GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
310 S College Rd, Wilmington, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2031 |
| Remaining term | 4.8 yrs |
| Lease term (months) | — |
| Annual base rent | $134,215 |
| Base rent $/SF | $93.73 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2030 |
| Year built | 1999 |
| Building SF | 1,432 |
| Land area (acres) | 0.62 |
| Pre G&A CFC | 2.33x (2024) |
| Lease status | Active |
Wilmington is a coastal port city with major beach tourism (Wrightsville/Carolina/Kure), UNCW, the Port of Wilmington, and a long-standing film-production industry. 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 | 12,259 | 66,965 | 133,972 |
| Households | 4,592 | 30,327 | 60,767 |
| Pop. density (/sq mi) | 3,902 | 2,368 | 1,706 |
| Avg HH income | $56,832 | $95,877 | $99,529 |
| Poverty rate | 27.8% | 16.7% | 14.3% |
| Bachelor's+ | 31.2% | 46.0% | 44.9% |
| Median home value | $294,809 | $359,230 | $354,077 |
| Median rent | $1,617 | $1,505 | $1,435 |
| Median age | 23 | 36 | 38 |
| Owner-occupied | 23.5% | 47.6% | 52.3% |
310 S College Rd is a 1,432 SF convenience store and gas station in Wilmington, NC, occupied by Scotchman (GPM Investments/ARKO Corp.) through March 2031 with 4.8 years of remaining term. The site earns an Excellent location grade of 79/100, anchored by 44,500 AADT and a dense three-mile trade area population of nearly 67,000. The deal offers stable near-term cash flow from a publicly traded guarantor against a medium-term lease rollover decision.
The immediate one-mile ring carries 12,259 residents at a 27.8% poverty rate and average household income of $56,832, reflecting a working-class capture zone appropriate for a convenience format. The three-mile ring broadens materially to 66,965 people with average household income of $95,877, a median home value of $359,230, and a 46% bachelor's degree attainment rate, signaling a bifurcated trade area with stronger spending capacity at wider radii. Population at the county level grew 7.5% from 2020 to 2024, pointing to continued demand tailwinds.
New Hanover County is a growing metro market of 243,333 residents with a 3.1% unemployment rate and over 114,000 employed across 8,516 establishments. The Wilmington MSA supports healthy retail and food-service density, with 1,119 retail and 749 food-service establishments countywide. County-level growth and low unemployment reinforce the durability of convenience retail traffic at this location.
The site sits 0.01 miles from a major road corridor with 44,500 vehicles per day and a daytime employment base of 10,458 jobs within one mile, creating strong captive traffic. A Walk Score of 67 and Bike Score of 68 indicate meaningful non-vehicular foot traffic for an urban convenience format. The immediate area supports 20 restaurants and 20 retail destinations within one mile, confirming a commercially active node.
The site faces meaningful competition, with 3 gas stations within 0.5 miles and 16 within one mile, which pressures fuel margin retention and customer loyalty. The one-mile poverty rate of 27.8% may constrain inside-store sales productivity relative to higher-income convenience corridors. With 32 EV charging stations within five miles, long-run fuel volume faces structural displacement risk as the EV transition accelerates in this coastal, educated market.
The lease expires March 2031, leaving a buyer approximately 4.8 years of contractual income at $134,215 annually before a rollover decision must be made. Notice for the single remaining renewal option must be delivered by September 2030, compressing the decision window for an incoming investor. Rent at expiration is undisclosed, removing visibility into renewal economics and limiting underwriting precision. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 sites, provides institutional-grade credit support for the near-term term. For a buyer, the combination of moderate remaining term, a credible but not investment-grade-rated public guarantor, and an unresolved renewal rent floor positions this as a transitional income play requiring disciplined residual value underwriting at exit or renewal.
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