Convenience Store Valuation: Convenience Store Multiples, Value and What Convenience Stores Sell For
Enter the store's revenue and owner earnings and read a range benchmarked to what convenience stores actually closed at, whether you are setting an asking price or checking a listing before you make an offer.
Estimated business value
Method breakdown
What moves this number
Estimate, not a certified appraisal. Your figures are not stored.
Convenience stores sold in the US across the five years 2021 to 2025 went for a median of 1.82x seller discretionary earnings, or 0.32x annual revenue, with a lower quartile of 1.32x and an upper quartile of 2.77x. The median convenience store sale price was $210,000, on median revenue of $660,500 and median owner earnings of $119,495, after a median 165 days on the market. Stores that sell fuel are not in this set; they are priced as gas stations.
The number that explains the rest of this page: financed with an SBA loan at 10 percent down, a buyer who pays themselves $80,000 a year can support about $216,800 for the median store. The market price is $210,000. The median convenience store is priced almost exactly at what a financed owner-operator can pay, and much of its earnings are the owner's own hours behind the counter. This is a benchmark and an estimator, not a certified appraisal.
Closed transactions
01What convenience stores actually sold for
These are sale prices, not asking prices, from 692 convenience stores sold across the five years 2021 to 2025. The source describes them as stores selling day-to-day food, drinks and household goods, many with beer and wine and lottery, and it excludes gas station listings. Most convenience store valuation guides quote a gas-and-store rule of thumb or a range of EBITDA multiples from chain deals. Neither describes a single independent store on a lease, which is what these are.
Median sale price
$210,000
What the middle convenience store actually closed at, 2021 to 2025
Median asking price
$225,000
What the same sold stores were listed at
Median revenue
$660,500
Annual sales of the middle convenience store sold
Median owner earnings (SDE)
$119,495
Seller discretionary earnings of the middle store sold
| Convenience stores sold, 2021 to 2025 | Lower quartile | Median | Average | Upper quartile |
|---|---|---|---|---|
| Seller discretionary earnings multiple | 1.32x | 1.82x | 2.39x | 2.77x |
| Revenue multiple (multiple of annual sales) | 0.23x | 0.32x | 0.40x | 0.46x |
| Revenue | $415,500 | $660,500 | $1,030,055 | $1,100,000 |
| Owner earnings (SDE) | $71,872 | $119,495 | $154,674 | $180,294 |
Source: BizBuySell convenience store business valuation benchmarks, 692 convenience stores sold on the platform 2021 to 2025, read September 2026. Benchmarks, not quotes. The multiple rows and the dollar rows describe the same population but not the same store, so multiplying a median by a median will not exactly reproduce a quartile.
The size thresholds BizBuySell publishes sit right on these quartiles. It states that a store consistently doing more than $1.1 million of sales may sell for 2.8x earnings or better, and one under $400,000 closer to 1.3x. The upper quartile of sold revenue was $1,100,000 and the lower quartile $415,500. So the practical reading: a store in the top quarter by sales sells near 2.8x, a store in the bottom quarter near 1.3x, and the rest is argued out between them. If you are working out how to calculate SDE for the store in front of you, do that first, then find its row in section 10.
Our calculation
02The median convenience store is priced at the lending ceiling
Most convenience stores are bought by an owner-operator with an SBA 7(a) loan, so the price a seller can get is capped by what that buyer can borrow. The table below runs a loan at 10 years, 10.5 percent, 1.25x debt service coverage and a 10 percent injection against the median $119,495 of owner earnings, at each level of salary the buyer takes out. Everything in it is computed here, not quoted.
| Owner draw the buyer takes | Left for debt service | Supportable purchase price | As a multiple of $119,495 SDE |
|---|---|---|---|
| $0 (buyer takes no salary) | $119,495 | $655,981 | 5.49x |
| $40,000 | $79,495 | $436,397 | 3.65x |
| $50,000 | $69,495 | $381,501 | 3.19x |
| $60,000 | $59,495 | $326,604 | 2.73x |
| $80,000 | $39,495 | $216,812 | 1.81x |
Computed here. Annual loan constant 0.16192 for a 10 year loan at 10.5 percent, so the supportable price is (SDE minus draw) divided by 1.25, divided by 0.16192, divided by 0.90. Illustrative arithmetic, not a loan offer or a credit decision.
