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 | 2.8 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, operated under the Fas Mart banner by GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp. The site earns a location grade of 62 out of 100, reflecting adequate but not exceptional fundamentals. With 2.8 years of remaining lease term and a single renewal option, this offering is a short-duration income play backed by a publicly traded guarantor.
The 3-mile trade area supports 27,723 residents with average household income of $87,329 and a 64.2 percent homeownership rate, signaling a stable, middle-income consumer base. The 1-mile population is thin at 2,645, limiting walk-in impulse demand. A daytime employment base of 20,510 workers within 3 miles and a day-to-night ratio of 1.75 provide meaningful traffic support beyond resident counts alone.
Kosciusko County is a nonmetro, metro-adjacent market with modest but positive population growth of 0.6 percent from 2020 to 2024 and a healthy unemployment rate of 3.8 percent. Warsaw anchors the county as its urban center, with 2,026 total business establishments and 37,230 employees providing a functional economic base. The market is stable rather than dynamic, which tempers long-term rent growth expectations.
The site sits 0.01 miles from a major road and carries a Walk Score of 84, indicating strong pedestrian accessibility for a convenience format. Twenty restaurants and 19 retail establishments within 1 mile support co-destination traffic. AADT of 5,567 vehicles per day is below the threshold typically associated with high-volume fuel sites, which is a meaningful limitation.
Environmental and climate exposure is limited, as the site sits in FEMA Flood Zone X, indicating minimal flood hazard. Crime data at the state level was not available for this analysis, which leaves one risk dimension unquantified. EV charging infrastructure within 5 miles is currently modest at 5 stations, though the broader energy transition trend warrants monitoring over a medium-term hold.
With only 2.8 years of term remaining and a renewal notice deadline of September 2028, a buyer assumes near-term rollover risk as the primary underwriting variable. Rent at expiration is not disclosed, creating uncertainty around re-leasing economics and the value of the single five-year renewal option. GPM Investments as guarantor, backed by ARKO Corp.'s scale across 3,500 sites and its SEC-reporting status, provides institutional-grade credit support, but ARKO's publicly reported margin pressures in the fuel segment are a known credit consideration.
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