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 | 0.8 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% |
This Village Pantry/Fas Mart (GPM Investments) net lease asset at 4023 E 10th St, Indianapolis sits on a high-density urban corridor with a location grade of 61/100 (Strong). The investment thesis is dominated by near-term lease rollover risk, with only 0.8 years of remaining term and a single one-year renewal option requiring notice by September 2026.
The 1-mile trade area carries a population of 19,694 at 6,269 persons per square mile, but average household income of $53,224 and a 28.1% poverty rate signal a value-oriented, price-sensitive customer base. The 3-mile ring broadens to 104,342 residents with average household income rising to $74,643, providing a more balanced demand picture at the corridor level.
Marion County anchors a 1M+ metro with 981,628 residents, 3.6% unemployment, and 535,000 employees across 23,994 establishments, reflecting a stable urban economic base. The site draws from a dense daytime employment pool of 46,926 workers within 3 miles, though the low day/night population ratio of 0.11 within 1 mile suggests limited captive foot traffic from nearby residents during peak convenience hours.
A Walk Score of 71 and proximity to 20 restaurants and 20 retail outlets within 1 mile confirm solid urban amenity density, but AADT of only 8,808 vehicles per day is modest for a gas station format. Six competing gas stations within 0.5 miles and 17 within 1 mile represent a heavily saturated competitive environment that constrains pricing power and volume upside.
The site sits in FEMA Flood Zone X, presenting minimal environmental exposure. No state-level crime data was provided, which limits a complete underwriting picture on site safety, though the inner-city demographics warrant independent review.
With only 0.8 years of term remaining and a mandatory renewal notice deadline of September 2026, a buyer acquires near-immediate rollover exposure rather than durable income. Current rent of $97,315 ($39.37/SF) has no contractual escalation disclosed at expiration, creating uncertainty around whether the renewal, if exercised, resets at market or carries forward at flat terms. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 sites, provides meaningful credit quality, but that credit quality becomes largely irrelevant if the tenant elects not to renew. Buyers must underwrite this as a near-term value-add or redevelopment play, not a passive income hold.
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