GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
489 Lake Arrowhead Rd, Myrtle Beach, SC
| 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 | $170,819 |
| Base rent $/SF | $61.67 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | |
| Notice date | |
| Year built | 1985 |
| Building SF | 2,770 |
| Land area (acres) | 0.48 |
| Pre G&A CFC | 2.28x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 489 Lake Arrowhead Rd |
Myrtle Beach is a major beach-tourism destination drawing tens of millions of visitors annually; demand is largely seasonal and not reflected in resident metrics.
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 | 1,994 | 10,025 | 26,968 |
| Households | 1,238 | 4,852 | 12,285 |
| Pop. density (/sq mi) | 635 | 355 | 343 |
| Avg HH income | $113,248 | $120,846 | $111,198 |
| Poverty rate | 5.7% | 8.4% | 8.5% |
| Bachelor's+ | 51.0% | 41.0% | 40.0% |
| Median home value | $237,400 | $354,923 | $354,270 |
| Median rent | — | $1,297 | $1,540 |
| Median age | 64 | 59 | 53 |
| Owner-occupied | 94.1% | 84.8% | 76.4% |
489 Lake Arrowhead Road is a 2,770 SF Scotchman-branded convenience store and gas station on 0.48 acres in Myrtle Beach, South Carolina, operated by GPM Investments under a long-term net lease extending to March 2038. The site earns a location grade of 67 out of 100, reflecting adequate but not exceptional fundamentals in a fast-growing coastal market. Horry County's 16.9% population surge from 2020 to 2024 provides a supportive macro backdrop.
The immediate one-mile trade area is relatively thin at 1,994 residents, though average household income of $113,248 signals meaningful consumer purchasing power. The three-mile ring improves materially, with 10,025 residents, average household income of $120,846, and an 84.8% homeownership rate that indicates a stable, rooted customer base. Poverty rates of 5.7% to 8.5% across radii are low and consistent with an affluent coastal corridor.
Horry County is a high-growth Metro market with over 413,000 residents and 10,313 total business establishments anchored by tourism and residential expansion. Unemployment at 4.8% is manageable, and a daytime employment base of nearly 12,000 workers within three miles supports convenience traffic. The Myrtle Beach coastal economy introduces seasonality risk, but sustained population growth partially offsets that cyclicality.
The site sits 0.06 miles from a major road and benefits from 20 restaurants and 15 retail destinations within one mile, supporting incidental convenience traffic. Walk Score of 49 confirms car-dependent access, which is typical and acceptable for this asset class. The absence of dollar or discount store competitors within 0.5 miles modestly reduces impulse-purchase cannibalization risk.
Site-level AADT data is unavailable, which limits independent traffic underwriting and forces reliance on operator performance assumptions. Six competing gas stations within one mile represents a dense competitive set that constrains pricing power and customer capture rates. The presence of 17 EV charging stations within five miles reflects an accelerating transition dynamic that introduces longer-term fuel volume uncertainty.
With 11.6 years of remaining term and lease expiration in March 2038, a buyer acquires meaningful duration without near-term rollover exposure. However, no disclosed renewal options and no stated rent at expiration create uncertainty about terminal value and re-tenanting leverage. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 locations, provides institutional-grade credit support, which partially compensates for the absence of contractual rent escalations and renewal clarity.
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