At an $80,000 draw the ceiling is $216,812, and the median store sold for $210,000. Work it backwards and the largest salary a financed buyer can take while paying exactly the median price is $81,241. The market has found the price at which an owner-operator can borrow and still live, and it has found it within a few thousand dollars. Then the inventory arrives. Stock is normally counted on the closing date and paid for at cost on top of the business price, and if the buyer finances it on the same loan, every dollar comes out of what they can pay for the business.
| Inventory financed on the same loan | Business price supportable at an $80,000 draw | Against the $210,000 median sale |
|---|---|---|
| No inventory on the loan | $216,812 | $6,812 above the $210,000 median sale |
| $25,000 of inventory | $191,812 | $18,188 short of the median sale |
| $50,000 of inventory | $166,812 | $43,188 short of the median sale |
| $75,000 of inventory | $141,812 | $68,188 short of the median sale |
Computed here on the same loan terms. The inventory amounts are illustrative inputs, not a published benchmark; count the actual stock of the store in front of you.
The crossover
$119,677
The owner earnings a convenience store needs before a buyer paying the median 1.82x can service the SBA debt and still take $80,000 a year, with no inventory on the loan. The median store earns $119,495, $182 short of it. Put $50,000 of stock on the same loan and the crossover rises to $133,303, which is why inventory is so often paid in cash or carried on a seller note.
Cash to close on the median store
$25,253
A $210,000 purchase at 10 percent down is a $21,000 injection and a $189,000 loan, with a 3 percent SBA guaranty fee of $4,253 on the $141,750 guaranteed portion. Annual debt service is about $30,603, covered 3.90 times by $119,495 of earnings, leaving about $88,900 before the owner pays themselves. Add $50,000 of inventory to the loan and cash to close rises to about $31,265.
The practical point for a seller is that a price above the median needs a reason a lender will accept: documented earnings above the median, sales above $1.1 million, or a seller note that closes the gap. For a buyer, it means building the offer from the financing backwards, with inventory as a separate line you can pay in cash or finance on its own terms. Our guide to using an SBA loan to buy a business walks through the lender side, and buying a convenience store: cost and cash to close runs the full purchase at three price points.
Regulation
03The income that does not transfer with the store
A liquor store sells a scarce license. A convenience store sells the opposite: several authorizations that belong to the seller, do not come across on the closing day, and each carry a slice of the store's traffic. A buyer who prices the earnings without pricing the gap between closing and approval is paying for income they may not have for weeks.
| Authorization | What the rule says | What it does to a valuation |
|---|---|---|
| Lottery retailer license | Texas: a Ticket Sales License is valid only at the named location and is nontransferable. If the business changes ownership, the new owner must apply for a new license ($125 application fee, plus fingerprints for a criminal history check). | Lottery commissions are part of the income a buyer is paying for, and they stop on the closing day unless the new license is in place. Make its approval a closing condition. |
| SNAP (EBT) authorization | Federal: FNS issues a nontransferable authorization to the firm (7 CFR 278.1). A buyer applies for their own. If a store disqualified from SNAP is sold, the seller is liable for a civil money penalty for the part of the disqualification not yet served (7 CFR 278.6). | In neighborhoods where EBT is a large share of sales, a gap in authorization is a gap in revenue. Check the store is in good standing before you price it. |
| Tobacco and beer and wine permits | Issued by the state, and often the city or county, to the licensee. Most require a fresh application or an approved transfer on a change of ownership. | Tobacco and beer are traffic drivers. Confirm with the state agency what the transfer takes and how long, and write it into the purchase agreement. |
| Lease | Held by the seller, assigned to the buyer with the landlord's consent. | A lender will not amortize a ten year loan against a short remaining term, so the lease is part of the value, not paperwork. |
Sources: Texas Lottery Commission Retailer Guide to Policies and Procedures (effective May 12, 2025), section on license validity; 7 CFR 278.1 and 278.6 (SNAP retailer authorization and disqualification). Lottery, tobacco and alcohol rules vary by state and locality; confirm the current rule with each agency before relying on it.
