GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
2404 Fontaine Avenue, Charlottesville, VA
| Tenant / d/b/a | Every Day Shop & Cafe |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 26, 2011 |
| Lease expiration | May 31, 2031 |
| Remaining term | 4.8 yrs |
| Lease term (months) | — |
| Annual base rent | $248,004 |
| Base rent $/SF | $69.24 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/4 |
| Notice date | Nov 02, 2030 |
| Year built | 1989 |
| Building SF | 3,582 |
| Land area (acres) | 0.89 |
| Pre G&A CFC | 2.19x (2023) |
| Lease status | Active |
Charlottesville is home to the University of Virginia and Monticello, combining a major university (and medical center) with heavy heritage tourism — student and visitor 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 | 15,826 | 58,646 | 97,171 |
| Households | 3,969 | 22,546 | 40,330 |
| Pop. density (/sq mi) | 5,038 | 2,074 | 1,237 |
| Avg HH income | $96,774 | $101,616 | $117,301 |
| Poverty rate | 28.8% | 22.0% | 15.8% |
| Bachelor's+ | 69.1% | 60.2% | 61.5% |
| Median home value | $501,083 | $454,738 | $458,283 |
| Median rent | $1,386 | $1,450 | $1,499 |
| Median age | 24 | 30 | 35 |
| Owner-occupied | 32.4% | 36.9% | 45.8% |
This net lease gas station and convenience store in Charlottesville, Virginia is occupied by Every Day Shop & Cafe operating under the Fas Mart brand, guaranteed by GPM Investments, LLC, a subsidiary of ARKO Corp. The property earns an Excellent location grade of 79 out of 100, supported by dense daytime employment, a highly educated trade area, and minimal direct competition. With 4.8 years of remaining term and a publicly traded guarantor, the asset presents a stabilized income profile with moderate near-term rollover exposure.
The immediate one-mile population of 15,826 at a density of 5,038 per square mile reflects a genuinely urban node, with average household income of $96,774 and a notably high poverty rate of 28.8 percent suggesting a mixed consumer base. The three-mile ring shows 58,646 residents, 60.2 percent holding bachelor's degrees or higher, and a median home value of $454,738, consistent with Charlottesville's University of Virginia-anchored economy. Income metrics strengthen further at five miles, reaching an average household income of $117,301.
Charlottesville is a sub-250K metro experiencing modest population contraction, down 3.6 percent from 2020 to 2024, though its 2.3 percent unemployment rate signals a healthy labor market. The 15,074 daytime jobs within one mile and 58,611 within three miles underpin consistent convenience retail demand regardless of residential population trends. The university-driven economic base provides above-average income stability relative to peers in this metro size class.
The site sits 0.02 miles from a major road with 13,000 AADT and faces only one competing gas station within a full mile, indicating a relatively protected competitive position. A Walk Score of 50 and Bike Score of 74 reflect moderate pedestrian access, while the absence of dollar or discount stores within half a mile removes a common convenience traffic detractor. Twenty nearby restaurants within one mile support ancillary foot traffic and cross-shopping potential.
The property is located in FEMA Flood Zone X, indicating minimal flood hazard and no material environmental exposure on that dimension. The 45 EV charging stations within five miles represent a growing long-term displacement risk to traditional fuel volumes. Poverty rates of 28.8 percent at one mile and 22.0 percent at three miles could pressure discretionary in-store spending at the convenience and cafe format.
The lease expires May 31, 2031, leaving a buyer with 4.8 years of contractual income at $248,004 annually, after which the single four-year renewal option must be exercised with notice no later than November 2, 2030. Rent at expiration is not disclosed, creating uncertainty around whether renewal economics will reflect market or below-market rent. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience store operator with roughly 3,500 sites, provides institutional-grade credit support, though ARKO's public financials warrant review given sector pressures on fuel margins. A buyer accepts meaningful rollover risk at a relatively near-term horizon in exchange for a defensible current yield backed by a scaled operator.
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