GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
349 Front St, Richlands, VA
| 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 | $48,033 |
| Base rent $/SF | $13.55 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 1999 |
| Building SF | 3,544 |
| Land area (acres) | 1.51 |
| Pre G&A CFC | — |
| Lease status | CLOSED-LEASED |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 3,875 | 8,405 |
| Households | 0 | 1,684 | 3,505 |
| Pop. density (/sq mi) | 0 | 137 | 107 |
| Avg HH income | — | $52,858 | $57,326 |
| Poverty rate | — | 23.4% | 27.4% |
| Bachelor's+ | — | 12.9% | 15.9% |
| Median home value | — | $116,200 | $106,508 |
| Median rent | — | $714 | $751 |
| Median age | — | 45 | 45 |
| Owner-occupied | — | 73.4% | 70.6% |
This FasMart convenience store and gas station at 349 Front St, Richlands, VA is a single-tenant net lease asset with 1.3 years of remaining term, modest rent of $48,033 annually, and a location graded Average at 41 out of 100. The property sits in a rural Appalachian market characterized by population decline, low incomes, and limited demand drivers. Near-term lease rollover dominates the investment thesis.
The immediate trade area is thin, with zero recorded population within one mile and only 3,875 residents within three miles at a sparse density of 137 per square mile. Average household income of $52,858 at three miles is below national norms, and a poverty rate of 23.4 percent at three miles and 27.4 percent at five miles reflects a structurally distressed consumer base. These conditions constrain store-level sales potential and long-term rent growth.
Richlands sits within Tazewell County, a nonmetro jurisdiction that shed 3.8 percent of its population between 2020 and 2024, a trajectory unlikely to reverse given regional economic headwinds. The county supports 896 total establishments and 11,043 employees, a modest base for a retail-dependent asset. Unemployment at 4.0 percent is manageable but masks limited upside in a contracting local economy.
Traffic of 4,300 vehicles per day is low for a gas station site, and a Walk Score of 31 confirms car dependency with no pedestrian or transit support. Nine nearby restaurants and eight retail establishments within one mile provide minimal co-tenancy benefit. Daytime employment of only 545 workers within one mile further limits convenience traffic during peak drive-time windows.
The site carries minimal environmental exposure with FEMA Zone X flood classification. One competing gas station within half a mile and two within one mile create meaningful fuel-price pressure in a low-volume corridor. EV charging infrastructure is nascent with only one station within five miles, limiting near-term displacement risk but also reflecting a market with little forward investment activity.
With only 1.3 years of term remaining and a March 2027 renewal notice deadline, a buyer acquires primarily rollover risk rather than income duration. Current rent of $48,033 per year is modest, and no rent at expiration figure is disclosed, eliminating visibility into reset economics. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator, provides institutional-grade credit quality, but that strength cannot offset a lease that expires in roughly sixteen months. One renewal option remains, making tenant retention the pivotal near-term variable for any acquirer.
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