Two consequences follow. First, file the buyer's applications as soon as the purchase agreement is signed, and make approval a condition of closing, so the lottery terminal and the EBT machine never go dark. Second, ask for the store's compliance history with each agency. A SNAP disqualification or a tobacco sale-to-minor violation is a discount item on the price, and in some programs the history of the location matters to the new application.
Our calculation
04How much of the profit is the owner's own shifts
Seller discretionary earnings include the owner's pay, and in a convenience store the owner's pay is usually the owner standing at the register. A store open 16 hours a day, every day, needs more than 5,800 staffed hours a year. The table prices what happens to the median store's earnings when a buyer hires the counter hours instead of working them, using the Bureau of Labor Statistics median wage for cashiers, $32,880 a year in May 2025, plus employer FICA.
| Who covers the counter | Earnings left for the owner | $210,000 price as a multiple of that | SBA-supportable price, no owner draw |
|---|---|---|---|
| Owner behind the counter, no hires | $119,495 | 1.76x | $655,981 |
| One full-time cashier hired ($35,395 with FICA) | $84,100 | 2.50x | $461,675 |
| Two full-time cashiers hired ($70,791 with FICA) | $48,704 | 4.31x | $267,368 |
Computed here. BLS Occupational Outlook Handbook, cashiers, median pay $32,880 per year ($15.81 per hour) in May 2025, plus 7.65 percent employer FICA; state unemployment insurance and workers' compensation would add more. The number of hires is an illustrative input.
This is the main reason convenience stores trade among the lowest multiples in retail. Each 1,000 hours a year the owner covers personally is worth about $15,810 at the median cashier wage. An owner working 60 hours a week is doing more than 3,000 of them. To a buyer who plans to work the same shifts, the $210,000 price is 1.76x earnings. To an absentee investor who staffs both shifts, it is 4.31x, and the store stops looking cheap. When you read a listing, ask for the schedule and the payroll register before the profit and loss statement.
Our calculation
05Where the money goes between the listing and the closing
Convenience stores currently listed ask a median 2.32x owner earnings. Stores that sold went for 1.82x. The 21.6 percent gap is made of two things. Some is selection: listings that ask too much never close and drop out of the sold set. The rest is negotiation: the discount a store takes off its own asking price. Dividing the sold multiple by the sale-to-ask ratio recovers what the sellers who actually closed had been asking.
| Reading of the sale-to-ask ratio | All listings ask | Closers asked | Selection | Sold at | Negotiation | Total gap |
|---|---|---|---|---|---|---|
| Published average sale to ask, 0.92 | 2.32x | 1.98x | -14.7% | 1.82x | -8.0% | -21.6% |
| Ratio of five-year medians, 0.93 | 2.32x | 1.95x | -15.9% | 1.82x | -6.7% | -21.6% |
| Average of the five yearly ratios, 0.93 | 2.32x | 1.97x | -15.3% | 1.82x | -7.4% | -21.6% |
Computed here from the published listing multiples, sold multiples and sale-to-ask ratios. The ratio of medians ($210,000 over $225,000) reads 0.93; the yearly ratios were 0.92 or 0.93 in every year. The source table prints the 2025 ratio as "0.0.93", which we read as 0.93. The total is 21.6 percent in every row.
