GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
3121 Cedar Valley Dr, Richlands, VA
| Tenant / d/b/a | FasMart |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Nov 29, 2007 |
| Lease expiration | Nov 30, 2027 |
| Remaining term | 1.4 yrs |
| Lease term (months) | — |
| Annual base rent | $170,645 |
| Base rent $/SF | $45.11 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 1999 |
| Building SF | 3,783 |
| Land area (acres) | 1.29 |
| Pre G&A CFC | 1.06x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 3,875 | 8,405 |
| Households | 0 | 1,684 | 3,505 |
| Pop. density (/sq mi) | 0 | 137 | 107 |
| Avg HH income | — | $52,858 | $57,326 |
| Poverty rate | — | 23.4% | 27.4% |
| Bachelor's+ | — | 12.9% | 15.9% |
| Median home value | — | $116,200 | $106,508 |
| Median rent | — | $714 | $751 |
| Median age | — | 45 | 45 |
| Owner-occupied | — | 73.4% | 70.6% |
This FasMart convenience store and gas station at 3121 Cedar Valley Dr in Richlands, VA is a single-tenant net lease asset with 1.4 years of remaining term, backed by GPM Investments (ARKO Corp., Nasdaq: ARKO), the sixth-largest U.S. convenience store operator. The property earns an Average location grade of 44 out of 100, reflecting modest traffic, thin population density, and a declining rural market. Near-term lease rollover is the dominant underwriting consideration.
The immediate trade area is sparsely populated, with a 3-mile population of only 3,875 at a density of 137 persons per square mile and a 5-mile population of 8,405. Household income is modest at $52,858 average within 3 miles, with a 23.4% poverty rate and median home values of $116,200, indicating limited consumer spending capacity. These are below-average fundamentals for a convenience retail investment.
Tazewell County is a nonmetro, non-adjacent rural market that lost 3.8% of its population between 2020 and 2024, shrinking from 40,411 to 38,875 residents. With only 896 total business establishments and 11,043 employees countywide, the local economic base is narrow. Structural population decline and limited economic diversification constrain long-term demand for convenience retail at this location.
Daily traffic of 6,300 vehicles is low for a gas station format, and the car-dependent Walk Score of 31 confirms the site relies entirely on drive-by capture. Nine restaurants and eight retail tenants within one mile provide a modest convenience cluster, but the shallow daytime employment base of 664 workers within one mile limits fuel and in-store demand.
The site falls in FEMA Flood Zone X, indicating minimal flood exposure. There is one competing gas station within 0.5 miles and two within one mile, creating direct competitive pressure at low traffic volumes. EV charging infrastructure is nascent in this market, with only one station within five miles, which moderates near-term fuel displacement risk.
With only 1.4 years remaining before the November 2027 expiration, a buyer is acquiring near-term rollover risk rather than durable income. The notice date of March 2027 compresses decision timelines significantly. GPM Investments provides a credible institutional guarantor backed by a publicly traded parent operating roughly 3,500 sites, which supports lease performance through expiration but does not eliminate re-tenanting or dark risk in a declining rural market. One renewal option remains available, but rent at expiration is undisclosed, limiting yield visibility.
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