GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
4101 Masonboro Loop Rd, Wilmington, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2038 |
| Remaining term | 11.6 yrs |
| Lease term (months) | — |
| Annual base rent | $122,013 |
| Base rent $/SF | $40.60 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | |
| Notice date | |
| Year built | 1983 |
| Building SF | 3,005 |
| Land area (acres) | 0.46 |
| Pre G&A CFC | 3.75x (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 | 8,915 | 51,960 | 89,493 |
| Households | 3,699 | 22,684 | 38,882 |
| Pop. density (/sq mi) | 2,838 | 1,838 | 1,139 |
| Avg HH income | $142,404 | $128,634 | $112,325 |
| Poverty rate | 1.7% | 6.6% | 11.7% |
| Bachelor's+ | 57.6% | 51.2% | 49.4% |
| Median home value | $398,274 | $398,598 | $373,255 |
| Median rent | $1,333 | $1,423 | $1,429 |
| Median age | 42 | 42 | 40 |
| Owner-occupied | 82.7% | 67.9% | 60.2% |
This Scotchman-branded convenience store and gas station at 4101 Masonboro Loop Rd in Wilmington, NC offers 11.6 years of remaining lease term backed by GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp. The site scores 69 out of 100 on location grade, reflecting solid surrounding affluence but modest traffic and pedestrian utility. The deal is best characterized as a stable income play in a growing coastal market with limited near-term rollover risk.
The immediate trade area is notably affluent, with average household income of $142,404 within one mile and a poverty rate of just 1.7%. The three-mile ring captures over 51,900 residents with 67.9% owner occupancy, a 51.2% bachelor's degree attainment rate, and a median home value of $398,598, indicating a mature, high-quality consumer base. Income metrics soften at five miles but remain well above national norms.
New Hanover County is a growing coastal metro with population expanding 7.5% from 2020 to 2024, reaching 243,333, and an unemployment rate of 3.1%. The county supports 8,516 establishments and 114,702 employees, reflecting a diversified local economy anchored by healthcare, education, and tourism. Wilmington's growth trajectory and limited developable land support long-term site value.
The site fronts Masonboro Loop Road with 13,500 vehicles per day, a moderate traffic count for convenience retail. A Walk Score of 28 and Transit Score of 0 confirm full auto dependency, and nearby amenity density is thin with only two restaurants and four retail locations within one mile. Daytime employment within one mile is limited at 658 jobs, reducing impulse-stop capture potential.
1. With only three competing gas stations within one mile, direct fuel competition is manageable, but two competitors sit within a half mile, pressuring fuel margin and customer capture. 2. The building dates to 1983, introducing potential deferred maintenance or capital expenditure exposure for a buyer assuming a triple-net structure. 3. Five EV charging stations within five miles signal early-stage EV penetration that will accelerate over the lease's remaining 11.6-year horizon, posing a long-term demand risk to fuel volumes.
The 11.6-year remaining term provides meaningful income visibility, and the lease running to March 2038 avoids near-term rollover risk. However, rent at expiration is undisclosed, and the absence of stated renewal options creates uncertainty about long-term tenancy post-2038. At $40.60 per square foot, current rent appears market-appropriate for the trade area. GPM Investments as guarantor, backed by ARKO Corp. and its 3,500-site national platform and SEC-reporting obligations, represents investment-grade-adjacent credit that institutional buyers will view favorably, though ARKO carries leveraged-operator risk typical of convenience-store consolidators.
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