GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
16402 Wise St, Saint Paul, VA
| Tenant / d/b/a | FasMart |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Nov 29, 2007 |
| Lease expiration | Nov 30, 2027 |
| Remaining term | 1.4 yrs |
| Lease term (months) | — |
| Annual base rent | $146,286 |
| Base rent $/SF | $31.65 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 1996 |
| Building SF | 4,622 |
| Land area (acres) | 1.12 |
| Pre G&A CFC | 0.24x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 16402 Wise St |
St. Paul is an officially ATV-friendly town and a primary trailhead for the Spearhead Trails Mountain View system (400+ miles of OHV trails); riders fuel and resupply in town — destination-recreation demand beyond the resident base.
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 | 4,717 |
| Households | 0 | 0 | 2,047 |
| Pop. density (/sq mi) | 0 | 0 | 60 |
| Avg HH income | — | — | $58,588 |
| Poverty rate | — | — | 21.6% |
| Bachelor's+ | — | — | 18.2% |
| Median home value | — | — | $95,810 |
| Median rent | — | — | $657 |
| Median age | — | — | 43 |
| Owner-occupied | — | — | 70.4% |
This FasMart convenience store and gas station at 16402 Wise St, Saint Paul, VA presents a deeply challenged net lease opportunity rated 15 out of 100 on location quality. With only 1.4 years of remaining lease term, negligible population density within three miles, and six competing gas stations within half a mile, the site offers limited near-term income security and weak long-term real estate fundamentals. Institutional buyers should approach this offering with significant caution.
The effective trade area is extremely thin, with zero measurable population within three miles and only 4,717 residents across the full five-mile radius at a density of just 60 people per square mile. Average household income of $58,588 and a poverty rate of 21.6% at five miles reflect a low-income, rural consumer base with limited discretionary spending. These metrics sit well below thresholds typically required to support stable convenience retail economics.
Wise County is a nonmetro, non-adjacent market with a declining population base, contracting from 36,066 in 2020 to 34,973 in 2024, a 3.0% drop. The local economy is modest at 598 total establishments and 7,678 employees, constrained by limited retail and food service infrastructure. Traffic at the site registers only 4,000 vehicles per day, a low count that materially limits fuel and in-store revenue potential.
The site scores 40 on Walk Score, confirming full car dependency, and carries a Bike Score of 36 with no transit measurement available. Fourteen nearby restaurants and fourteen retail establishments within one mile suggest minimal retail density rather than a supportive commercial node. Highway proximity of 0.05 miles provides nominal visibility but does not compensate for the thin traffic volume.
FEMA designates the site Zone X, indicating minimal flood exposure, which is one of the few clean attributes of this location. No EV charging stations exist within five miles, creating modest medium-term obsolescence risk as fuel demand gradually evolves. State-level crime data is unavailable, limiting a full security and operational risk assessment.
The lease expires November 30, 2027, leaving just 1.4 years of contracted income, with a notice deadline of March 1, 2027 for the single remaining renewal option. Current annual rent of $146,286 provides no visibility into renewal economics as rent at expiration is undisclosed, creating binary rollover risk in an already weak market. GPM Investments, LLC, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience store operator with roughly 3,500 sites, provides investment-grade-adjacent credit quality, but that guarantor strength cannot offset the near-term lease cliff and deteriorating trade area fundamentals.
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