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 | 0.5 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 play with a weak location grade of 38 out of 100. The lease expires December 31, 2026, leaving roughly six months of contractual income, and the asset's thin traffic counts and sparse immediate-area demographics limit its appeal as a core net lease holding.
Meaningful population data is only available at the five-mile radius, where 8,881 residents generate an average household income of $71,621 with a 14.3 percent poverty rate — figures that are modest but not disqualifying for a rural convenience format. The one-mile and three-mile rings show no reportable population or density, reflecting Burgaw's small-town character. Pender County has grown 15.6 percent from 2020 to 2024, which provides a constructive long-term backdrop but does not meaningfully improve near-term site fundamentals.
Pender County carries a metro classification tied to the Wilmington MSA and a low 3.1 percent unemployment rate, suggesting a functioning local economy. The county's 1,389 total establishments and 10,814 employees represent a thin commercial base that constrains organic traffic growth to the site. With only 7,900 vehicles per day at the site, the location lacks the traffic intensity institutional buyers typically require for a gas station convenience asset.
The site sits 0.01 miles from a major road and draws modest foot traffic support from 15 nearby restaurants and 10 retail uses within one mile. A Walk Score of 53 indicates limited pedestrian capture. Four competing gas stations within one mile represent meaningful fuel share dilution for a site already constrained by low daily traffic.
1. Four EV charging stations within five miles signal an early but real transition risk to the long-term fuel demand supporting this site's revenue model. 2. A poverty rate of 14.3 percent within five miles constrains per-visit spending and limits the convenience premium the store can sustain. 3. Four competing gas stations within one mile create direct price and volume pressure on a site with only 7,900 AADT.
With only six months remaining on the lease and a June 4, 2026 renewal notice deadline, a buyer acquires minimal contractual income certainty. Current rent of $68,937 annually ($31.49 per SF) and no disclosed rent-at-expiration figure leave renewal economics entirely unresolved. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp. and the sixth-largest U.S. convenience operator, provides credible institutional credit behind the guarantee, but that credit quality does not offset the rollover timing risk or the weak site fundamentals. A buyer must underwrite either a lease renewal at market terms or a repositioning scenario with limited alternative-use demand in a small rural market.
Full institutional offering memorandum with all 48 briefs, maps, and tax analysis.
Download full OM (PDF)