GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
2347 Catherine Lake Rd, Richlands, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2038 |
| Remaining term | 11.8 yrs |
| Lease term (months) | — |
| Annual base rent | $188,453 |
| Base rent $/SF | $61.19 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 02, 2037 |
| Year built | 1960 |
| Building SF | 3,080 |
| Land area (acres) | 0.53 |
| Pre G&A CFC | 2.69x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 5,492 | 5,492 | 19,484 |
| Households | 1,719 | 1,719 | 6,362 |
| Pop. density (/sq mi) | 1,748 | 194 | 248 |
| Avg HH income | $69,399 | $69,399 | $81,507 |
| Poverty rate | 8.0% | 8.0% | 9.8% |
| Bachelor's+ | 14.4% | 14.4% | 19.8% |
| Median home value | $200,400 | $200,400 | $224,193 |
| Median rent | $1,142 | $1,142 | $1,195 |
| Median age | 30 | 30 | 31 |
| Owner-occupied | 66.6% | 66.6% | 75.0% |
This Scotchman/Fas Mart convenience store in Richlands, NC offers 11.8 years of remaining lease term backed by GPM Investments/ARKO Corp., a publicly traded, SEC-reporting operator of approximately 3,500 sites. The site grades AVERAGE (41/100), reflecting modest traffic, thin employment density, and a small trade area, all of which limit long-term re-tenanting optionality. The investment case rests almost entirely on credit and lease duration rather than location fundamentals.
The immediate 1-mile population of 5,492 is static through the 3-mile ring, indicating a small, self-contained trade area with limited organic growth. Average household income of $69,399 within 3 miles is serviceable, with a relatively low poverty rate of 8.0% and owner-occupancy of 66.6% suggesting stable residential demand. The 5-mile population expands to 19,484 with higher average income of $81,507, providing modest regional support.
Onslow County is a legitimate Metro market anchored by Camp Lejeune, with 2020-to-2024 population growth of 3.8% and a low unemployment rate of 3.5%, providing a credible economic backdrop. However, the immediate Richlands submarket is thinly employed, with only 255 daytime jobs within 3 miles and a day/night ratio of 0.01, signaling a purely residential, commuter-dependent fuel stop. Retail depth is limited with 5 nearby retail establishments and 1 restaurant within 1 mile.
AADT of 1,400 vehicles per day is critically low for a gas station and convenience store format that typically requires 10,000-plus daily counts to drive meaningful fuel and in-store volumes. The Walk Score of 13 confirms near-total auto dependency with negligible pedestrian capture. Proximity of 0.01 miles to the nearest major road is a positive, but two competing gas stations within 0.5 miles intensifies pressure on an already thin traffic base.
FEMA Zone X designation confirms minimal flood exposure, which is a clean result for a fuel-handling asset in coastal North Carolina.
The lease runs through March 2038 with 11.8 years remaining, providing a long, predictable income stream at $188,453 annually. There is no disclosed rent at expiration or escalation data, which is a meaningful underwriting gap and limits rent growth assumptions. The single 1/1 renewal option with a September 2037 notice date gives the tenant an early exit decision point relative to expiration. GPM Investments/ARKO Corp. provides institutional-grade credit as the sixth-largest U.S. convenience-store operator, publicly traded on Nasdaq, offering transparency and covenant strength. This is a credit-tenant net lease story; buyers must underwrite to dark value given the site's below-average location grade.
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