GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
800 Park Avenue, Norton, 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 | $76,655 |
| Base rent $/SF | $43.80 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 2002 |
| Building SF | 1,750 |
| Land area (acres) | 0.16 |
| Pre G&A CFC | 0.60x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 3,620 | 14,804 |
| Households | 0 | 1,553 | 6,165 |
| Pop. density (/sq mi) | 0 | 128 | 188 |
| Avg HH income | — | $56,274 | $64,580 |
| Poverty rate | — | 25.7% | 18.0% |
| Bachelor's+ | — | 16.6% | 19.0% |
| Median home value | — | $100,700 | $117,389 |
| Median rent | — | $670 | $799 |
| Median age | — | 41 | 40 |
| Owner-occupied | — | 52.3% | 72.2% |
800 Park Avenue is a 1,750 SF FasMart convenience store in Norton, Virginia, a small, declining Appalachian city with a location grade of 39 out of 100. The asset offers 1.3 years of remaining lease term backed by GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., but the weak trade area fundamentals and near-term rollover create meaningful execution risk for an institutional buyer.
The immediate one-mile ring shows no measurable residential population, and the three-mile ring captures only 3,620 residents with a 25.7% poverty rate and median home value of $100,700. Average household income at the five-mile level reaches $64,580, but density of 188 persons per square mile confirms a thin, rural customer base insufficient to support strong in-store sales growth.
Norton is a nonmetro independent city that lost 5.5% of its population between 2020 and 2024, a trajectory that signals continued demand erosion. The local economy supports only 196 establishments and 4,143 employees, limiting the daytime traffic capture that convenience fuel operators depend upon.
Traffic counts of 4,900 vehicles per day are materially below the 15,000-plus threshold typically required for a competitive convenience fuel location. The Walk Score of 19 confirms car dependency, but four competing gas stations within one mile intensify margin pressure on fuel and in-store sales.
The site sits in FEMA Zone X, presenting minimal flood exposure. However, the thin population base, elevated local poverty, and a structurally declining market introduce demand-side risk that physical site factors cannot offset.
With only 1.3 years of term remaining and a March 2027 notice deadline for the single remaining renewal option, a buyer acquires near-immediate rollover risk. Current rent of $76,655 annually, or $43.80 per square foot, may exceed market supportable levels in a market this weak, and no rent-at-expiration data is available to confirm escalation. GPM Investments provides a recognized credit guaranty as the sixth-largest U.S. convenience operator under ARKO Corp., but that corporate strength does not insulate this specific location from a non-renewal decision if unit economics disappoint. A buyer should underwrite a realistic probability of vacancy or restructured rent at the 2027 expiration.
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