GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
1138 N Main St, Bellefontaine, OH
| Tenant / d/b/a | Village Variety |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Feb 29, 2008 |
| Lease expiration | Jun 30, 2027 |
| Remaining term | 0.9 yrs |
| Lease term (months) | — |
| Annual base rent | $180,247 |
| Base rent $/SF | $86.24 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Dec 03, 2026 |
| Year built | 2001 |
| Building SF | 2,090 |
| Land area (acres) | 0.49 |
| Pre G&A CFC | 3.57x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 1138 N Main St |
Bellefontaine is home to Mad River Mountain, Ohio's largest ski resort (20+ trails), plus proximity to Indian Lake — adding seasonal winter-recreation demand beyond resident rooftops.
The location score above reflects resident-market real-estate fundamentals and does not incorporate seasonal or destination demand; consider this note alongside the store-level coverage (CFC) when assessing the asset.
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 4,374 | 15,409 | 15,409 |
| Households | 1,950 | 6,903 | 6,903 |
| Pop. density (/sq mi) | 1,392 | 545 | 196 |
| Avg HH income | $69,557 | $72,812 | $72,812 |
| Poverty rate | 9.8% | 16.1% | 16.1% |
| Bachelor's+ | 15.3% | 15.6% | 15.6% |
| Median home value | $120,000 | $151,486 | $151,486 |
| Median rent | $957 | $753 | $753 |
| Median age | 34 | 36 | 36 |
| Owner-occupied | 56.5% | 61.5% | 61.5% |
This 2,090 SF Fas Mart convenience store and gas station at 1138 N Main St, Bellefontaine, OH carries an Excellent location grade of 74/100 and sits 0.01 miles from a major road with zero competing gas stations within one mile. The asset offers near-term lease rollover risk offset by a nationally scaled, publicly traded guarantor and a dominant local site position. The investment thesis hinges on renewal execution rather than long-term income certainty.
The one-mile trade area holds 4,374 residents at 1,392 persons per square mile with average household income of $69,557, consistent with a working-class convenience and fuel demand base. The three-mile population expands to 15,409 with average household income of $72,812 and 61.5% owner occupancy, suggesting a stable, rooted customer base. Poverty at 16.1% within three miles warrants attention but is not atypical for a rural county seat convenience format.
Bellefontaine serves as the Logan County seat in a nonmetro, metro-adjacent county of approximately 46,085 residents that has been essentially flat since 2020. With 17,033 total county employees and 4.2% unemployment, the local economy is modest but functional. The 3-mile and 5-mile populations are identical at 15,409, confirming limited suburban sprawl and a self-contained, stable demand catchment.
The site's 0.01-mile proximity to a major road and monopoly fuel position within a one-mile radius are strong operational advantages. Daytime employment density within three miles reaches 7,184 jobs, supporting commuter traffic despite a car-dependent Walk Score of 43. No EV charging stations exist within five miles, which extends the near-term relevance of the fuel offer but may become a structural headwind over a longer hold.
Flood exposure is minimal under FEMA Zone X designation. No competing gas stations within one mile limits price competition risk at the site level. Crime data was unavailable for state-level benchmarking, leaving one underwriting variable unresolved.
With only 0.9 years of remaining term and a notice deadline of December 3, 2026, this is a near-term rollover transaction, not a stabilized income play. The current rent of $180,247 annually ($86.24/SF) provides no expiration comparison, creating pricing uncertainty around renewal terms. GPM Investments, LLC, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 locations, provides meaningful credit quality, but one of two renewal options has already been exercised, leaving only one remaining. A buyer accepts rollover execution risk in exchange for a dominant site and an institutional-grade tenant.
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