of store counts (Texas leads at about 16,500, then California near 12,140, Florida around 9,730, with Ohio at 5,833 and Illinois at 4,710 bracketing the Midwest), but its position on the freight network drives reliable throughput.

A busy urban Indiana station moves 100,000 to 150,000 gallons a month, while the US average station runs about 4,000 gallons a day. The C-store is roughly 30 percent of revenue but about 70 percent of profit, so inside sales and merchandising matter as much as the pumps. See our profitability guide for the full picture.

Buying a gas station in Indiana

Indiana's high share of single-store independents gives buyers a steady pipeline of business-only and real-estate-inclusive deals. Pricing starts with cash flow. Business-only acquisitions trade at 2.5x to 4.0x EBITDA (smaller stores at 2.0x to 3.5x SDE), while deals that include the real estate run 4.0x to 7.0x EBITDA. A small-to-medium Indiana owner often nets 70K to 100K dollars a year, scaling to 100K to 500K by site.

Financing usually runs through SBA 7(a) (max 5M dollars, 15 percent minimum equity injection on special-purpose gas stations, real estate terms up to 25 years, June 2026 rates roughly 9 to 11.5 percent APR variable). Conventional money runs 30 to 40 percent down, and many banks avoid USTs over CERCLA strict liability. Start with our buying guide and SBA 7(a) guide, then view listings.

Selling a gas station in Indiana

Indiana sellers benefit from steady single-store demand, but a clean process still drives the price. Sale timelines typically run 3 to 6 months, sometimes 6 to 12. Buyers will price on verified fuel volume, inside-store margins, and jobber contract terms, so organized financials are the difference between full value and a discount.

Plan for environmental diligence early. A Phase I Environmental Site Assessment (ASTM E1527-21) costs 1,800 to 3,500 dollars, with gas stations at the high end, and it is required for SBA fuel deals. Broker commissions run 10 to 20 percent on business-only deals and about 6 to 10 percent on real-estate-inclusive deals. Review our selling guide and UST guide, then list with us at 469.949.6467.

Indiana cap rates and station values

National gas station cap rates sit near 5.6 percent (about 5.58 percent with fuel, 6.87 percent without fuel). Indiana is a Midwest freight market without coastal compression, so expect Indiana deals to price wider than the tightest states. For reference, Florida runs near 5.11 percent and Texas about 5.63 percent, while weaker markets sit at 6.0 to 6.5 percent and up. Tenant credit drives the rest. 7-Eleven trades 5.00 to 5.40 percent, Murphy USA near 5.13 percent, and Circle K 5.35 to 5.65 percent.

On a value basis, real-estate-inclusive Indiana stations run 4.0x to 7.0x EBITDA, and full going-concern deals with real estate average about 8x (7x to 9x in premium markets). Run your own numbers with our valuation calculator and cap rate calculator, or read how to value a station.

Indianapolis, Fort Wayne, and Indiana regions

Indianapolis anchors the state as a major freight and logistics hub, with the I-65, I-70, and I-74 corridors converging on the metro. That traffic supports higher-throughput urban stations, the kind that move 100,000 to 150,000 gallons a month, and it draws investor demand for branded sites. Fort Wayne serves northeast Indiana with strong commuter and regional freight volume, and it carries a steadier base of independent single-store deals.

Beyond the two metros, Indiana's interstate network keeps rural and highway sites in play, often as 1031 replacement candidates given their NNN structures. For investors trading up, absolute NNN gas stations with 15 to 20 year terms are ideal replacements (45 days to identify, 180 days to close). See our NNN guide and 1031 replacement guide, or call 469.949.6467.