Fortis Capital Solutions GPM Disposition PortfolioLocation Intelligence & Lease Summary
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Rank #154 of 156 Poor 19/100 ⛽ 6 gas within 3 mi

FasMartStore #2544 · FasMart

25 Fords Creek Road, Honaker, VA

Annual Base Rent$170,645
Rent $/SF$32.76
Building SF5,209
Land (ac)0.92
Remaining Term1.2 yrs
StatusMid-Term
Pre G&A CFC2.24x

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$170,645
Base rent $/SF$32.76
Rent at expiration—
Expiration rent $/SF—
Renewal options1/2
Notice dateMar 01, 2027
Year built2000
Building SF5,209
Land area (acres)0.92
Pre G&A CFC2.24x (2024)
Lease statusActive

Location Score Breakdown 19/100

AADT Traffic 2/15
Highway Proximity 10/10
Gas Competition 1mi 2/15
3mi Population 0/12
3mi HH Income n/a
Pop Density 3mi 0/8
County Growth 2/7
County Unemp. 6/7
Dollar Stores 4/6
Daytime Jobs 3mi 1/10
EV Density Pen. 0/0
Thin Market Pen. -10/0

Trade-Area Demographics

Metric1 mi3 mi5 mi
Population005,458
Households002,314
Pop. density (/sq mi)0069
Avg HH income——$64,462
Poverty rate——13.9%
Bachelor's+ ——8.5%
Median home value——$102,311
Median rent——$678
Median age——47
Owner-occupied——73.2%

Site & Market Detail

Traffic (AADT at site)2,600
Daytime jobs (3 mi)547
Daytime jobs (1 mi)291
Gas competitors (0.5 mi)2
Gas competitors (1 mi)4
Gas competitors (3 mi)6
Gas competitors (5 mi)12
Nearest competing gas (mi)0.77
Nearest grocery/conv. alternative (mi)0.14
Dollar stores (0.5 mi)1
Highway distance (mi)0.02
EV stations (5 mi)0
CountyRussell County
County pop. growth-1.3%
County unemployment4.1%
Walk score21
Bike score12
FEMA flood zoneX

Investment Highlights

  • The lease guarantor, GPM Investments under ARKO Corp., is a publicly traded operator ranked sixth largest in U.S. convenience retail, providing auditable credit support through the remaining term.
  • The site sits 0.02 miles from the nearest major road, offering maximum ingress visibility for a low-density corridor.
  • FEMA Zone X designation confirms minimal flood risk, reducing environmental liability exposure for the buyer.

Key Risks

  • With 1.2 years remaining and a single renewal option, lease rollover risk is acute, and re-tenanting a 5,209-square-foot rural gas station with 2,600 AADT would be exceptionally difficult.
  • The 5-mile population of only 5,458 at a density of 69 per square mile represents one of the weakest demand profiles in convenience retail underwriting.
  • Four competing gas stations within one mile create direct revenue pressure on a site already operating in a structurally declining, rural county losing population.

Executive Summary

This FasMart convenience store and gas station at 25 Fords Creek Road, Honaker, VA earned a location grade of 19 out of 100, reflecting a deeply rural, low-traffic setting with minimal population density and significant demographic constraints. The asset offers approximately 1.2 years of remaining lease term backed by GPM Investments, a subsidiary of publicly traded ARKO Corp. Near-term lease rollover is the dominant risk for any prospective buyer.

Demographics

The immediate 1-mile and 3-mile trade areas register zero reportable population, underscoring the site's isolation. The 5-mile radius captures only 5,458 residents at a density of 69 per square mile, with average household income of $64,462 and a poverty rate of 13.9%, both indicative of a constrained consumer base with limited discretionary spending capacity.

Market Context

Russell County is a nonmetro, rural, metro-adjacent market that has shed population from 25,756 in 2020 to 25,420 in 2024, a 1.3% decline. The county's 451 total establishments and 5,648 employees signal a thin economic base. Traffic at the site is 2,600 vehicles per day, well below thresholds typically associated with viable freestanding convenience retail.

Location Quality

The site scores a Walk Score of 21 and a Bike Score of 12, confirming total automobile dependence with no meaningful pedestrian capture. Despite proximity of 0.02 miles to the nearest major road, low AADT severely limits throughput. Four competing gas stations within one mile further compress the addressable customer pool.

Risk Factors

The site carries a FEMA Zone X designation, representing minimal flood hazard and no material environmental exposure on that front. However, the combination of stagnant rural demographics, population decline, and zero EV charging infrastructure within five miles introduces structural obsolescence risk over a longer hold. No state-level crime data was available for independent assessment.

Investment Positioning

With only 1.2 years remaining before the November 2027 expiration, a buyer faces immediate rollover risk and must underwrite the probability that GPM either exercises its single remaining renewal option or vacates. The notice deadline of March 2027 leaves a narrow window for clarity. Current rent of $170,645 annually ($32.76 per square foot) provides no disclosed step-up at expiration, creating income uncertainty. GPM Investments carries the institutional weight of ARKO Corp., a Nasdaq-listed, SEC-reporting operator of approximately 3,500 sites, which supports near-term covenant quality but does not mitigate site-level obsolescence risk post-term.

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