All three readings agree, which is rare. About two thirds of the gap is selection and one third negotiation. Sellers who close give up 7 to 8 percent at the table, in line with laundromats and below pharmacies and restaurants. The larger loss comes before that: the stores that eventually sold had been asking about 15 percent less than the median listing, and the rest never closed.
| Sector | All listings ask | Closers asked | Selection | Sold at | Negotiation | Total gap |
|---|---|---|---|---|---|---|
| Convenience stores | 2.32x | 1.98x | -14.7% | 1.82x | -8.0% | -21.6% |
| Liquor stores | 3.18x | 2.94x | -7.6% | 2.85x | -3.0% | -10.4% |
| Pharmacies | 3.02x | 2.75x | -8.8% | 2.45x | -11.0% | -18.9% |
| Laundromats | 4.80x | 3.80x | -20.7% | 3.50x | -8.0% | -27.1% |
| Restaurants | 2.50x | 2.06x | -17.8% | 1.85x | -10.0% | -26.0% |
| Gas stations | 2.89x | 3.00x | +3.8% | 3.00x | 0.0% | +3.8% |
Same calculation applied to each sector's published figures on the corresponding benchmark pages, using the published average sale-to-ask ratio in each case.
Listings against reality
06What convenience stores for sale are asking
If you are browsing convenience stores for sale, the listings ask more per dollar of earnings than the stores that sold, at every quartile, and the gap is wide. At the median, the listed stores report the same owner earnings as the sold ones, $120,000 against $119,495, on 9.1 percent less revenue.
| Quartile | Listed SDE multiple | Sold SDE multiple | Difference | Listed revenue multiple | Sold revenue multiple | Difference |
|---|---|---|---|---|---|---|
| Lower quartile | 1.54x | 1.32x | -14.3% | 0.28x | 0.23x | -17.9% |
| Median | 2.32x | 1.82x | -21.6% | 0.46x | 0.32x | -30.4% |
| Average | 3.28x | 2.39x | -27.1% | 0.83x | 0.40x | -51.8% |
| Upper quartile | 3.38x | 2.77x | -18.0% | 0.73x | 0.46x | -37.0% |
| Financials | Convenience stores listed now | Convenience stores that sold | Difference |
|---|---|---|---|
| Lower quartile owner earnings | $77,838 | $71,872 | +8.3% |
| Median owner earnings (SDE) | $120,000 | $119,495 | +0.4% |
| Average owner earnings | $174,932 | $154,674 | +13.1% |
| Upper quartile owner earnings | $180,294 | $180,294 | 0.0% |
| Median revenue | $600,400 | $660,500 | -9.1% |
| Upper quartile revenue | $1,000,000 | $1,100,000 | -9.1% |
| Implied owner margin (computed here) | 20.0% | 18.1% | +1.9 points |
Listed and sold figures are published. Difference columns and the margin row are computed here. The source reports the same $180,294 upper quartile for listed and sold earnings.
Two things stand out. The listed pool claims a 20.0 percent owner margin against 18.1 percent for the stores that sold, so a listing's margin is worth checking against its tax return before its multiple. And the listed average multiple of 3.28x sits almost on the listed upper quartile of 3.38x, pulled up by a small number of stores asking far above the market. For a buyer, the sold multiples, not the listing multiples, are the right yardstick for an offer.
Five-year record
07Convenience store sale prices year by year
The median sale moved from $197,000 in 2021 to $228,000 in 2025, a 15.7 percent rise, while median revenue rose 7.7 percent and owner earnings 6.7 percent. Buyers paid more per dollar of earnings at the end of the period than at the start, with the biggest move in 2025.
| Year | Median revenue | Median SDE | Owner margin | Avg SDE multiple | Avg revenue multiple | Median sale | Median ask | Sale/ask | Days on market | Effective SDE multiple | Effective revenue multiple |
|---|---|---|---|---|---|---|---|---|---|---|---|
| 2021 | $622,000 | $112,500 | 18.1% | 2.37x | 0.42x | $197,000 | $212,500 | 0.92 | 183 | 1.75x | 0.32x |
| 2022 | $650,500 | $114,080 | 17.5% | 2.49x | 0.41x | $197,500 | $210,000 | 0.93 | 192 | 1.73x | 0.30x |
| 2023 | $720,000 | $120,000 | 16.7% | 2.14x | 0.36x | $215,000 | $222,500 | 0.92 | 132 | 1.79x | 0.30x |
| 2024 | $681,000 | $120,000 | 17.6% | 2.32x | 0.41x | $200,000 | $200,000 | 0.93 | 163 | 1.67x | 0.29x |
| 2025 | $670,000 | $120,000 | 17.9% | 2.82x | 0.41x | $228,000 | $250,000 | 0.93 | 165 | 1.90x | 0.34x |
Revenue, SDE, margin, the two average multiples, sale price, asking price, the ratio and days on market are published. The effective multiple columns are computed here as that year's median sale price divided by that year's median SDE and median revenue.
