Executive Summary

Market Report 2026

The EV Opportunity

Strategic monetization for shopping centers along the I-5 corridor. Turning parking stalls into revenue generators.

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Revenue Driver

For shopping centers along the I-5 corridor (Portland, Salem, Eugene, Medford), EV charging is no longer just an amenity—it is a critical revenue driver. Drivers spend 20-30 minutes charging, and 73% shop while waiting.

High Impact I-5 Corridor

Strategic Recommendation

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Passive Income (Lease)

Prioritize Electrify America, EVgo, IONNA, Tesla. They handle CapEx, OpEx, and insurance.

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Equipment Ownership

Avoid purchasing hardware (ChargePoint, FLO) unless you have dedicated operational bandwidth.

Volume 12 | Institutional Research

Valuation Spotlight:
EV Charging Infrastructure

A deep dive into 2026 cap rates and sale comparables for premium charging assets. We analyze how ancillary retail pads drive valuation premiums.

Premium Anchor Asset

Kingswood Center

Analyzing the $13.8M valuation breakdown where Tesla Superchargers act as a key traffic driver alongside Starbucks and Chipotle pads. This asset demonstrates the "halo effect" of EV charging on adjacent quick-service restaurants.

Analyst Commentary

"The symbiotic relationship between the 20-stall Supercharger and the drive-thru pads has compressed the blended cap rate by roughly 35 basis points compared to non-EV anchored strip centers in the same MSA."

J. Sterling, Lead Analyst

Valuation Breakdown

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Tenant	GLA (SF)	Term	NOI	Valuation
ev_station Tesla SC	N/A (20)	10 Yrs	$180,000	$3.4M
Starbucks	2,200	15 Years	$145,000	$2.8M
Chipotle	2,500	15 Years	$165,000	$3.1M
Total	16,700		$1.14M	$13.8M

Asset ID

KW-2026-X

Transaction Analysis

Elgin, Illinois

EVgo – McLean Square

Cap Rate

6.10%

Annual Rent

$44,100

Term

10 Yrs

Lease Structure

Stalls12 DC Fast

Monthly Rent$3,675

Rent / Stall$306/mo

Annual Rent / Stall$3,675/yr

Annual Increases2% Annually

Renewal Options(2) 5-Year

Investment Context

EVgo is currently out for permits with the City of Elgin. Until the charging stations are up and operational, they are not paying rent. To compensate, the seller agreed to credit the buyer the full amount equal to total rent from closing to when they are operational — effectively stabilizing the Year 1 yield for the institutional buyer.

Bell, California

IONNA Hub – Atlantic

Cap Rate

4.75%

Annual Rent

$50,400

Term

10 Yrs

Lease Structure

Stalls12 EV Stations

Monthly Rent$4,200

Rent / Stall$350/mo

Annual Rent / Stall$4,200/yr

Lease Start12/10/2025

Lease End12/9/2035

Annual Increases3% Annually

Renewal Options(2) 5-Year

MaintenanceIONNA Responsible

Transaction Logic

The "10-Year Corporate Lease Standard" backed by seven major automakers provides an investment-grade credit profile comparable to traditional utility bonds. IONNA is currently under construction on 12 EV charging stations at this location. IONNA is responsible for all maintenance of its charging stations.

Lynnwood, Washington

Tesla – Lynnwood

Cap Rate

4.25%

Annual Rent

$180,000

Term

15 Yrs

Lease Structure

Parking Stalls137 total

Tesla Stalls15 Supercharger

Annual Increases3% (Yrs 1–3)

Option Increase50% at Option

Renewal Options(2) 5-Year

Investment Context

This site commands a premium valuation due to its high-barrier entry in a major retail corridor, demonstrating the "halo effect" on adjacent property values. 15 of the 137 parking stalls are dedicated Tesla Supercharger stations.

El Centro, California

Electrify America – El Centro

Cap Rate

5.50%

NOI Year 1

$123,931

Term

15 Yrs

Lease Structure

TypeGround Lease

Site Size64,033 SF

Stations10 DC Fast

Annual Increases3% Annually

Renewal Options(3) 5-Year

Transaction Logic

A "Pure Infrastructure Play" — this is a ground lease of land with charging stations at the Imperial Valley Mall. Electrify America will provide 10 dedicated fast-charging stations and a rest area on a currently vacant 1.5 acre lot just south of Dollar Tree and west of Macy's. Expected to be in full operation by Spring 2026.

