GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
4023 E 10th St, Indianapolis, IN
| Tenant / d/b/a | Village Pantry |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 25, 2007 |
| Lease expiration | May 31, 2027 |
| Remaining term | 0.9 yrs |
| Lease term (months) | — |
| Annual base rent | $97,315 |
| Base rent $/SF | $39.37 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2026 |
| Year built | 1984 |
| Building SF | 2,472 |
| Land area (acres) | 0.38 |
| Pre G&A CFC | 1.06x (2023) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 19,694 | 104,342 | 267,886 |
| Households | 9,374 | 47,193 | 115,986 |
| Pop. density (/sq mi) | 6,269 | 3,690 | 3,411 |
| Avg HH income | $53,224 | $74,643 | $74,487 |
| Poverty rate | 28.1% | 23.8% | 21.4% |
| Bachelor's+ | 20.5% | 30.6% | 30.5% |
| Median home value | $110,363 | $180,612 | $186,776 |
| Median rent | $998 | $1,045 | $1,104 |
| Median age | 34 | 35 | 34 |
| Owner-occupied | 39.9% | 48.7% | 48.8% |
Village Pantry Store #2266 at 4023 E 10th St, Indianapolis, is a 2,472 SF convenience store on 0.38 acres graded STRONG at 61/100, occupied by GPM Investments under a lease expiring May 2027. With under one year of remaining term, this offering is priced as a near-term rollover play in a dense urban submarket with meaningful foot traffic but elevated competitive pressure. The investment thesis hinges on renewal execution and the operator's commitment to the site.
The immediate one-mile trade area holds 19,694 residents at 6,269 per square mile, supporting strong walk-in convenience demand, though average household income of $53,224 and a 28.1% poverty rate signal a value-oriented customer base. The three-mile ring expands to 104,342 residents with average household income of $74,643, providing a broader but still moderately constrained spending pool. Population growth at the county level is essentially flat at 0.5% from 2020 to 2024, limiting organic demand upside.
Marion County is a major metro market with over 981,000 residents, 3.6% unemployment, and 23,994 total business establishments, reflecting a stable if slow-growth economic base. Indianapolis's urban core provides consistent convenience retail demand, though the 10th Street corridor is a competitive, price-sensitive environment rather than a premium trade area.
Site AADT of 8,808 vehicles per day is below average for a high-performing fuel stop, and proximity to the nearest major road at 0.83 miles limits impulse capture from highway traffic. A Walk Score of 71 supports pedestrian convenience demand, and 20 nearby restaurants and 20 retail locations confirm an active commercial corridor.
1. Six competing gas stations within 0.5 miles and 17 within one mile create severe fuel and convenience competition that directly pressures volume and renewal leverage. 2. The lease expires May 31, 2027, with only one five-year renewal option and a notice deadline of September 3, 2026, leaving a buyer with minimal income runway to negotiate or reposition. 3. The one-mile poverty rate of 28.1% and low day-to-night population ratio of 0.11 indicate limited daytime workforce demand and a structurally constrained consumer base.
With 0.9 years of remaining term, a buyer assumes near-immediate rollover risk. Current rent of $97,315 annually provides no rent-at-expiration benchmark, making renewal economics speculative. GPM Investments, backed by Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with approximately 3,500 sites, provides credible institutional credit, but tenant financial strength does not guarantee site-level renewal given the competitive saturation here.
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