Fortis Capital Solutions GPM Disposition PortfolioLocation Intelligence & Lease Summary
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Rank #142 of 156 Weak ⚠ SUBLEASED 31/100 ⛽ 8 gas within 3 mi

FasMartStore #2533 · FasMart

18962 Route 58, Castlewood, VA

Annual Base Rent$134,107
Rent $/SF$37.60
Building SF3,567
Land (ac)1.65
Remaining Term1.2 yrs
StatusMid-Term
Pre G&A CFC0.06x

Lease Abstract

Tenant / d/b/aFasMart
GuarantorFas Mart (GPM Investments)
Lease commencementNov 29, 2007
Lease expirationNov 30, 2027
Remaining term1.2 yrs
Lease term (months)—
Annual base rent$134,107
Base rent $/SF$37.60
Rent at expiration—
Expiration rent $/SF—
Renewal options1/2
Notice dateMar 01, 2027
Year built1993
Building SF3,567
Land area (acres)1.65
Pre G&A CFC0.06x (2024)
Lease statusSUBLEASED
Operating tenantCastlewood Dental Group

Location Score Breakdown 31/100

AADT Traffic 5/15
Highway Proximity 10/10
Gas Competition 1mi 8/15
3mi Population 0/12
3mi HH Income n/a
Pop Density 3mi 0/8
County Growth 2/7
County Unemp. 6/7
Dollar Stores 6/6
Daytime Jobs 3mi 1/10
EV Density Pen. 0/0
Thin Market Pen. -10/0

Trade-Area Demographics

Metric1 mi3 mi5 mi
Population007,217
Households002,808
Pop. density (/sq mi)0092
Avg HH income——$61,340
Poverty rate——23.2%
Bachelor's+ ——14.7%
Median home value——$104,579
Median rent——$761
Median age——43
Owner-occupied——78.2%

Site & Market Detail

Traffic (AADT at site)9,700
Daytime jobs (3 mi)812
Daytime jobs (1 mi)278
Gas competitors (0.5 mi)2
Gas competitors (1 mi)2
Gas competitors (3 mi)8
Gas competitors (5 mi)11
Nearest competing gas (mi)0.46
Nearest grocery/conv. alternative (mi)0.48
Dollar stores (0.5 mi)0
Highway distance (mi)0.02
EV stations (5 mi)0
CountyRussell County
County pop. growth-1.3%
County unemployment4.1%
Walk score25
Bike score9
FEMA flood zoneX

Investment Highlights

  • The lease guarantor is GPM Investments, a subsidiary of ARKO Corp., the sixth-largest U.S. convenience operator with approximately 3,500 locations, providing institutional-grade credit support for the remaining term.
  • Highway proximity of 0.02 miles and an AADT of 9,700 vehicles per day establish a passable traffic-driven revenue base in an otherwise low-density corridor.
  • FEMA Flood Zone X designation confirms minimal flood hazard, reducing environmental and insurance-related ownership costs.

Key Risks

  • Remaining lease term of just 1.2 years creates acute rollover exposure, with the March 2027 notice date arriving before a buyer could reasonably stabilize or reposition the asset.
  • The five-mile poverty rate of 23.2% and near-zero population density within three miles signal structural demand weakness that could discourage tenant renewal or limit re-leasing alternatives.
  • Two competing gas stations within 0.5 miles compress margin potential and increase the probability that GPM rationalizes this location upon lease expiration given its large, actively managed portfolio.

Executive Summary

FasMart Store #2533 at 18962 Route 58 in Castlewood, VA is a 3,567 SF convenience store and gas station on 1.65 acres, leased through November 2027 to GPM Investments, generating $134,107 in annual base rent. The site scores 31 out of 100 on location grade, reflecting a rural, low-density trade area with materially constrained population and income fundamentals. This is a short-term income play with meaningful rollover risk rather than a core net lease holding.

Demographics

Within five miles, population totals just 7,217 at a density of 92 persons per square mile, with average household income of $61,340 and a poverty rate of 23.2%. One- and three-mile rings return zero measurable population, confirming an extremely sparse immediate trade area. These metrics rank well below national net lease thresholds and limit the site's long-term retailer demand.

Market Context

Russell County is a nonmetro, rural, metro-adjacent market that lost 1.3% of its population between 2020 and 2024, with only 451 total business establishments and 5,648 employees countywide. Daytime employment within three miles is just 812 workers, producing a thin captive customer base for fuel and convenience purchases. The AADT of 9,700 vehicles per day provides the most credible demand driver, supported by the site's 0.02-mile proximity to a major road.

Location Quality

The site carries a Walk Score of 25 and a Bike Score of 9, confirming full auto dependency with no meaningful pedestrian or transit demand. Nearby amenity density is minimal, with four restaurants and six retail outlets within one mile. Two competing gas stations within half a mile represent a direct competitive headwind in an already thin-volume corridor.

Risk Factors

The property falls in FEMA Flood Zone X, indicating minimal flood exposure. No EV charging infrastructure exists within five miles, which is a near-term neutral but a longer-term demand risk as electrification accelerates. State-level crime data was unavailable for independent assessment.

Investment Positioning

With only 1.2 years of remaining term and a March 2027 renewal notice deadline, a buyer acquires limited contractual income before facing a binary renewal decision. The tenant holds one of two renewal options, so rollover risk is real and near-term. Rent at expiration is unspecified, removing visibility into renewal economics. GPM Investments, backed by publicly traded ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 sites, provides credible institutional credit quality, but that guarantee does not offset the site's weak location fundamentals if GPM elects to exit at expiration.

Full institutional offering memorandum with all 156 property briefs, maps, and tax analysis.

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