GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
2301 Hoffmeyer Rd, Florence, SC
| Tenant / d/b/a | Youngs |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2028 |
| Remaining term | 1.6 yrs |
| Lease term (months) | — |
| Annual base rent | $117,132 |
| Base rent $/SF | $48.18 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 04, 2027 |
| Year built | 1982 |
| Building SF | 2,431 |
| Land area (acres) | 0.70 |
| Pre G&A CFC | 1.25x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 2,640 | 31,973 | 68,750 |
| Households | 936 | 13,420 | 27,006 |
| Pop. density (/sq mi) | 840 | 1,131 | 875 |
| Avg HH income | $136,618 | $89,078 | $85,483 |
| Poverty rate | 8.3% | 15.2% | 15.9% |
| Bachelor's+ | 40.7% | 33.4% | 29.8% |
| Median home value | $368,400 | $198,612 | $188,750 |
| Median rent | $891 | $1,011 | $1,029 |
| Median age | 41 | 39 | 39 |
| Owner-occupied | 82.3% | 57.9% | 62.4% |
This 2,431 SF Fas Mart convenience store at 2301 Hoffmeyer Rd, Florence, SC operates on a ground-level net lease with 1.6 years remaining, backed by GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp. The site earns a location grade of 67/100, reflecting adequate but not exceptional fundamentals in a secondary metro market. Near-term lease rollover is the defining investment consideration.
The immediate 1-mile trade area is modest at 2,640 residents but carries a notably high average household income of $136,618, suggesting an affluent proximate customer base. Expanding to 3 miles, population grows to nearly 32,000 with average HH income of $89,078 and 57.9% owner occupancy, indicating a stable, middle-income suburban catchment. Poverty rates rise from 8.3% at 1 mile to 15.9% at 5 miles, reflecting economic stratification across the broader trade area.
Florence County is a sub-250K metro with modest population growth of 0.9% from 2020 to 2024 and an unemployment rate of 4.2%, roughly in line with national averages. The county supports 3,240 establishments and 64,862 employees, providing a sufficient commercial base to sustain convenience retail demand. The market is functional but not a high-growth environment, limiting upside rent assumptions at renewal.
Traffic exposure of 17,600 AADT is adequate for convenience retail, supported by 6,942 daytime workers within 1 mile and over 32,000 within 3 miles, yielding a strong day/night population ratio of 2.63. However, competition is meaningful with 12 gas stations within 1 mile. A Walk Score of 40 confirms full car dependency, consistent with the suburban arterial format.
The property sits in FEMA Flood Zone X, indicating minimal flood hazard and no material environmental concern on that front. State-level crime data was unavailable for independent scoring. The 1982 construction vintage introduces potential capital expenditure exposure on systems and infrastructure, particularly relevant given the site's age relative to modern convenience retail standards.
With only 1.6 years of lease term remaining and a notice deadline of September 2027, a buyer assumes immediate rollover risk. Current rent of $117,132 annually ($48.18/SF) provides no visibility to a rent-at-expiration figure, making renewal negotiation the central value event. One of two renewal options remains available, but the buyer carries the execution risk. GPM Investments as guarantor provides institutional-grade credit, backed by ARKO Corp.'s publicly traded balance sheet and scale as the sixth-largest U.S. convenience operator with roughly 3,500 sites. That credit quality moderates near-term income risk but does not eliminate rollover uncertainty.
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