GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
590 Trent St NE, Norton, VA
| Tenant / d/b/a | FasMart |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Nov 29, 2007 |
| Lease expiration | Nov 30, 2027 |
| Remaining term | 1.2 yrs |
| Lease term (months) | — |
| Annual base rent | $158,420 |
| Base rent $/SF | $36.10 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 1990 |
| Building SF | 4,388 |
| Land area (acres) | 1.04 |
| Pre G&A CFC | 2.81x (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% |
590 Trent St NE is a 4,388 SF FasMart convenience store and gas station operating on a 1.04-acre site in Norton, Virginia, a small, isolated Appalachian city classified as nonmetro. The property carries an average location grade of 41/100, reflecting constrained demographics, a shrinking population base, and limited trade area depth. Near-term lease rollover and a thin local economy make this a credit-dependent, income-at-risk play requiring careful underwriting.
The immediate trade area is materially weak: the 3-mile population stands at just 3,620 with average household income of $56,274 and a poverty rate of 25.7%, well above national norms. The 5-mile ring broadens coverage to 14,804 residents with average household income of $64,580, though density remains a shallow 188 per square mile. These metrics suggest limited organic consumer spending power and little runway for rent growth.
Norton city has shed 5.5% of its population between 2020 and 2024, declining from 3,681 to 3,478 residents, signaling structural contraction rather than cyclical softness. The metro classification as nonmetro and non-adjacent further limits investor liquidity and alternative-use optionality. A total employment base of 4,143 workers across 196 establishments provides minimal economic diversification.
The site sits 0.04 miles from the nearest major road, providing functional arterial access. However, a Walk Score of 27 confirms car dependency, and six competing gas stations within one mile create meaningful fuel margin pressure. With 10 nearby restaurants and 10 retail locations within a mile, the convenience trade is active but operating in a highly contested, low-barrier environment.
The property falls in FEMA Zone X, indicating minimal flood exposure. State-level violent and property crime data were not available for granular analysis. No additional environmental or physical risk flags were identified beyond market-level concerns.
With only 1.2 years of remaining term, a buyer acquires a near-term rollover event rather than durable income. The notice date for the single remaining renewal option is March 1, 2027, leaving minimal time for repositioning if the tenant elects to vacate. Current rent of $158,420 ($36.10/SF) provides no visibility into post-expiration economics, as rent at expiration is undisclosed. GPM Investments, LLC, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 locations, provides institutional-grade credit support, which is the primary risk mitigant. That credit quality partially offsets location weakness but does not resolve rollover uncertainty.
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