Executive Summary
The EV Opportunity
Strategic monetization for shopping centers along the I-5 corridor. Turning parking stalls into revenue generators.
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.
Strategic Recommendation
Prioritize Electrify America, EVgo, IONNA, Tesla. They handle CapEx, OpEx, and insurance.
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.
Kingswood Center
Newly constructed Center including a dedicated 0.13-acre Tesla Supercharger parcel with 20 stalls under a 10-year license agreement ($54,000 annual rent Years 1-5, 10% increases every 5 years, tenant covers maintenance/utilities/CAM). Positioned off I-5 with high visibility.
The 20-stall Tesla Supercharger on its own parcel draws consistent high-income EV traffic to the broader retail ecosystem, amplifying dwell times and cross-visitation for adjacent quick-service tenants while delivering stable, escalating infrastructure income.
Corporate-backed Tesla license with built-in 10% periodic steps and long renewal potential (up to 30 years) adds a defensive layer of NOI that aligns with accelerating EV adoption, supporting tighter cap rates on the EV portion (4.85%).
This setup illustrates how purpose-built EV charging can elevate a new-development retail hub by combining synergistic traffic pull with reliable corporate tenancy.
Valuation Breakdown
table_chart| 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 |
Transaction Analysis
EVgo – McLean Square
Cap Rate
6.10%
Annual Rent
$44,100
Term
10 Yrs
Lease Structure
The 12-stall EVgo hub fills a local charging gap (limited nearby options), creating a destination draw that complements the anchor's strong visitor volume and encourages extended on-site engagement.
Seller credit mechanism ensures seamless yield stabilization during build-out, highlighting a low-risk path to incorporating EV infrastructure that enhances commuter and local traffic capture.
This structure demonstrates how targeted EV additions can strengthen neighborhood retail by blending anchor-driven footfall with emerging mobility needs.
IONNA Hub – Atlantic
Cap Rate
4.75%
Annual Rent
$50,400
Term
10 Yrs
Lease Structure
Two-tenant NNN property featuring WSS retail plus 12 IONNA EV charging stations (10-year lease commencing 12/10/2025, $50,400 annual rent, 3% annual increases, two 5-year options; IONNA backed by eight major automakers, tenant handles all maintenance).
IONNA's multi-OEM consortium backing brings strong credit quality to the 12-stall charging network, pairing it with retail tenancy for complementary cash flows and amplified site visibility along a busy corridor.
IONNA is currently under construction on 12 EV charging stations at this location. IONNA is responsible for all maintenance of its charging stations.
Tesla – Lynnwood
Cap Rate
4.25%
Annual Rent
$180,000
Term
15 Yrs
Lease Structure
100% leased center anchored by CVS, with Tesla occupying 15 of 137 parking stalls (lease from 2023, current $7,200 annual rent, 50% step at first option in 2028, two 5-year options extending to 2038).
Structured escalations (notably the 50% step) and extended renewal horizon provide compounding income tied to EV growth, reinforcing the center's stabilized cash flows in a high-traffic suburban corridor.
Low-maintenance EV addition enhances the property's overall appeal without disrupting core retail operations, adding a layer of resilience through diversified revenue streams.
This example shows how retrofitting mature centers with EV charging can subtly boost valuation drivers like traffic quality and income predictability.
Electrify America – El Centro
Cap Rate
5.50%
NOI Year 1
$123,931
Term
15 Yrs
Lease Structure
The dedicated 10-stall setup with lounge leverages mall adjacency to capture cross-border and freeway traffic, turning a vacant outparcel into a high-utilization EV node that benefits surrounding retail vitality.
Mall outparcel placement capitalizes on existing destination traffic, creating additive value through enhanced site draw without additional landlord obligations.
This ground-lease approach highlights how EV-focused outparcels can transform underutilized space into stable, appreciating assets tied to broader mobility shifts.
Business Model Visuals
Visualizing the different partnership structures
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.
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.
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.
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.
| 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 |
Provider Analysis Matrix
Comprehensive breakdown of top EV charging partners
Deal Checklist
Compensation Structure
Is it fixed base rent (preferred for NNN valuation) or revenue share? If revenue share, audit the split percentage and verify if it's Gross or Net revenue.
Term & Renewal Options
Standard is 10 years + (2) 5-year options. Ensure CPI or fixed increases (2-3% annual) apply to option periods.
Installation & CapEx
Tenant must cover 100% of utility upgrades (transformers, trenching). Explicitly cap "Make-Ready" costs for Landlord at $0.
Exclusivity Radius
Limit exclusivity strictly to "EV Charging Services". Do not grant broad "Automotive" exclusivity that could block a future tire shop or mechanic.
Restoration Bond
Critical: Clause requiring tenant to remove equipment and cap utilities below grade upon lease expiration. Request a bond for removal costs.
Data Rights
Landlord should receive quarterly usage reports (sessions, dwell time). This data is vital for proving "traffic generation" value to future buyers.