GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
400 W Wilmington St, Burgaw, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Dec 31, 2026 |
| Remaining term | 0.4 yrs |
| Lease term (months) | — |
| Annual base rent | $68,937 |
| Base rent $/SF | $31.49 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Jun 04, 2026 |
| Year built | 1985 |
| Building SF | 2,189 |
| Land area (acres) | 0.32 |
| Pre G&A CFC | 4.28x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 0 | 8,881 |
| Households | 0 | 0 | 3,358 |
| Pop. density (/sq mi) | 0 | 0 | 113 |
| Avg HH income | — | — | $71,621 |
| Poverty rate | — | — | 14.3% |
| Bachelor's+ | — | — | 21.6% |
| Median home value | — | — | $219,446 |
| Median rent | — | — | $970 |
| Median age | — | — | 45 |
| Owner-occupied | — | — | 78.4% |
This Scotchman-branded convenience store and gas station at 400 W Wilmington St in Burgaw, NC is a near-term rollover asset leased to GPM Investments (ARKO Corp.) through December 31, 2026, with only 0.4 years of remaining term. The property earns an average location grade of 43/100, reflecting modest traffic, a rural-small town setting, and limited demographic depth. Buyers should underwrite this as a credit-and-renewal story rather than a core-quality location play.
Meaningful population data exists only at the 5-mile ring, where just 8,881 residents reside at a low density of 113 per square mile, with average household income of $71,621 and a poverty rate of 14.3%. The absence of 1-mile and 3-mile population figures signals a genuinely sparse trade area immediately surrounding the site. These thin demographics constrain organic sales growth and limit alternative-use demand if the tenant vacates.
Pender County has grown notably, adding roughly 9,450 residents from 2020 to 2024, a 15.6% gain, and unemployment sits at a healthy 3.1%. However, with only 1,389 total business establishments and 10,814 employees countywide, the economic base remains modest and heavily dependent on proximity to the Wilmington metro. The county's classification as a 250K-1M metro adjacency provides some spillover demand but does not compensate for the site's limited immediate density.
The site sits 0.01 miles from a major road and records 7,900 vehicles per day, adequate but not robust for a fuel and convenience operation. Walk Score of 53 and Bike Score of 46 indicate partial walkability, and 15 nearby restaurants within one mile suggest some retail activity. Four competing gas stations within one mile, however, compress market share and pricing power meaningfully.
The FEMA designation is Zone X, indicating minimal flood hazard, which is a clean environmental baseline. State-level crime statistics were not available for this report, representing a data gap buyers should close through independent diligence. No other environmental or structural flags were identified in the provided data set.
With only 0.4 years remaining and a June 2026 renewal notice deadline already approaching, this asset trades almost entirely on rollover and renewal risk. Current rent is $68,937 annually at $31.49 per square foot, with no disclosed rent at expiration or escalation data, making forward cash flow projection dependent on lease renewal negotiation outcomes. GPM Investments, as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience-store operator with roughly 3,500 sites, provides institutional-grade credit support, but the short remaining term means a buyer acquires that credit for only months before needing a new deal. The single remaining renewal option offers a path to continuity, but pricing must reflect execution risk.
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