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 | 1.3 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, Richlands, VA is a 3,783 SF net lease asset on 1.29 acres with 1.3 years of remaining term and a single five-year renewal option. The property earns an Average location grade of 44/100, reflecting modest traffic, thin population density, and a structurally declining rural market. Buyers are acquiring near-term income with meaningful rollover exposure in a challenged submarket.
The immediate trade area is sparse, with zero recorded population within one mile and only 3,875 residents within three miles at a density of 137 per square mile. Average household income of $52,858 within three miles is below national norms, and a poverty rate of 23.4% at three miles rising to 27.4% at five miles signals a economically stressed consumer base. Median home values of $116,200 reinforce limited household wealth and constrained discretionary spending.
Tazewell County is a nonmetro, non-adjacent rural county that shed 3.8% of its population between 2020 and 2024, a trajectory that pressures long-term retail demand. The local employment base of 11,043 workers across 896 establishments is modest, and daytime employment within one mile totals only 664 jobs, limiting the commuter-driven demand that sustains convenience store volume. Unemployment at 4.0% is manageable but the structural population decline is the more significant concern.
Traffic counts of 6,300 AADT are below the threshold most institutional investors target for gas station assets, and a Walk Score of 31 confirms full car dependency with no pedestrian capture. Two competing gas stations within one mile add further pressure on fuel margin and customer retention.
Environmental and physical risk is minimal, with the site situated in FEMA Flood Zone X. Crime data is unavailable at the state level for benchmarking, which introduces a minor due diligence gap but is not a primary concern in this rural context.
With only 1.3 years of term remaining and a March 2027 notice deadline for the single renewal option, a buyer is immediately exposed to rollover risk. Rent at expiration is not disclosed, so there is no visibility into renewal pricing or market rent alignment, complicating underwriting. GPM Investments as guarantor, backed by publicly traded ARKO Corp., the sixth-largest U.S. convenience store operator with roughly 3,500 locations, provides credible corporate credit. However, that credit quality does not eliminate the binary outcome a buyer faces if GPM elects not to renew in a submarket with limited alternative tenants.
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