GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
310 S College Rd, Wilmington, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2031 |
| Remaining term | 4.6 yrs |
| Lease term (months) | — |
| Annual base rent | $134,215 |
| Base rent $/SF | $93.73 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2030 |
| Year built | 1999 |
| Building SF | 1,432 |
| Land area (acres) | 0.62 |
| Pre G&A CFC | 2.33x (2024) |
| Lease status | Active |
Wilmington is a coastal port city with major beach tourism (Wrightsville/Carolina/Kure), UNCW, the Port of Wilmington, and a long-standing film-production industry. 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 | 12,259 | 66,965 | 133,972 |
| Households | 4,592 | 30,327 | 60,767 |
| Pop. density (/sq mi) | 3,902 | 2,368 | 1,706 |
| Avg HH income | $56,832 | $95,877 | $99,529 |
| Poverty rate | 27.8% | 16.7% | 14.3% |
| Bachelor's+ | 31.2% | 46.0% | 44.9% |
| Median home value | $294,809 | $359,230 | $354,077 |
| Median rent | $1,617 | $1,505 | $1,435 |
| Median age | 23 | 36 | 38 |
| Owner-occupied | 23.5% | 47.6% | 52.3% |
310 S College Rd is a 1,432 SF convenience store and gas station operated by Scotchman (GPM Investments/ARKO Corp.) on a 0.62-acre site in Wilmington, NC, graded Excellent at 79/100. The asset offers 4.6 years of remaining term backed by a publicly traded, investment-grade-scale operator with roughly 3,500 locations nationally. Traffic volume of 44,500 AADT and dense daytime employment underpin the site's daily-needs utility.
The immediate 1-mile trade area carries a population of 12,259 at 3,902 persons per square mile, though average household income of $56,832 and a 27.8% poverty rate reflect a value-oriented consumer base. The broader 3-mile ring tells a stronger story: 66,965 residents, average household income of $95,877, and a median home value of $359,230 indicate meaningful purchasing power in the surrounding draw area. The 5-mile population of nearly 134,000 confirms this as a genuinely dense coastal market.
New Hanover County is a growing Metro market, with population expanding 7.5% from 2020 to 2024 to reach 243,333, and unemployment sitting at a tight 3.1%. The county supports 8,516 business establishments and over 114,700 employees, reflecting a diversified local economy anchored by healthcare, education, and tourism. Wilmington's sustained population growth reinforces the long-term demand thesis for convenience retail at this location.
The site sits 0.01 miles from a major road corridor and draws 44,500 vehicles per day, providing exceptional fuel and convenience capture potential. Daytime employment density within 3 miles reaches 44,837 jobs, sustaining a strong lunchtime and commuter impulse-purchase cycle. A Walk Score of 67 and Bike Score of 68 further support non-vehicular foot traffic as a secondary demand driver.
Competition is elevated, with 16 gas stations within one mile creating meaningful price and volume pressure on fuel margins. The 1-mile poverty rate of 27.8% may constrain inside-store ticket sizes and limit organic rent growth potential. With no stated rent at expiration and a single renewal option requiring notice by September 2030, near-term lease rollover uncertainty is a tangible investor consideration.
At $134,215 annual rent with 4.6 years of term remaining, the lease provides near-term cash flow clarity backed by GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator. The absence of disclosed rent escalations or expiration-year rent data limits visibility into long-term yield trajectory. One renewal option at operator discretion means a buyer assumes meaningful re-tenanting or re-pricing risk at expiration in 2031.
Full institutional offering memorandum with all 143 property briefs, maps, and tax analysis.
Download full OM (PDF)