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 | 2.8 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) convenience store at 6500 S State Road 67 in Muncie, Indiana offers 2.8 years of remaining lease term backed by a publicly traded, institutional-grade guarantor. The site scores 42 out of 100 on location grade, reflecting materially weak traffic, population density, and income fundamentals. Buyers are acquiring a near-term rollover play in a secondary market, priced on credit rather than real estate quality.
The immediate one-mile trade area shows essentially zero resident population, with the three-mile ring supporting only 1,067 residents at a sparse 38 persons per square mile and average household income of $47,543. The five-mile zone expands to 36,835 residents but carries a 22.9% poverty rate, among the highest thresholds for a viable convenience retail catchment. These demographics offer limited organic sales growth potential and constrain re-tenanting upside.
Delaware County is a small metro market with modest but stable population growth of 1.1% from 2020 to 2024 and unemployment of 3.9%. The county supports 2,308 total establishments and 40,300 employees, indicating a functioning but not dynamic local economy. Alternative demand drivers for this site are minimal given only 42 daytime jobs within one mile.
Site-level traffic is critically weak at 1,046 vehicles per day, far below thresholds typically required for viable convenience store operations. The Walk Score of zero and absence of nearby restaurants within one mile confirm a fully auto-dependent, isolated location with limited synergistic retail adjacency. Only 3 nearby retail tenants exist within one mile, reducing cross-traffic opportunity.
The site falls in FEMA Flood Zone X, presenting minimal environmental hazard. No EV charging infrastructure exists within five miles, which is a neutral-to-modest risk factor as the transition timeline remains uncertain. Crime data is unavailable at the state level for this filing, limiting full underwriting clarity.
With 2.8 years of term remaining and a single one-year renewal option requiring notice by September 2028, this asset faces near-term rollover risk in a demonstrably weak retail location. Rent at expiration is not disclosed, removing visibility into escalation or reset economics. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator, provides meaningful credit support through the initial term. However, given the site's poor traffic and demographic profile, lease renewal or re-tenanting at current rent levels is not assured.
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