Two readings for someone deciding now. The market is steadier than almost any other sector on this site: owner margin between 16.7 and 18.1 percent in every year, the sale-to-ask ratio at 0.92 or 0.93 every year, and the effective multiple between 1.67x and 1.90x. And 2025 is the high point: the effective multiple of 1.90x and the average of 2.82x are both the highest in the record, on the same $120,000 of median earnings as 2023 and 2024.
Cross-check
08Which published multiple to trust
An owner handed a multiple usually multiplies. For convenience stores the two median multiples land almost exactly on the observed median sale. The two averages overshoot by a quarter to a third.
| Method | Arithmetic | Implied value | Against the observed median sale |
|---|---|---|---|
| Median earnings x median earnings multiple | $119,495 x 1.82 | $217,481 | +3.6% |
| Median earnings x average earnings multiple | $119,495 x 2.39 | $285,593 | +36.0% |
| Median revenue x median revenue multiple | $660,500 x 0.32 | $211,360 | +0.6% |
| Median revenue x average revenue multiple | $660,500 x 0.40 | $264,200 | +25.8% |
| Observed median sale price | reported directly | $210,000 | n/a |
Computed here from the published medians and multiples.
The average earnings multiple of 2.39x is the number most often quoted for convenience stores, because it is the headline figure on the benchmark page. Applied to median earnings it gives $285,593, 36 percent above what the median store actually sold for. Use the median multiple, 1.82x, for a typical store, and move toward the upper quartile only for a store with sales above $1.1 million.
Sector comparison
09Convenience stores against the rest of retail
Convenience stores sit in the lower half of thirteen retail categories on average earnings multiple, and they have the lowest average revenue multiple after grocery. The comparisons buyers ask about: the median liquor store earns 25.5 percent more than the median convenience store and sells for 102.4 percent more. A grocery store earns 61.0 percent more and sells for 85.7 percent more. The median gas station, which is a convenience store with fuel, earns 55.3 percent more and sold for $615,000, 192.9 percent more.
| Retail category | Median revenue | Avg revenue multiple | Median SDE | Avg SDE multiple | Owner margin | Median sale | Median ask | Sale/ask |
|---|---|---|---|---|---|---|---|---|
| All retail businesses | $720,000 | 0.53x | $131,498 | 2.62x | 18.3% | $295,000 | $305,000 | 0.95 |
| Liquor stores | $1,047,000 | 0.50x | $150,000 | 3.33x | 14.3% | $425,000 | $444,500 | 0.97 |
| Nursery and garden centers | $1,021,316 | 0.68x | $204,361 | 3.11x | 20.0% | $560,000 | $537,500 | 1.05 |
| Pharmacies | $1,334,270 | 0.42x | $150,000 | 2.79x | 11.2% | $325,000 | $399,000 | 0.89 |
| Furniture and furnishings stores | $1,072,815 | 0.57x | $200,000 | 2.72x | 18.6% | $465,000 | $450,000 | 1.03 |
| Grocery stores and supermarkets | $1,380,000 | 0.35x | $192,408 | 2.66x | 13.9% | $390,000 | $429,000 | 0.98 |
| Bike shops | $627,422 | 0.45x | $118,848 | 2.62x | 18.9% | $240,123 | $249,847 | 0.98 |
| Health food and nutrition businesses | $492,798 | 0.58x | $100,000 | 2.51x | 20.3% | $200,000 | $200,000 | 0.98 |
| Convenience stores | $660,500 | 0.40x | $119,495 | 2.39x | 18.1% | $210,000 | $225,000 | 0.92 |
| Vending machine businesses | $71,000 | 1.16x | $39,601 | 2.35x | 55.8% | $83,500 | $88,498 | 0.93 |
| Clothing and accessory stores | $500,000 | 0.52x | $103,668 | 2.30x | 20.7% | $200,000 | $249,000 | 0.95 |
| Jewelry stores | $463,061 | 0.61x | $131,207 | 2.05x | 28.3% | $214,757 | $292,000 | 0.88 |
| Flower shops | $478,290 | 0.47x | $106,066 | 2.01x | 22.2% | $189,000 | $219,000 | 0.91 |
