GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
189 W Main St, Morristown, IN
| Tenant / d/b/a | Village Pantry |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 25, 2007 |
| Lease expiration | May 31, 2027 |
| Remaining term | 0.9 yrs |
| Lease term (months) | — |
| Annual base rent | $132,470 |
| Base rent $/SF | $36.94 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2026 |
| Year built | 1979 |
| Building SF | 3,586 |
| Land area (acres) | 0.34 |
| Pre G&A CFC | 3.54x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 3,253 | 3,253 |
| Households | 0 | 1,319 | 1,319 |
| Pop. density (/sq mi) | 0 | 115 | 41 |
| Avg HH income | — | $97,738 | $97,738 |
| Poverty rate | — | 10.4% | 10.4% |
| Bachelor's+ | — | 18.9% | 18.9% |
| Median home value | — | $196,700 | $196,700 |
| Median rent | — | $969 | $969 |
| Median age | — | 44 | 44 |
| Owner-occupied | — | 77.4% | 77.4% |
189 W Main St in Morristown, Indiana is a 3,586 SF Village Pantry convenience store and gas station operated by GPM Investments under the Fas Mart banner, assigned a below-average location grade of 42 out of 100. The asset sits in a low-density rural market with a 3-mile population of just 3,253 and daily traffic of only 1,470 vehicles, limiting organic demand drivers. The primary investment thesis rests almost entirely on near-term income certainty and the creditworthiness of the guarantor, not location fundamentals.
The immediate 1-mile trade area reports zero population in the dataset, and the 3-mile and 5-mile rings share identical figures of 3,253 residents, signaling extremely sparse rural conditions. Average household income of $97,738 and a 77.4% owner-occupancy rate reflect a stable but thin consumer base. Poverty at 10.4% and a bachelor's degree attainment rate of 18.9% are consistent with a lower-growth rural Indiana community.
Shelby County carries a Metro classification tied to the broader Indianapolis metro, though local conditions are decidedly rural with a county population of only 45,654 and 950 total business establishments. Unemployment of 3.2% is healthy, and modest population growth of 1.3% from 2020 to 2024 suggests stability without meaningful expansion. Daytime employment within 3 miles totals just 1,211 jobs, offering limited lunchtime or commuter traffic capture.
The site scores a Walk Score of 44 and a Bike Score of 33, confirming near-total automobile dependence with no meaningful pedestrian demand. Proximity of 0.01 miles to a major road provides adequate vehicular access, but AADT of 1,470 is critically low for a gas station and convenience store format that typically requires 10,000 or more daily vehicles to drive consistent fuel and in-store volume. Seven nearby restaurants and five retail uses within one mile provide minimal co-tenancy benefit at this traffic level.
The property sits in FEMA Flood Zone X, indicating minimal flood exposure. No EV charging stations exist within 5 miles, reducing near-term displacement risk from electrification. Crime data was unavailable for independent assessment.
With only 0.9 years of remaining lease term and a renewal notice deadline of September 3, 2026, this is an immediate rollover situation requiring resolution before or at closing. Current rent of $132,470 annually at $36.94 per square foot provides income visibility only through May 2027, after which the single one-year renewal option governs continuity. The rent at expiration is undisclosed, creating uncertainty around renewal economics. GPM Investments, as a subsidiary of ARKO Corp., a Nasdaq-listed operator of approximately 3,500 sites, provides meaningful institutional credit quality that partially offsets the short duration. However, given weak site metrics, GPM retains strong leverage to renegotiate rent downward or exit at rollover.
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