GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
641 W Walnut St, Albany, IN
| Tenant / d/b/a | Village Pantry |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 25, 2007 |
| Lease expiration | May 31, 2029 |
| Remaining term | 2.8 yrs |
| Lease term (months) | — |
| Annual base rent | $154,416 |
| Base rent $/SF | $32.58 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2028 |
| Year built | 1996 |
| Building SF | 4,740 |
| Land area (acres) | 1.45 |
| Pre G&A CFC | 2.44x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 5,053 | 5,053 |
| Households | 0 | 2,143 | 2,143 |
| Pop. density (/sq mi) | 0 | 179 | 64 |
| Avg HH income | — | $75,003 | $75,003 |
| Poverty rate | — | 6.4% | 6.4% |
| Bachelor's+ | — | 16.7% | 16.7% |
| Median home value | — | $120,400 | $120,400 |
| Median rent | — | $655 | $655 |
| Median age | — | 48 | 48 |
| Owner-occupied | — | 89.2% | 89.2% |
641 W Walnut St, Albany, IN is a 4,740 SF Village Pantry convenience store and gas station on 1.45 acres, operated under the Fas Mart brand by GPM Investments. The property carries an internal location grade of 36/100 (Weak), reflecting thin population density, heavy local competition, and limited traffic volume. The investment thesis rests almost entirely on near-term income certainty from a creditworthy guarantor rather than location fundamentals.
The immediate one-mile trade area reports zero usable population data, with the three-mile ring showing only 5,053 residents at a sparse 179 per square mile. Average household income of $75,003 and a low poverty rate of 6.4% suggest modest but stable demand, though the population base is too small to support meaningful organic sales growth. The five-mile ring mirrors the three-mile figures exactly, indicating Albany is the sole population center in the area.
Albany sits within Delaware County, a sub-250K metro with modest but positive population growth of 1.1% from 2020 to 2024 and a healthy unemployment rate of 3.9%. The county supports 40,300 jobs across 2,308 establishments, providing a limited but functional economic base. This is a rural Indiana convenience-store market with no meaningful expansion dynamics.
AADT of 8,366 vehicles per day is low for a gas station asset and constrains fuel volume potential. The site faces five competing gas stations within one mile, including two within a half mile, creating direct pressure on throughput and margin. A Walk Score of 35 confirms full car dependency with no meaningful pedestrian or transit demand.
Environmental and physical risk is limited, as the site sits in FEMA Flood Zone X with minimal flood hazard. Crime data is unavailable at the state level for this filing, which is a minor data gap. No EV charging infrastructure exists within five miles, which reduces near-term disruption risk but also reflects the market's lack of investment activity.
With 2.8 years of remaining term expiring May 2024 and a single one-year renewal option requiring notice by September 2028, a buyer faces near-term rollover risk in a weak location. The current rent of $154,416 annually ($32.58/SF) provides stable cash flow, but no rent-at-expiration data limits visibility into lease economics at renewal. GPM Investments, guaranteed by publicly traded ARKO Corp., the sixth-largest U.S. convenience-store operator with roughly 3,500 sites, provides meaningful credit support that partially offsets location weakness. This is a credit-driven, short-duration income play requiring a buyer comfortable with re-leasing or disposition execution inside a 36-month window.
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