| Smoke shops | $420,000 | 0.47x | $100,000 | 1.98x | 23.8% | $150,000 | $150,000 | 0.93 |
Source: BizBuySell retail valuation benchmarks, businesses sold 2021 to 2025, read September 2026. Every column except owner margin is published. Owner margin is computed here as median SDE divided by median revenue. Gas station figures are from the BizBuySell gas station benchmarks on our gas station valuation page.
The margin column explains part of the discount and the owner hours explain the rest. At 18.1 percent, the convenience store margin is close to the all-retail figure of 18.3 percent, so the store is not unprofitable for its size. It is small, its earnings depend on long owner hours, and nothing stops a competitor opening across the street. Buyers pay less for each dollar of that kind of profit, and a seller who wants more has to show a store that runs without them.
Find your row
10What a convenience store is worth at each level of owner earnings
The first three columns apply the sold lower quartile, median and upper quartile multiples to each earnings level. The fourth is the SBA-supportable price at an $80,000 owner draw with no inventory on the loan, which tells you whether a financed buyer can actually reach the market price for a store that size.
| Seller discretionary earnings | At 1.32x (lower quartile) | At 1.82x (median) | At 2.77x (upper quartile) | SBA capacity at an $80,000 draw |
|---|---|---|---|---|
| $71,872 (lower quartile sold) | $94,871 | $130,807 | $199,085 | None: earnings are below the draw |
| $119,495 (median sold) | $157,733 | $217,481 | $331,001 | $216,812 |
| $120,000 (2025 median sold) | $158,400 | $218,400 | $332,400 | $219,584 |
| $154,674 (average sold) | $204,170 | $281,507 | $428,447 | $409,931 |
| $180,294 (upper quartile sold) | $237,988 | $328,135 | $499,414 | $550,575 |
| $250,000 | $330,000 | $455,000 | $692,500 | $933,234 |
Computed here. Business value before inventory, which is normally counted and paid for separately at cost. SBA column on the same terms as section 02. Illustrative arithmetic, not a loan offer.
Read the last column against the others. At the lower quartile, $71,872 of earnings does not cover an $80,000 salary at all, so small stores sell to buyers who take much less, often a family that splits the shifts, or on seller financing. At the median, the financeable $216,812 sits right on the $217,481 the median multiple implies. From the average up, financing capacity runs well ahead of even the upper quartile price, which is why larger stores are the ones that sell near 2.8x.
Methods
11The five ways a convenience store gets valued
You will meet all five in a convenience store sale, and they will not agree. Knowing which one the other side is using is most of the negotiation.
Seller discretionary earnings multiple
The primary method for an owner-operated convenience store. Normalized SDE times a multiple between about 1.32x and 2.77x, which is where half of all convenience store sales landed. It is the method a lender checks, because SDE is what services the acquisition debt.
Revenue multiple
A cross-check. Sold convenience stores traded at a median 0.32x revenue, in a 0.23x to 0.46x band. Strip pass-through revenue out first: lottery ticket sales and some tobacco and prepaid card sales run through the register at a thin commission, so two stores with the same top line can earn very different amounts.
Inventory at cost, on top
Stock is normally counted on the closing date and paid for at cost, in addition to the business price. Whether a reported sale price includes it varies by listing, so confirm it on every comparable and every offer.
