GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
6126 Oleander Dr, Wilmington, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2030 |
| Remaining term | 3.6 yrs |
| Lease term (months) | — |
| Annual base rent | $183,020 |
| Base rent $/SF | $95.87 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2029 |
| Year built | 1984 |
| Building SF | 1,909 |
| Land area (acres) | 0.91 |
| Pre G&A CFC | 2.63x (2024) |
| Lease status | Active |
Wilmington is a coastal port city on the Cape Fear River with ~$1.14B in annual visitor spending, anchored by nearby Wrightsville, Carolina, and Kure beaches, UNCW, the Port of Wilmington, and a major film-production industry ("Wilmywood"). Tourism and student demand supplement the resident base.
The location score above reflects resident-market real-estate fundamentals and does not incorporate seasonal or destination demand; consider this note alongside the store-level coverage (CFC) when assessing the asset.
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 4,247 | 43,842 | 114,195 |
| Households | 1,952 | 18,714 | 51,254 |
| Pop. density (/sq mi) | 1,352 | 1,551 | 1,454 |
| Avg HH income | $168,062 | $130,387 | $112,275 |
| Poverty rate | 14.9% | 12.0% | 11.2% |
| Bachelor's+ | 60.8% | 52.9% | 50.0% |
| Median home value | $642,527 | $456,267 | $389,028 |
| Median rent | $1,203 | $1,610 | $1,518 |
| Median age | 47 | 40 | 38 |
| Owner-occupied | 71.5% | 62.6% | 56.2% |
This Scotchman-branded convenience store and gas station at 6126 Oleander Dr, Wilmington, NC is a well-located net lease asset earning $183,020 annually against a 3.6-year remaining term. The site earns an 85/100 location grade, supported by 36,500 vehicles per day, affluent surrounding demographics, and a rapidly growing coastal metro. The tenant of record is GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience store operator by site count.
The 3-mile trade area holds 43,842 residents with average household income of $130,387, median home values of $456,267, and a 52.9% bachelor's degree attainment rate — well above national norms for a c-store format. The 1-mile ring averages $168,062 in household income, signaling a premium consumer base directly adjacent to the site. Poverty rates remain modest at 12.0% within 3 miles, consistent with a stable, spending-capable customer pool.
New Hanover County posted 7.5% population growth from 2020 to 2024, reaching 243,333 residents, with unemployment at a tight 3.1%. The county supports 8,516 business establishments and 114,702 employees, reflecting a diversified, active local economy. Wilmington's coastal positioning and ongoing in-migration trends provide durable long-term demand fundamentals for convenience retail.
The site sits 0.01 miles from a major road corridor with 36,500 AADT, delivering strong and consistent drive-by capture. Competitive density is limited, with only two competing gas stations within one mile and none of the dollar-store cannibalization common to lower-tier c-store locations. The walk score of 33 confirms an auto-centric trade area where gas station and convenience formats outperform.
The site is in FEMA Flood Zone X, indicating minimal flood hazard and no material weather-related structural risk. With 19 EV charging stations within 5 miles, long-range fuel demand erosion is a slow but measurable secular headwind for the format. The building dates to 1984, and at 1,909 SF, it sits at the smaller end of modern c-store footprints, potentially limiting repositioning flexibility post-lease.
At 3.6 years of remaining term, this asset is squarely in near-term rollover territory, which will price it wider than long-duration paper. Rent at expiration is not disclosed, and there is one remaining renewal option with a September 2029 notice deadline, meaning a buyer must engage tenant renewal discussions within roughly two years of closing. The guarantor — GPM Investments, backed by ARKO Corp. — is a publicly traded, SEC-reporting operator of approximately 3,500 sites, providing institutional-grade credit visibility. Buyers accept rollover risk but receive a credible counterparty and a high-income trade area to support re-leasing or repositioning if renewal does not occur.
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