GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
2015 Tynecastle Hwy, Banner Elk, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2028 |
| Remaining term | 1.6 yrs |
| Lease term (months) | — |
| Annual base rent | $123,233 |
| Base rent $/SF | $27.95 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 04, 2027 |
| Year built | 1990 |
| Building SF | 4,409 |
| Land area (acres) | 0.95 |
| Pre G&A CFC | 2.48x (2024) |
| Lease status | Active |
Banner Elk is one of the South's premier ski-resort towns — within ~10 minutes of Sugar Mountain and Beech Mountain (the two largest ski areas in the Southeast) and host of the Wooly Worm Festival (20,000+ visitors). Seasonal destination demand is not captured by resident metrics (the town has ~1,000 residents).
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 | 0 | 0 | 11,816 |
| Households | 0 | 0 | 4,959 |
| Pop. density (/sq mi) | 0 | 0 | 150 |
| Avg HH income | — | — | $81,313 |
| Poverty rate | — | — | 11.2% |
| Bachelor's+ | — | — | 31.7% |
| Median home value | — | — | $266,771 |
| Median rent | — | — | $827 |
| Median age | — | — | 46 |
| Owner-occupied | — | — | 76.3% |
This Scotchman/Fas Mart convenience store in Banner Elk, NC carries a location grade of 34 out of 100, reflecting a structurally weak trade area with near-zero population density within three miles and an AADT of only 300 vehicles per day. The lease expires March 31, 2028, leaving 1.6 years of term, and the deal's investment thesis rests almost entirely on the credit quality of the guarantor rather than any locational merit.
The one- and three-mile population rings both register zero residents, and meaningful population only appears at the five-mile radius with 11,816 people at a low density of 150 per square mile. Average household income at five miles is $81,313, which is serviceable, but the absence of a meaningful local consumer base within walking or short-drive distance severely limits organic store-level sales potential.
Avery County is classified as nonmetro rural and not adjacent to a metro area, with a population that has been essentially flat from 2020 to 2024 at roughly 17,800. Unemployment sits at 5.6% against a thin employment base of 5,277 total workers, and the county's 49 food service establishments suggest limited broader retail demand.
Walk Score of 35 confirms full car dependency, and with only three restaurants and two retail stores within one mile, the surrounding use density is minimal. The absence of any competing gas stations within a mile provides a modest capture advantage, but that benefit is constrained by daily traffic of just 300 vehicles.
The property sits in FEMA Flood Zone X, indicating minimal flood exposure. No state-level crime data was available for independent assessment. Physical obsolescence is a consideration given the building was constructed in 1990 and is now 35 years old.
With 1.6 years remaining, a buyer faces near-term rollover risk with a September 2027 renewal notice deadline and only one of two options exercised. Current rent is $123,233 annually at $27.95 per square foot, and no escalated rent at expiration is disclosed, limiting visibility into future cash flow. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience store operator with roughly 3,500 locations, provides meaningful institutional credit support, but that credit backstop cannot compensate for a lease approaching expiration in a sub-scale rural market where re-tenanting options would be narrow.
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