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 | 2.6 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 convenience store operated by GPM Investments on 0.69 acres in Wilmington, NC, a growing coastal metro with 7.5% population expansion since 2020. The site carries a Location Grade of 69/100 (Strong), supported by 17,500 AADT, zero direct fuel competition within a half-mile, and immediate highway access. With 2.6 years remaining on the lease, this offering is best characterized as a short-term income play with repositioning optionality at rollover.
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%, typical of an urban convenience corridor. The 3-mile ring expands to 47,259 people with a median home value of $294,040 and average household income of $75,129, reflecting modest but stable purchasing power. Educational attainment of 39.7% bachelor-degree-plus and low owner-occupancy of 38.2% suggest a transient, renter-heavy population that skews toward convenience retail.
New Hanover County is a Metro market in the 250K-1M population tier, with 243,333 residents in 2024 and a low 3.1% unemployment rate. The county supports 8,516 business establishments and 114,702 employees, with robust retail and food service density. Wilmington's coastal growth trajectory and strong daytime employment base of nearly 49,000 jobs within three miles underpin sustained convenience demand.
The site scores 72 for walkability and 80 for bikeability, indicating strong pedestrian and cyclist capture in an urban setting. Twenty restaurants and twenty retail destinations within one mile create a dense consumer ecosystem that drives incidental fuel and convenience stops. Proximity of 0.01 miles to a major road maximizes visibility and ingress efficiency.
The property sits in FEMA Flood Zone X, indicating minimal flood exposure, which is a meaningful positive for a coastal Wilmington asset. The 26 EV charging stations within five miles represent a structural long-term headwind to fuel volume, though near-term impact remains limited. One dollar store within a half-mile introduces modest competition for the convenience merchandise component of the business.
With only 2.6 years of term remaining and a September 2028 renewal notice deadline, a buyer assumes meaningful near-term rollover risk. Current rent of $115,912 ($71.68/SF) provides no contractual escalation data to benchmark against market, creating uncertainty at expiration. GPM Investments, as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator at roughly 3,500 locations, offers institutional-grade credit support, partially offsetting lease duration concerns. The single remaining renewal option provides modest extension optionality but demands active asset management from day one.
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