GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
101 E Memorial Dr, Muncie, IN
| Tenant / d/b/a | Village Pantry |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 25, 2007 |
| Lease expiration | May 31, 2027 |
| Remaining term | 0.8 yrs |
| Lease term (months) | — |
| Annual base rent | $37,492 |
| Base rent $/SF | $15.62 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2026 |
| Year built | 1973 |
| Building SF | 2,400 |
| Land area (acres) | 0.25 |
| Pre G&A CFC | -0.43x (2023) |
| Lease status | Active |
Muncie is home to Ball State University (~20,000 students), a student/daytime demand base 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 | 7,976 | 51,681 | 76,550 |
| Households | 3,313 | 20,452 | 31,639 |
| Pop. density (/sq mi) | 2,539 | 1,828 | 975 |
| Avg HH income | $50,244 | $53,016 | $64,140 |
| Poverty rate | 33.9% | 32.9% | 25.5% |
| Bachelor's+ | 5.7% | 18.6% | 26.2% |
| Median home value | $51,342 | $80,117 | $107,862 |
| Median rent | $870 | $878 | $913 |
| Median age | 36 | 33 | 35 |
| Owner-occupied | 51.3% | 48.5% | 57.3% |
101 E Memorial Dr is a 2,400 SF Village Pantry convenience store and gas station in Muncie, Indiana, occupied by a GPM Investments subsidiary with approximately 0.8 years of remaining lease term. The site earns a location grade of 61 out of 100, reflecting adequate but not exceptional fundamentals anchored by a dense urban trade area tempered by elevated poverty and modest income levels. This is a near-term rollover play requiring buyers to underwrite both credit continuation and re-tenanting risk.
The immediate one-mile population of 7,976 at a density of 2,539 per square mile provides a solid urban customer base, though average household income of $50,244 and a poverty rate of 33.9% indicate a price-sensitive consumer profile. The three-mile trade area expands to 51,681 residents but median home values of $80,117 and a 32.9% poverty rate confirm this as a below-average income market.
Delaware County is a small metro market with stable but uninspiring population growth of 1.1% from 2020 to 2024 and unemployment of 3.9%. The county supports 2,308 total establishments and 40,300 employees, providing baseline commercial activity sufficient to sustain convenience retail demand without meaningful growth catalysts.
Traffic exposure of 11,206 vehicles per day is functional but below the thresholds typically associated with high-volume fuel sites, and the nearest major road sits one mile away, limiting impulse capture. The walk score of 63 and 20 nearby restaurants within one mile suggest adequate but not dominant retail positioning within the corridor.
Flood risk is minimal under FEMA Zone X designation. The primary site risk is competitive density, with six gas stations operating within one mile, compressing fuel margin and customer retention potential for this operator.
With only 0.8 years remaining and a September 2026 renewal notice deadline, this asset presents immediate rollover exposure that will dominate the buyer's underwriting. Annual base rent of $37,492, or $15.62 per square foot, is a modest figure that may not reflect current market rents upon renewal or re-tenanting. The single one-year renewal option provides limited forward income visibility. GPM Investments as guarantor, backed by publicly traded ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 sites, represents credible institutional credit, but the short remaining term largely subordinates that credit quality to rollover risk in a buyer's return calculus.
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