GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
1207 Kentucky Ave SE, Norton, 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 | $54,223 |
| Base rent $/SF | $22.25 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 1983 |
| Building SF | 2,437 |
| Land area (acres) | 0.28 |
| Pre G&A CFC | -1.12x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 1207 Kentucky Ave SE |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 8,788 | 14,804 |
| Households | 0 | 3,647 | 6,165 |
| Pop. density (/sq mi) | 0 | 311 | 188 |
| Avg HH income | — | $64,078 | $64,580 |
| Poverty rate | — | 21.1% | 18.0% |
| Bachelor's+ | — | 19.6% | 19.0% |
| Median home value | — | $121,577 | $117,389 |
| Median rent | — | $811 | $799 |
| Median age | — | 39 | 40 |
| Owner-occupied | — | 65.5% | 72.2% |
FasMart Store #2524 at 1207 Kentucky Ave SE, Norton, VA is a 2,437 SF convenience store and gas station operating on a lease expiring November 30, 2027, leaving approximately 1.3 years of remaining term. The property earned a location grade of 43 out of 100 (Average), reflecting a low-traffic rural environment with meaningful demographic headwinds. This is a short-term income play backed by a publicly traded guarantor, not a core location acquisition.
The 3-mile trade area supports a population of 8,788 with average household income of $64,078 and a poverty rate of 21.1%, indicating a working-class consumer base with limited discretionary spending. Median home values of $121,577 and median rent of $811 confirm a low-cost, price-sensitive market. The 1-mile ring shows zero reported population, suggesting the immediate surroundings are non-residential or sparsely settled.
Norton is a nonmetro independent city with a 2020-to-2024 population decline of 5.5%, falling from 3,681 to 3,478 residents. The local economy is thin, with just 196 total establishments and 4,143 employees county-wide. Shrinking population in a non-adjacent nonmetro market signals limited long-term demand growth for convenience retail.
Site traffic is very low at 1,700 vehicles per day, and the Walk Score of 3 confirms near-total auto dependency with minimal organic foot traffic. Three competing gas stations sit within one mile, adding supply pressure at a location that cannot rely on density or commuter volume to absorb it. Daytime employment within one mile is only 820 workers, providing a narrow captive customer base.
There is no material flood exposure, as the site sits in FEMA Zone X with minimal risk. Crime statistics at the state level were not provided, limiting underwriting visibility on that dimension. Overall site risk is dominated by market obsolescence and rollover uncertainty rather than physical or environmental hazards.
With 1.3 years remaining and a March 2027 notice deadline for the single remaining renewal option, a buyer faces near-term lease decision risk before closing costs are recovered. Current rent of $54,223 annually ($22.25 per SF) provides no rent escalation visibility, as rent at expiration is not disclosed. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator, provides institutional-grade credit, but that guarantor strength does not offset the shallow market or the binary renewal outcome this buyer must absorb.
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