GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
2729 N John B Dennis Hwy, Kingsport, TN
| 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 | $53,649 |
| Base rent $/SF | $18.29 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 2006 |
| Building SF | 2,934 |
| Land area (acres) | 0.45 |
| Pre G&A CFC | 2.81x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 29,342 | 60,153 |
| Households | 0 | 12,860 | 26,129 |
| Pop. density (/sq mi) | 0 | 1,038 | 766 |
| Avg HH income | — | $74,275 | $76,347 |
| Poverty rate | — | 23.9% | 19.9% |
| Bachelor's+ | — | 23.3% | 26.2% |
| Median home value | — | $190,157 | $195,137 |
| Median rent | — | $866 | $811 |
| Median age | — | 43 | 43 |
| Owner-occupied | — | 61.0% | 66.4% |
FasMart Store #2552 at 2729 N John B Dennis Hwy is a 2,934 SF convenience store and gas station in Kingsport, Tennessee, operating under a lease backed by GPM Investments, LLC, a subsidiary of Nasdaq-listed ARKO Corp. The site earns an Excellent location grade of 74/100, sits directly on a major road corridor, and serves a trade area of roughly 29,000 residents within three miles. With only 1.3 years of lease term remaining, this offering is fundamentally a near-term rollover play rather than a long-duration income story.
The three-mile trade area holds 29,342 residents at a density of 1,038 per square mile, with average household income of $74,275 and median home values of $190,157. A poverty rate of 23.9% at three miles is elevated and signals a value-oriented consumer base well-suited to the convenience format. The five-mile population expands to 60,153, providing meaningful demand depth for fuel and in-store traffic.
Sullivan County sits within a metro area of 250,000 to one million people and has grown 2.8% from 2020 to 2024, reaching 162,703 residents. Unemployment stands at a healthy 3.4%, and the county supports 3,343 total business establishments and nearly 59,000 employees, indicating a stable regional economic base. The Kingsport market is mature rather than high-growth, limiting rent escalation upside but also dampening downside volatility.
The property fronts a major road at zero distance to the nearest arterial and benefits from 15,602 daytime workers within three miles. However, three competing gas stations exist within one mile, creating meaningful price competition at the pump. A Walk Score of 35 confirms an auto-dependent location, which is structurally consistent with the convenience store and fueling model.
1. Flood risk is minimal; the site carries FEMA Zone X designation, presenting no material environmental hazard from flooding. 2. With only two EV charging stations within five miles, near-term EV displacement risk to fuel volumes is low but represents a secular headwind over any long hold period. 3. The 23.9% poverty rate within three miles constrains inside-store sales potential and could pressure operator margins if economic conditions soften.
The lease expires November 30, 2027, leaving a buyer with roughly 1.3 years of contracted income at $53,649 annually. There is one remaining renewal option with a notice deadline of March 1, 2027, meaning a buyer must act quickly on that decision. The rent at expiration is not disclosed, creating uncertainty about reset economics at rollover. GPM Investments, backed by Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with approximately 3,500 sites across 34 states, provides credible institutional-grade credit, but that credit quality does not eliminate rollover risk. A buyer is effectively underwriting GPM's operational commitment to this specific site rather than a long-term income stream.
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