GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
906 N 23rd St, 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 | $164,718 |
| Base rent $/SF | $31.47 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2030 |
| Year built | 1985 |
| Building SF | 5,234 |
| Land area (acres) | 1.24 |
| Pre G&A CFC | 2.19x (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 | 5,789 | 47,787 | 102,283 |
| Households | 2,306 | 23,260 | 46,928 |
| Pop. density (/sq mi) | 1,843 | 1,690 | 1,302 |
| Avg HH income | $62,137 | $74,975 | $80,326 |
| Poverty rate | 17.5% | 20.5% | 18.6% |
| Bachelor's+ | 32.6% | 39.6% | 39.4% |
| Median home value | $256,400 | $297,645 | $303,392 |
| Median rent | $1,146 | $1,214 | $1,334 |
| Median age | 34 | 36 | 37 |
| Owner-occupied | 46.2% | 38.2% | 46.4% |
906 N 23rd St is a 5,234 SF convenience store and gas station occupied by Scotchman (GPM Investments/ARKO Corp.) on a 1.24-acre site in Wilmington, NC, graded Strong at 66/100. With 4.8 years of term remaining, moderate traffic, and a publicly traded guarantor, this asset offers near-term income stability with measurable rollover risk on the horizon.
The 1-mile trade area is modest, with 5,789 residents, average household income of $62,137, and a 17.5% poverty rate. The 3-mile ring improves materially to 47,787 residents and $74,975 average household income, supporting baseline convenience retail demand. Population density across all rings remains suburban, limiting organic foot traffic upside.
New Hanover County is a growing metro market, with population expanding 7.5% from 2020 to 2024 to 243,333, and unemployment at a tight 3.1%. The Wilmington MSA supports 8,516 business establishments and 114,702 employees, indicating a functioning local economy. Growth trends are favorable for convenience retail over the medium term.
Site-level traffic is measured at 14,500 AADT, which is adequate but not exceptional for a fuel-dependent convenience format. The Walk Score of 19 confirms near-total auto dependency, consistent with the format, though limited nearby retail density of 9 stores within one mile constrains cross-shopping synergies. One direct competitor within 0.5 miles is manageable; four within one mile reflects a more competitive immediate trade area.
The site sits in FEMA Flood Zone X, indicating minimal flood exposure, which removes a meaningful downside risk for this coastal North Carolina location. No dollar or discount store competition within 0.5 miles reduces one common convenience retail demand disruptor. Specific crime rate data was unavailable for independent verification at the state level.
The lease runs through March 2031 with 4.8 years remaining, creating a defined rollover event that buyers must underwrite carefully. Current rent of $164,718 annually ($31.47/SF) provides no visibility into rent at expiration or renewal rent levels, introducing re-leasing or renewal pricing uncertainty. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 locations, provides institutional-grade credit support. One renewal option remains, though the September 2030 notice deadline compresses negotiating runway. Buyers are acquiring a creditworthy income stream with a near-term lease event and limited rent escalation data.
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