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 | 4.6 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 Scotchman-branded convenience store on 1.24 acres in Wilmington, NC, operated by GPM Investments under the Fas Mart umbrella with 4.6 years of remaining term through March 2031. The site scores 66/100 on location grading, reflecting adequate but not exceptional fundamentals in a growing coastal metro. The asset offers near-term income certainty from a publicly traded guarantor, with rollover risk as the primary underwriting concern.
The 3-mile trade area holds 47,787 residents at an average household income of $74,975, with a median home value of $295,645 and a poverty rate of 20.5% that tempers the income profile. Population density is moderate at 1,690 per square mile within 3 miles, supporting routine convenience and fuel demand. New Hanover County grew 7.5% from 2020 to 2024, adding meaningful rooftop support to the broader corridor.
Wilmington sits in a Metro 250K-1M classification with 243,333 county residents, 8,516 business establishments, and a 3.1% unemployment rate, reflecting a healthy and diversifying local economy. Daytime employment density within 3 miles reaches 42,170 jobs, though the 0.32 day/night ratio suggests the immediate 1-mile node is more residential than commercial in character. The coastal growth trajectory supports long-term demand, but the site is not positioned at a premier commercial intersection.
With a Walk Score of 19 and only 6 nearby restaurants and 9 retail outlets within 1 mile, the site functions as an auto-dependent convenience destination rather than a high-foot-traffic node. Traffic at 14,500 AADT is functional for a c-store format but below the threshold typically associated with top-tier fuel sites. The 0.59-mile proximity to the nearest major road slightly dilutes impulse capture potential.
The FEMA flood designation is Zone X, indicating minimal flood hazard, which is a notable positive for a coastal Wilmington asset. State-level crime statistics were not provided, leaving that dimension of risk unquantified for underwriting purposes. With 26 EV charging stations within 5 miles, fuel volume displacement risk is emerging but not yet acute in this market.
The lease runs to March 2031 with 4.6 years remaining, creating visible rollover exposure within a typical hold period. Current rent is $164,718 annually with no stated rent at expiration, leaving rent mark-to-market upside or downside unquantifiable without market comp data. GPM Investments, backed by Nasdaq-listed ARKO Corp., the sixth-largest U.S. c-store operator with roughly 3,500 locations, provides institutional-grade credit support that partially offsets the short remaining term. One renewal option remains, with a September 2030 notice deadline, giving a buyer modest extension optionality but limited long-term income lock-in.
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