GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
6500 S State Road 67, Muncie, IN
| Tenant / d/b/a | Village Pantry |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 25, 2007 |
| Lease expiration | May 31, 2029 |
| Remaining term | 2.9 yrs |
| Lease term (months) | — |
| Annual base rent | $66,701 |
| Base rent $/SF | $17.55 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2028 |
| Year built | 2000 |
| Building SF | 3,800 |
| Land area (acres) | 2.49 |
| Pre G&A CFC | 7.56x (2024) |
| Lease status | Active |
Muncie is home to Ball State University (~20,000 students), a major student/daytime demand base beyond resident rooftops.
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 | 0 | 1,067 | 36,835 |
| Households | 0 | 474 | 16,120 |
| Pop. density (/sq mi) | 0 | 38 | 469 |
| Avg HH income | — | $47,543 | $63,819 |
| Poverty rate | — | 14.1% | 22.9% |
| Bachelor's+ | — | 8.3% | 21.1% |
| Median home value | — | $86,700 | $103,960 |
| Median rent | — | $844 | $857 |
| Median age | — | 43 | 37 |
| Owner-occupied | — | 38.0% | 62.1% |
This Village Pantry (Fas Mart / GPM Investments) gas station and convenience store in Muncie, Indiana sits on a 2.488-acre site built in 2000, generating $66,701 in annual base rent. The location scores 42 out of 100 (Average), reflecting thin population density, minimal daytime employment, and low traffic counts that constrain the site's long-term retail viability. The investment is effectively a short-duration credit play on GPM Investments backing rather than a location-driven thesis.
The immediate one-mile trade area records zero reported population, and the three-mile ring reaches only 1,067 residents at a density of 38 per square mile with average household income of $47,543. The five-mile ring expands to 36,835 residents, but a 22.9% poverty rate and modest average household income of $63,819 signal limited consumer spending capacity. These are below-average demographics for a convenience retail asset by most institutional underwriting standards.
Delaware County is a small Metro market anchored by Muncie, with a stable but unexciting economic profile of 40,300 employees across 2,308 establishments and modest population growth of 1.1% from 2020 to 2024. Unemployment at 3.9% is manageable, but the county's retail and food-service base is thin relative to a typical primary market. The site's rural fringe positioning limits upside if the tenant vacates.
Daily traffic of only 1,046 vehicles is critically low for a fuel and convenience format that typically requires 10,000-plus AADT to support sustainable unit economics. A Walk Score of zero, no nearby restaurants within one mile, and only three retail neighbors confirm a low-synergy, drive-dependent environment. The single competing gas station within one mile is a modest offset but does not compensate for the underlying traffic deficit.
FEMA Zone X designation confirms minimal flood exposure, providing clean environmental risk optics. State-level violent and property crime data are not available, limiting a full crime risk assessment. No EV charging infrastructure exists within five miles, which is a neutral factor today but warrants monitoring as fuel demand patterns evolve.
With only 2.9 years of remaining term and a renewal notice deadline of September 2028, a buyer faces near-term rollover risk in a subpar location. Current rent of $66,701 ($17.55 per square foot) provides no stated escalation to expiration, and the single one-year renewal option offers minimal downside protection. GPM Investments, backed by Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator, provides credible institutional guaranty, but that credit quality alone cannot offset the reletting risk if GPM elects not to renew at a low-volume, low-density site.
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