Business Model Visuals

Visualizing the different partnership structures

Recommended

1. The Lease / Rental Model

The Concept: The EV charging company pays the property owner a fixed monthly fee per charging stall. This is essentially "rent" for the parking space.

Payment: Fixed monthly cash flow (e.g., $300/mo).
Cost to Owner: $0 (No CapEx, No OpEx).
Responsibility: The partner handles installation, electricity (often sub-metered), maintenance, and insurance.
Best For: Owners prioritizing predictable income and zero operational headache.

Variable Income

2. Revenue Sharing

The Concept: The owner receives a percentage of the revenue generated from charging sessions.

Payment: % of driver fees (Quarterly/Monthly).
Cost to Owner: Usually $0 upfront, but terms vary.
Responsibility: Partner usually handles maintenance, but owner may be responsible for electricity costs in some contracts.
Best For: High-traffic urban sites where utilization is guaranteed.

Ad-Supported

3. Ad-Supported (Hybrid)

The Concept: Charging is free or discounted for users, funded by advertising on the station. The host benefits from traffic.

Payment: Often lower direct rent or split of ad revenue.
Cost to Owner: $0.
Responsibility: Partner handles all.
Note: This model is currently in flux due to Shell's acquisition of Volta and sale to Jolt. Proceed with caution.

Owner Operated

4. Charging as a Service (CaaS)

The Concept: The owner pays a monthly fee to the provider, who handles installation/ops, but the owner keeps the charging revenue.

Payment: You pay a service fee; you keep driver fees.
Cost to Owner: Monthly operational fee.
Responsibility: High active involvement.
Best For: Owners who want to run the charging network like a vending machine.

Compare With Confidence

This grid helps owners quickly separate tenant-style leases (most passive) from host-owned platforms (most control). Items marked “Varies” depend on the specific program selected with that provider.

Yes / Included

No / Not typical

Varies

Feature	Graviti	Blink	EV Connect	EVgo	ChargePoint
Turnkey installation
Host pays upfront CapEx
Fixed rent / access fee to host
Host keeps charging revenue
Maintenance included
24/7 driver support

Graviti: Purchase vs $0 Installed

Feature	No Cost	Purchase
Equipment ownership	Graviti	Site Host
Installation cost	Graviti	Site Host
Electricity cost	Varies by contract	Site Host
Maintenance cost	Included	Varies / optional plan
Charging revenue	Shared	Primarily Site Host

Enviro Spark: Compare All Models

Feature	Network	CaaS	Customer Owned
Upfront investment	Low to none	Low (monthly fee)	Full cost
Host keeps revenue
Maintenance included
Own the equipment
Control pricing

Blink: Compare Program Options

Feature	Host Owned	Host Owned Finance	Blink Owned	Hybrid Owned
Upfront investment	High	Medium	Low	Medium (make-ready)
Host keeps revenue
Maintenance included
Best fit	Maximum control	Budget smoothing	Low lift hosting	Split responsibilities

Executive Summary

The EV Opportunity

Revenue Driver

Strategic Recommendation

Valuation Spotlight:
EV Charging Infrastructure

Kingswood Center

Analyst Commentary

Valuation Breakdown

Transaction Analysis

EVgo – McLean Square

IONNA Hub – Atlantic

Tesla – Lynnwood

Electrify America – El Centro

Business Model Visuals

1. The Lease / Rental Model

2. Revenue Sharing

3. Ad-Supported (Hybrid)

4. Charging as a Service (CaaS)

Compare With Confidence

Graviti: Purchase vs $0 Installed

Enviro Spark: Compare All Models

Blink: Compare Program Options

Provider Analysis Matrix

Deal Checklist

Compensation Structure

Term & Renewal Options

Installation & CapEx

Exclusivity Radius

Restoration Bond

Data Rights

The EV Opportunity

Revenue Driver

Strategic Recommendation

Valuation Spotlight: EV Charging Infrastructure

Kingswood Center

Analyst Commentary

Valuation Breakdown

Transaction Analysis

EVgo – McLean Square

IONNA Hub – Atlantic

Tesla – Lynnwood

Electrify America – El Centro

1. The Lease / Rental Model

2. Revenue Sharing

3. Ad-Supported (Hybrid)

4. Charging as a Service (CaaS)

Compare With Confidence

Graviti: Purchase vs $0 Installed

Enviro Spark: Compare All Models

Blink: Compare Program Options

Deal Checklist

Compensation Structure

Term & Renewal Options

Installation & CapEx

Exclusivity Radius

Restoration Bond

Data Rights

Valuation Spotlight:
EV Charging Infrastructure