Asset value
The floor. Coolers, shelving, the point of sale system, the lottery counter fixtures and leasehold improvements at depreciated value, plus inventory. A store whose earnings will not support a loan sells near this floor.
Real estate, priced separately
When the building is part of the sale, the property is appraised on its own and the business is priced on its earnings after a market rent. The benchmarks on this page describe the business, and most sales in the record are of stores on a lease.
Value drivers
12What moves a convenience store between the quartiles
The distance between the lower and upper quartile multiple is 1.32x to 2.77x, which on $119,495 of earnings is the difference between $157,733 and $331,001. These are the factors that decide where a specific store lands.
Sales volume
BizBuySell states that a store consistently generating sales over $1.1 million may sell for an earnings multiple of 2.8 or better, while a store with sales below $400,000 would likely sell closer to 1.3. The upper quartile of sold revenue was $1,100,000 and the lower quartile $415,500, so those thresholds sit right on the quartile edges.
Owner hours
A convenience store open 16 hours a day, seven days a week, is more than 5,800 hours a year. How many of those the owner covers personally is the largest hidden variable in the SDE figure, and section 04 prices it.
Margin mix
Beer, packaged beverages, snacks and prepared food carry very different margins from cigarettes, lottery and prepaid cards. Ask for sales by category from the point of sale system, and for the lottery commission statements, before agreeing a multiple.
Cash handling and reported sales
Cash-heavy retail is where buyers find the widest gap between the story and the tax return. Lenders price the return. Sales that are not on it are not in the valuation.
Licenses in good standing
Lottery, SNAP, tobacco and beer and wine authorizations do not transfer automatically. A store with a lottery suspension, a SNAP disqualification or a tobacco violation history is worth less, and some of that history follows the location.
Lease, location and competition
Traffic counts, parking, visibility and the distance to the nearest chain store or fuel site are the location value. A new chain store with fuel down the road is the single fastest way for a convenience store to lose sales.
Fuel or no fuel
Stores in this dataset do not sell fuel; gas station listings are excluded by the source. A store with pumps is priced as a gas station, with a different buyer, a different lender review and a much higher price.
Questions
Convenience store valuation questions, answered against the sold record
How much is a convenience store worth?
The median US convenience store sold over the five years 2021 to 2025 went for $210,000, on median revenue of $660,500 and median owner earnings of $119,495. That is 1.76 times owner earnings on the reported medians. The published median multiple is 1.82x and half of all convenience stores sold between 1.32x and 2.77x owner earnings, usually before inventory.
How much is my convenience store worth?
Work out your seller discretionary earnings first, then find your row. A store at the lower quartile of $71,872 is worth roughly $95,000 to $199,000 on the sold multiples; at the median $119,495, roughly $158,000 to $331,000; at the upper quartile of $180,294, roughly $238,000 to $499,000. Inventory is normally counted and paid for on top.
What is the multiple for a convenience store?
Convenience stores sold at a median of 1.82 times seller discretionary earnings and an average of 2.39 times, with a lower quartile of 1.32x and an upper quartile of 2.77x. On revenue the median was 0.32x and the average 0.40x. The yearly average earnings multiple dipped to 2.14x in 2023 and rose to 2.82x in 2025, the highest of the five years.
How do you value a convenience store?
Start from normalized seller discretionary earnings: net profit plus owner salary, owner benefits, interest, depreciation and one-time costs. Adjust for the hours the owner works that a buyer would have to pay for. Apply a multiple between about 1.32x and 2.77x based on sales volume and margin mix, then add inventory at cost on the closing date.
What percentage of sales is a convenience store worth?
Sold convenience stores traded at a median 0.32 times annual revenue, or 32 percent of sales, with a lower quartile of 23 percent and an upper quartile of 46 percent. Remove lottery and other pass-through sales before you use it, because they inflate revenue without adding much earnings. Treat it as a cross-check, not as the price.
