GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
610 Eastwood Rd, Wilmington, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2028 |
| Remaining term | 1.6 yrs |
| Lease term (months) | — |
| Annual base rent | $183,020 |
| Base rent $/SF | $77.45 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 04, 2027 |
| Year built | 1983 |
| Building SF | 2,363 |
| Land area (acres) | 0.96 |
| Pre G&A CFC | 2.93x (2024) |
| Lease status | Active |
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 | 2,684 | 59,529 | 129,516 |
| Households | 1,595 | 27,111 | 58,177 |
| Pop. density (/sq mi) | 854 | 2,105 | 1,649 |
| Avg HH income | $42,614 | $93,566 | $98,629 |
| Poverty rate | 28.0% | 16.2% | 14.4% |
| Bachelor's+ | 23.7% | 44.3% | 44.7% |
| Median home value | $301,600 | $347,776 | $353,696 |
| Median rent | $1,053 | $1,554 | $1,459 |
| Median age | 25 | 34 | 38 |
| Owner-occupied | 11.1% | 48.1% | 55.0% |
610 Eastwood Rd is a 2,363 SF Scotchman/Fas Mart convenience store on 0.96 acres in Wilmington, NC, operated by GPM Investments under the ARKO Corp. umbrella. With 1.6 years of term remaining and one renewal option, the asset presents as a short-term income play in a growing coastal metro rather than a long-duration bond alternative.
The immediate 1-mile trade area is constrained, with only 2,684 residents, average household income of $42,614, and a 28% poverty rate — below the threshold most institutional buyers prefer for c-store underwriting. The 3-mile ring improves materially, with 59,529 residents, average HH income of $93,566, and 44% bachelor's degree attainment, indicating the site sits on the edge of a stronger demand corridor.
New Hanover County is a legitimate growth market, adding roughly 17,000 residents from 2020 to 2024, a 7.5% gain, with unemployment at 3.1% and over 114,000 county employees. The 3-mile daytime population of nearly 40,000 jobs and a day/night ratio of 2.96 support midday convenience and fuel demand. The broader Wilmington metro provides durable population tailwinds that partially offset the softer immediate trade area.
Daily traffic at the site is a modest 3,500 AADT, which is below average for institutional-grade gas station assets and limits fuel volume upside. Walk Score of 46 confirms car dependency, and while highway proximity is effectively on-site at 0.01 miles, competitive density is elevated with seven gas stations within one mile.
FEMA flood designation is Zone X, presenting minimal environmental exposure. State-level crime data is unavailable for direct comparison. The site's 23 EV charging stations within five miles is a manageable but growing competitive dynamic for fuel demand over the medium term.
At 1.6 years of remaining term, this lease expires March 31, 2028, with a notice deadline of September 4, 2027, creating near-term rollover exposure that will compress the buyer universe to value-add and opportunistic capital. Annual rent of $183,020 at $77.45 per SF is above typical market rents for a 1983-vintage building, and no rent at expiration is disclosed, creating uncertainty around renewal economics. GPM Investments, as a subsidiary of Nasdaq-listed ARKO Corp., provides a publicly traded, SEC-reporting guarantor with approximately 3,500 locations — meaningful credit quality — but short term limits the relevance of that credit to a buyer.
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