A news blog for Seattle's Phinney Ridge and Greenwood neighborhoods

 

Phinney Ridge 7-Eleven for sale

January 12th, 2011 · Comments

The 7-Eleven franchise at 5900 Phinney Ave. N. is for sale.

Tim Bain, franchise sales manager for 7-Eleven, tells us that the store has been for sale for a couple of months. He said the average time to sell a 7-Eleven franchise right now is about six to nine months.

Bain said the current franchise owner, Eric Batara, has owned it for about 10 years.

“We’re definitely looking for someone in the community, and who wants to be a part of the community,” Bain said.

Bain said the 3,000-square-foot Phinney Ridge 7-Eleven is an average volume store, making around $1.2 or $1.3 million in sales annually. It has two gas pumps.

To purchase a 7-Eleven franchise, you pay a one-time franchise fee that is determined based on the gross profit of the store. In this case, Bain said it might be around $85,000. Plus, you pay what they call a negotiated “goodwill” fee to the selling franchise owner.

7-Eleven rents the land, with a current lease that runs through Sept. 30, 2022. 7-Eleven also maintains the building and all equipment.

With a number of empty storefronts in the neighborhood (and the nearby Phinney Market announcing yesterday that they would be closing at the end of the month), neighbors are worried what would happen if a new franchise owner doesn’t buy it soon and Batara had to walk away.

Bain says that is unlikely, but 7-Eleven could step in and run it as a corporate store until finding a franchise owner.

“It won’t be empty,” Bain promised. “We’d run it. It’s a good neighborhood. I think it’ll franchise in the next couple of months.”

If you’re interested in purchasing the Phinney Ridge 7-Eleven, fill out an application online. For more information, call Tim Bain at 253-796-7156.

The 7-Eleven at 2100 N. Northgate Way is also for sale. You can find a map of all available 7-Eleven franchises here.

Thanks to Patti for the tip, and to James for the photo of the franchise sign!

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