How much does a convenience store make a year?
The middle convenience store that sold reported $119,495 of seller discretionary earnings on $660,500 of revenue, an 18.1 percent owner margin. The lower quartile earned $71,872 and the upper quartile $180,294. Owner earnings held at about $120,000 in each of the last three years of the record, 2023 to 2025.
Is a convenience store a good investment?
At the median it pays for itself quickly on paper: $119,495 of owner earnings against a $210,000 price is a 1.76x multiple. Most of that return is the owner's own labor, though. Hire two full-time cashiers at the national median wage and the same store earns about $48,700, which puts the $210,000 price at 4.31x.
Do convenience stores sell for the asking price?
Close to it, but less often than most retail. The published average sale to ask ratio is 0.92, against 0.97 for liquor stores and 0.98 for grocery stores, bike shops and health food businesses. It held between 0.92 and 0.93 in every year from 2021 to 2025, and the median 2024 store sold at exactly its $200,000 median ask.
How long does it take to sell a convenience store?
The median convenience store that sold spent 165 days on the market, from a low of 132 days in 2023 to a high of 192 in 2022. That counts only stores that sold. License approvals for the buyer, especially lottery and SNAP, are the items most likely to stretch a closing after the price is agreed.
Can you get an SBA loan to buy a convenience store?
Yes, and at the median the arithmetic just works. At 10 years, 10.5 percent, 1.25x coverage and 10 percent down, $119,495 of owner earnings supports about $216,800 if the buyer draws $80,000 a year. The median store sells for $210,000. Put $50,000 of inventory on the same loan and the supportable business price falls to about $166,800.
How much does a convenience store valuation cost?
A formal business valuation commonly runs $1,500 to $8,000 for a calculation engagement and $5,000 to $15,000 for a full conclusion of value. On a $210,000 convenience store that is 0.7 to 3.8 percent of the sale price for a calculation and 2.4 to 7.1 percent for a full report, the highest share of any sector on this site.
Asked another way
What convenience store owners and buyers ask when they are deciding
These come up once the numbers are understood and the decision is the real problem, whether that is making an offer, reading a listing or choosing when to sell. Answered against the same closed-transaction data as the rest of this page.
Is a convenience store listed at 3x cash flow overpriced?
Usually. 2.77x is the upper quartile of convenience stores that sold, so fewer than a quarter closed at 3x or more, and BizBuySell ties that end of the range to stores above $1.1 million of sales. Stores currently listed ask a median 2.32x and an average 3.28x, but the sold median is 1.82x.
Should I trust the cash flow in a convenience store listing?
Tie it to the tax returns, the point of sale reports by category and the lottery commission statements. Then ask how many hours the owner and family work unpaid. Listed stores report median owner earnings of $120,000, almost exactly the sold median, so the headline is not inflated; what it includes is the question.
Is now a good time to sell a convenience store?
The record is favorable. The median sale reached $228,000 in 2025, the highest of the five years, and the average earnings multiple rose to 2.82x from 2.32x in 2024, on flat owner earnings of $120,000. Buyers paid more per dollar of earnings in 2025 than in any other year in the record.
Why do liquor stores sell for more than convenience stores?
The median liquor store earns $150,000 and sold for $425,000 in the retail comparison, while the median convenience store earns $119,495 and sold for $210,000. That is 25.5 percent more earnings for 102.4 percent more price. A spirits license in a quota state protects a liquor store from competition; a convenience store has no equivalent barrier.
Do I need a formal appraisal or is an estimate enough?
An estimate is enough to decide whether to list, to set an asking range, or to decide whether a listing deserves an offer. A formal appraisal becomes necessary for an SBA loan above the lender threshold, a partner buyout, estate or gift tax filings and litigation. This page and the estimator on it are benchmarks against closed sales, not a certified appraisal.
Benchmarks behind the estimate
Find out where in the range a convenience store sits
Enter revenue and owner earnings, for your own store or for a listing you are considering, and read a value range against real convenience store sales. An educational estimate, not a certified appraisal.