GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
12712 Sussex Hwy, Greenwood, DE
| Tenant / d/b/a | FasMart |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Nov 28, 2007 |
| Lease expiration | Nov 30, 2027 |
| Remaining term | 1.3 yrs |
| Lease term (months) | — |
| Annual base rent | $225,405 |
| Base rent $/SF | $124.53 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 1985 |
| Building SF | 1,810 |
| Land area (acres) | 1.48 |
| Pre G&A CFC | 0.90x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 12712 Sussex Hwy |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 5,945 | 9,244 |
| Households | 0 | 2,099 | 3,522 |
| Pop. density (/sq mi) | 0 | 210 | 118 |
| Avg HH income | — | $84,868 | $81,094 |
| Poverty rate | — | 23.0% | 16.4% |
| Bachelor's+ | — | 19.5% | 16.3% |
| Median home value | — | $218,300 | $217,551 |
| Median rent | — | $858 | $1,023 |
| Median age | — | 36 | 37 |
| Owner-occupied | — | 88.1% | 75.1% |
FasMart Store 2522 at 12712 Sussex Hwy, Greenwood, DE is a 1,810 SF convenience and fuel site on 1.48 acres, operating under a lease expiring November 2027 with roughly 1.3 years of term remaining. The location scores 67 out of 100 and presents a near-term lease rollover story in a low-density rural Sussex County corridor. Investors should underwrite this as a short-term income play with renewal optionality, not a long-term stabilized asset.
The immediate one-mile trade area registers negligible residential population, with meaningful density only emerging at three miles, where 5,945 residents generate average household income of $84,868. The three-mile poverty rate of 23.0% is elevated and warrants attention for discretionary fuel and in-store spend assumptions. Owner occupancy of 88.1% within three miles suggests a stable, if modest, rural residential base.
Sussex County has posted strong population growth of 13.6% from 2020 to 2024, reaching 271,134 residents, driven largely by coastal and retirement migration. The county's nonmetro-adjacent classification and 3.7% unemployment rate reflect a functioning local economy with 76,709 total employees across 6,358 establishments. Daytime employment within three miles totals only 1,668 jobs, limiting peak-hour capture beyond commuter pass-through traffic.
The site sits 0.01 miles from its primary road, providing strong ingress visibility, but Walk Score of 28 confirms near-total auto dependency. With only one competing gas station within a mile and nine nearby restaurants, the site holds a defensible local position in a thin-supply environment. Low surrounding retail density limits cross-shopping synergies but also constrains competitive pressure.
FEMA designates the site Zone X, indicating minimal flood exposure. State-level violent and property crime data were unavailable, which limits a complete public safety underwrite. With only three EV charging stations within five miles, near-term EV displacement risk is low, though the long-run secular shift in fuel demand remains a structural concern for fuel-dependent convenience operators.
With 1.3 years of lease term remaining and a March 2027 renewal notice deadline, a buyer acquires acute rollover risk on day one. Annual base rent of $225,405 at $124.53 per square foot provides current income, but rent at expiration is unavailable, making yield-at-rollover difficult to model precisely. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp. and the sixth-largest U.S. convenience operator with roughly 3,500 sites, provides meaningful institutional credit quality, reducing the probability of pre-expiration default. The single renewal option gives modest but real upside if GPM elects to stay; a buyer must price the vacancy risk if they do not.
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