GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
520 N Meridian St, Greenwood, 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 | $62,486 |
| Base rent $/SF | $26.03 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | |
| Notice date | |
| Year built | 1975 |
| Building SF | 2,401 |
| Land area (acres) | 0.45 |
| Pre G&A CFC | 3.03x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 9,073 | 80,414 | 176,268 |
| Households | 3,863 | 33,194 | 68,944 |
| Pop. density (/sq mi) | 2,888 | 2,844 | 2,244 |
| Avg HH income | $78,968 | $85,658 | $100,355 |
| Poverty rate | 9.6% | 10.1% | 7.7% |
| Bachelor's+ | 23.7% | 29.6% | 33.7% |
| Median home value | $188,845 | $222,917 | $238,368 |
| Median rent | $1,073 | $1,204 | $1,292 |
| Median age | 42 | 36 | 37 |
| Owner-occupied | 64.7% | 52.2% | 68.9% |
This Village Pantry/Fas Mart (GPM Investments) convenience store at 520 N Meridian St in Greenwood, Indiana earns an Excellent location grade of 75/100, supported by a dense suburban trade area, zero direct competition within half a mile, and a growing Johnson County market. The asset carries near-term lease rollover risk with only 0.9 years of term remaining, making credit quality and renewal probability the central underwriting questions for any buyer.
The 3-mile trade area supports 80,414 residents with average household income of $85,658 and median home values of $222,917, reflecting a stable, middle-income suburban consumer base. The 5-mile population of 176,268 with average household income of $100,355 and a low 7.7% poverty rate reinforces broad purchasing power across the site's full capture zone.
Johnson County is a high-performing Indianapolis suburb with population growth of 5.1% from 2020 to 2024, 3.0% unemployment, and 55,429 total employees across 3,645 establishments. The 3-mile daytime employment base of 46,571 workers drives consistent fuel and convenience demand throughout the week, supporting the site's commercial viability beyond residential traffic alone.
The site's Walk Score of 43 confirms a car-dependent environment, which is structurally appropriate for a fuel and convenience format. With 20 nearby restaurants and 16 retail destinations within one mile, the corridor generates cross-traffic, though AADT of only 5,525 vehicles per day is below average for high-performing gas station locations and represents a modest volume constraint.
The property was built in 1975, introducing potential deferred maintenance, environmental remediation exposure, and capital expenditure considerations that a buyer must underwrite carefully. FEMA Flood Zone X designation confirms minimal flood risk, and the absence of violent or property crime data limits a full risk picture but does not indicate elevated concern given Johnson County's suburban profile.
With 0.9 years of remaining term and no disclosed renewal options or notice dates, this asset is effectively a near-term rollover play. Current rent of $62,486 annually at $26.03 per square foot provides a modest income bridge, but the absence of a stated rent at expiration or option structure eliminates contractual income visibility beyond mid-2027. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 sites, provides credible institutional credit during the remaining term, but that credit does not extend optionality the lease does not contain. A buyer is essentially acquiring real estate with a near-expiration operating lease, betting on either renewal negotiation or repositioning.
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