GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
901 S 3rd St, Wilmington, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2029 |
| Remaining term | 2.8 yrs |
| Lease term (months) | — |
| Annual base rent | $115,912 |
| Base rent $/SF | $71.68 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2028 |
| Year built | 1985 |
| Building SF | 1,617 |
| Land area (acres) | 0.69 |
| Pre G&A CFC | 2.25x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 901 S 3rd St |
Wilmington is a coastal port city with major beach tourism, UNCW, and the Port of Wilmington. Visitor and student demand supplement 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 | 8,894 | 47,259 | 104,183 |
| Households | 4,882 | 22,951 | 46,553 |
| Pop. density (/sq mi) | 2,831 | 1,671 | 1,326 |
| Avg HH income | $70,949 | $75,129 | $82,804 |
| Poverty rate | 18.8% | 22.5% | 18.1% |
| Bachelor's+ | 34.6% | 39.7% | 38.2% |
| Median home value | $317,459 | $294,040 | $292,412 |
| Median rent | $1,076 | $1,195 | $1,346 |
| Median age | 44 | 38 | 36 |
| Owner-occupied | 34.1% | 38.2% | 45.4% |
901 S 3rd St is a 1,617 SF Scotchman/Fas Mart convenience store and gas station in Wilmington, NC, operated by GPM Investments under an ARKO Corp. guarantee with 2.8 years of remaining term. The site earns a 69/100 location grade reflecting solid traffic exposure, zero direct fuel competition within a half-mile, and a growing coastal metro market. Near-term lease rollover is the central underwriting variable for prospective buyers.
The 1-mile trade area holds 8,894 residents at a density of 2,831 per square mile, with average household income of $70,949 and an elevated poverty rate of 18.8%, consistent with a convenience-oriented customer base. The 3-mile ring expands to 47,259 residents with average HH income of $75,129, though a 22.5% poverty rate and 38.2% owner-occupancy rate signal a renter-heavy, transient-use market well-suited to c-store demand. Population across the broader metro grew 7.5% from 2020 to 2024, supporting sustained site-level traffic over time.
New Hanover County is a functioning 250K-1M Metro with 243,333 residents, 3.1% unemployment, and 8,516 total business establishments anchored by a diversified retail and food-service base. Wilmington's coastal growth profile and low unemployment underpin durable consumer spending. The county's 749 food service operators and 1,119 retail establishments reflect genuine commercial density that benefits convenience and fuel demand.
The site sits 0.01 miles from a major road with 17,500 AADT, a Walk Score of 72, and a Bike Score of 80, giving it strong ambient foot and vehicle capture in an urban infill setting. Proximity to 9,866 daytime jobs within one mile and 48,946 within three miles supports reliable commuter-driven fuel and in-store transactions. Twenty nearby restaurants and retailers within one mile reinforce a high-activity corridor.
The FEMA designation is Zone X, indicating minimal flood hazard, which is a notable positive for a coastal Wilmington asset where flood exposure is a common concern. Crime statistics were not available for independent verification, which buyers should address through local law enforcement data during due diligence. No material environmental risk factors were flagged in the provided data set.
With 2.8 years remaining and a notice date of September 2028, buyers face near-term rollover risk. Current rent of $115,912 ($71.68/SF) provides no disclosed step-up at expiration, leaving re-leasing rate unknown at acquisition. One remaining renewal option offers upside continuity if exercised. ARKO Corp., a Nasdaq-listed operator of approximately 3,500 sites, provides institutional-grade credit, but is not investment-grade rated, and the subsidiary guarantee warrants scrutiny of ARKO's current balance sheet health.
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