GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
400 S Buffalo St, Warsaw, IN
| Tenant / d/b/a | Village Pantry |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 25, 2007 |
| Lease expiration | May 31, 2029 |
| Remaining term | 2.9 yrs |
| Lease term (months) | — |
| Annual base rent | $149,966 |
| Base rent $/SF | $70.77 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2028 |
| Year built | 1999 |
| Building SF | 2,119 |
| Land area (acres) | 1.43 |
| Pre G&A CFC | 0.66x (2023) |
| Lease status | SUBLEASED |
| Operating tenant | 400 S Buffalo St |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 2,645 | 27,723 | 32,385 |
| Households | 1,005 | 10,849 | 12,313 |
| Pop. density (/sq mi) | 842 | 981 | 412 |
| Avg HH income | $65,667 | $87,329 | $89,485 |
| Poverty rate | 11.1% | 12.4% | 12.6% |
| Bachelor's+ | 17.9% | 34.1% | 33.1% |
| Median home value | $123,300 | $184,424 | $188,235 |
| Median rent | $972 | $1,101 | $1,057 |
| Median age | 38 | 35 | 35 |
| Owner-occupied | 54.3% | 64.2% | 67.7% |
400 S Buffalo St is a 2,119 SF Village Pantry convenience store and gas station on 1.43 acres in Warsaw, Indiana, leased through May 2029 with 2.9 years of remaining term. The guarantor is GPM Investments, a subsidiary of publicly traded ARKO Corp., the sixth-largest U.S. convenience store operator with approximately 3,500 locations. At a location grade of 62/100, the site presents moderate fundamentals with near-term rollover risk as the primary underwriting consideration.
The immediate one-mile trade area is thin, with only 2,645 residents at a density of 842 per square mile and average household income of $65,667. The three-mile ring broadens the profile materially, reaching 27,723 residents with average household income of $87,329 and 64.2% owner occupancy, indicating a stable, working-family base. Poverty rates of approximately 11 to 13 percent across rings are modest but warrant monitoring relative to discretionary fuel and convenience spending.
Warsaw anchors Kosciusko County, a nonmetro urban market with a modest but stable population of approximately 80,700 and a healthy unemployment rate of 3.8%. The county supports 2,026 total business establishments and 37,230 employees, providing a functional demand base for convenience retail. The day-to-night population ratio of 1.75 within one mile reflects meaningful daytime employment activity, with 4,641 jobs in the immediate corridor and 20,510 within three miles.
The site sits 0.01 miles from a major road with a Walk Score of 84, reflecting strong accessibility within a walkable commercial node that includes 20 nearby restaurants and 19 retail destinations within one mile. Traffic at 5,567 vehicles per day is below the threshold typically preferred for top-tier fuel sites, which generally target 10,000-plus AADT. Competitive pressure is meaningful, with six gas stations within one mile.
Flood exposure is minimal under FEMA Zone X designation. No state-level crime statistics were available for independent underwriting, which limits risk-adjusted comparisons. Environmental liability, standard for fuel retail, should be confirmed through Phase I and Phase II diligence given the 1999 construction vintage.
With 2.9 years of remaining term and a single one-year renewal option carrying a September 2028 notice deadline, a buyer faces near-term rollover risk before significant lease seasoning is established. Annual rent of $149,966 at $70.77 per square foot provides no visibility into rent at expiration, limiting income certainty. GPM Investments as guarantor, backed by ARKO Corp.'s Nasdaq-listed balance sheet and national scale, provides institutional-grade credit, but the short term compresses the duration value of that guarantee.
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