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Rank #144 of 156 Weak ⚠ SUBLEASED 29/100 ⛽ 20+ gas within 3 mi

FasMartStore #2535 · FasMart

330 Wadlow Gap Rd, Gate City, VA

Annual Base Rent$146,286
Rent $/SF$28.06
Building SF5,213
Land (ac)1.12
Remaining Term1.2 yrs
StatusMid-Term
Pre G&A CFC0.53x

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$146,286
Base rent $/SF$28.06
Rent at expiration—
Expiration rent $/SF—
Renewal options1/2
Notice dateMar 01, 2027
Year built1995
Building SF5,213
Land area (acres)1.12
Pre G&A CFC0.53x (2024)
Lease statusSUBLEASED
Operating tenant—

Location Score Breakdown 29/100

AADT Traffic 5/15
Highway Proximity 10/10
Gas Competition 1mi 5/15
3mi Population 0/12
3mi HH Income n/a
Pop Density 3mi 0/8
County Growth 2/7
County Unemp. 7/7
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
Population004,160
Households001,606
Pop. density (/sq mi)0053
Avg HH income——$62,687
Poverty rate——20.1%
Bachelor's+ ——11.0%
Median home value——$124,600
Median rent——$802
Median age——41
Owner-occupied——70.3%

Site & Market Detail

Traffic (AADT at site)9,200
Daytime jobs (3 mi)700
Daytime jobs (1 mi)12
Gas competitors (0.5 mi)3
Gas competitors (1 mi)3
Gas competitors (3 mi)20+
Gas competitors (5 mi)20+
Nearest competing gas (mi)0.05
Nearest grocery/conv. alternative (mi)0.06
Dollar stores (0.5 mi)0
Highway distance (mi)0.01
EV stations (5 mi)0
CountyScott County
County pop. growth-0.9%
County unemployment3.3%
Walk score1
Bike score—
FEMA flood zoneX

Investment Highlights

  • Corporate guaranty from GPM Investments, backed by ARKO Corp. operating approximately 3,500 sites across 34 states, provides meaningful credit support for the remaining lease term.
  • Direct highway adjacency at 0.01 miles from a major road captures all 9,200 daily vehicles passing the site with no walkability requirement.
  • Zero FEMA flood risk under Zone X designation eliminates a meaningful environmental liability common to rural gas station assets.

Key Risks

  • Only 1.2 years of remaining lease term creates acute rollover exposure, with the renewal notice date of March 2027 leaving minimal time for a new buyer to execute a lease strategy.
  • Three competing gas stations within 0.5 miles create direct competitive pressure against a site serving a 5-mile population of only 4,160 people at 20.1 percent poverty rates.
  • Zero population within the 3-mile trade area means alternative tenancy or repositioning options in a vacancy scenario are severely limited by the absence of a local consumer base.

Executive Summary

330 Wadlow Gap Rd is a 5,213 SF FasMart convenience store and gas station in Gate City, Virginia, occupied by GPM Investments under a lease expiring November 30, 2027, leaving only 1.2 years of remaining term. The site scores a weak 29 out of 100 on location quality, reflecting extremely thin population density and limited surrounding economic activity. This is a near-term rollover story with modest underlying real estate fundamentals.

Demographics

The 1-mile and 3-mile trade areas report zero measurable population, indicating the site sits in a rural corridor with no meaningful residential catchment at close range. The 5-mile population of 4,160 at a density of just 53 persons per square mile, paired with a 20.1 percent poverty rate and average household income of $62,687, represents a thin and economically constrained consumer base. These demographics offer little support for rent growth or alternative retail use in a vacancy scenario.

Market Context

Scott County is a rural Virginia market with a 2020-to-2024 population decline of 0.9 percent and only 247 total business establishments employing 3,768 workers. Despite a 3.3 percent unemployment rate, the local economy is narrow, with limited retail and food service infrastructure. There are no EV charging stations within five miles, reflecting the area's infrastructure stage and insulating the fuel business modestly in the near term.

Location Quality

The site sits 0.01 miles from the nearest major road with an AADT of 9,200 vehicles per day, providing the primary traffic driver for a convenience store format in a low-density rural setting. However, three competing gas stations exist within half a mile, representing significant direct competition relative to the thin customer base. A Walk Score of 1 and zero nearby restaurants within one mile confirm that this location is entirely auto-dependent with minimal retail synergy.

Risk Factors

Flood zone designation is Zone X, indicating minimal flood hazard. Crime statistics at the state level were not available for benchmarking. No additional environmental or zoning concerns were flagged in the provided data.

Investment Positioning

With 1.2 years of remaining term and a March 2027 notice deadline for the single renewal option, a buyer acquires near-immediate rollover risk. The current rent of $146,286 annually ($28.06 per square foot) has no disclosed escalation to expiration, and rent at renewal is unspecified, making income trajectory uncertain. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience-store operator, provides investment-grade-adjacent credit quality that partially offsets thin real estate fundamentals, but the short runway demands buyers underwrite the renewal or vacancy scenario aggressively before closing.

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