GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
1138 N Main St, Bellefontaine, OH
| Tenant / d/b/a | Village Variety |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Feb 29, 2008 |
| Lease expiration | Jun 30, 2027 |
| Remaining term | 1.0 yrs |
| Lease term (months) | — |
| Annual base rent | $180,247 |
| Base rent $/SF | $86.24 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Dec 03, 2026 |
| Year built | 2001 |
| Building SF | 2,090 |
| Land area (acres) | 0.49 |
| Pre G&A CFC | 3.57x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 1138 N Main St |
Bellefontaine is home to Mad River Mountain, Ohio's largest ski resort (20+ trails), plus proximity to Indian Lake — adding seasonal winter-recreation demand beyond resident rooftops.
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 | 4,374 | 15,409 | 15,409 |
| Households | 1,950 | 6,903 | 6,903 |
| Pop. density (/sq mi) | 1,392 | 545 | 196 |
| Avg HH income | $69,557 | $72,812 | $72,812 |
| Poverty rate | 9.8% | 16.1% | 16.1% |
| Bachelor's+ | 15.3% | 15.6% | 15.6% |
| Median home value | $120,000 | $151,486 | $151,486 |
| Median rent | $957 | $753 | $753 |
| Median age | 34 | 36 | 36 |
| Owner-occupied | 56.5% | 61.5% | 61.5% |
This Village Variety / Fas Mart convenience store at 1138 N Main St, Bellefontaine, OH carries a Location Grade of 63/100 (STRONG), backed by zero direct fuel competition within one mile and a 0.01-mile setback to a major road. The asset is a 2,090 SF building on 0.49 acres built in 2001, leased through June 2027, with the creditworthy guarantee of GPM Investments / ARKO Corp. The near-term lease expiration dominates the investment thesis and will drive pricing.
The one-mile trade area holds 4,374 residents at a density of 1,392 per square mile, with average household income of $69,557, adequate for a convenience and fuel format. The three-mile population of 15,409 shows average HH income of $72,812 and a 61.5% owner-occupancy rate, indicating a stable, rooted consumer base. A 16.1% three-mile poverty rate and below-average educational attainment (15.6% bachelor's or higher) are consistent with a value-oriented convenience store customer profile.
Logan County is a nonmetro, metro-adjacent market with a flat population trend (46,114 in 2020 to 46,085 in 2024) and a 4.2% unemployment rate, reflecting a stable but low-growth economic environment. The county supports 867 total establishments and 17,033 employees, a modest but functional retail base for a market of this size. The 3-to-5-mile population remaining constant at 15,409 confirms this is a contained, self-contained trade area with limited growth catalysts.
The site sits 0.01 miles from a major road with no competing gas stations within one mile, creating strong locational exclusivity for fuel capture. A Walk Score of 43 confirms car dependency, which is operationally appropriate for a gas station and convenience format. Seven nearby restaurants within one mile provide modest trip-chaining demand but overall retail density is thin.
FEMA designates the site Zone X, presenting minimal flood exposure. State-level crime data was unavailable, limiting granular security risk assessment. No EV charging infrastructure exists within five miles, which is a neutral-to-positive factor near-term but warrants monitoring as the charging network expands.
With only 1.0 year of remaining term and a December 2026 renewal notice deadline, a buyer faces immediate rollover risk at acquisition. Current rent of $180,247 ($86.24/SF) is aggressive for a 2,090 SF asset in a nonmetro Ohio market, and no rent-at-expiration figure is disclosed, leaving renewal economics unconfirmed. The single remaining renewal option provides limited long-term hold security. GPM Investments / ARKO Corp. is the sixth-largest U.S. convenience operator with approximately 3,500 sites across 34 states and is a publicly traded, SEC-reporting entity, providing institutional-grade credit; however, that credit quality does not offset the structural lease risk at this rent level.
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