GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
6427 Carolina Beach Rd, Wilmington, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2031 |
| Remaining term | 4.6 yrs |
| Lease term (months) | — |
| Annual base rent | $115,912 |
| Base rent $/SF | $22.37 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2030 |
| Year built | 2002 |
| Building SF | 5,181 |
| Land area (acres) | 1.85 |
| Pre G&A CFC | 3.40x (2024) |
| Lease status | Active |
Wilmington is a coastal port city with major beach tourism, UNCW, and the Port of Wilmington. Visitor and student demand supplement the resident base.
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 | 0 | 24,650 | 63,111 |
| Households | 0 | 10,043 | 27,816 |
| Pop. density (/sq mi) | 0 | 872 | 804 |
| Avg HH income | — | $108,854 | $113,000 |
| Poverty rate | — | 8.0% | 8.2% |
| Bachelor's+ | — | 37.6% | 45.9% |
| Median home value | — | $380,468 | $396,268 |
| Median rent | — | $1,278 | $1,392 |
| Median age | — | 44 | 44 |
| Owner-occupied | — | 81.8% | 68.5% |
This Scotchman/Fas Mart convenience store at 6427 Carolina Beach Rd offers a stabilized net lease asset backed by a publicly traded operator in a growing Wilmington submarket. With 4.6 years of remaining term, above-average household incomes at the 3- and 5-mile rings, and a low-flood-risk site, the property presents a moderate-income, operationally straightforward hold for yield-focused buyers. The location grade of 60/100 reflects real competitive and traffic concerns that temper otherwise solid fundamentals.
The 3-mile trade area supports 24,650 residents with average household income of $108,854 and a median home value of $380,468, metrics that skew materially above national convenience-store norms. Owner occupancy of 81.8% and a poverty rate of 8.0% signal a stable, asset-owning consumer base. The 1-mile population registers zero, indicating the immediate site sits in a transitional or sparsely platted corridor rather than a dense residential node.
New Hanover County is a legitimate growth market, expanding 7.5% from 2020 to 2024 to 243,333 residents, with unemployment at 3.1% and a broad employer base of 114,702 jobs across 8,516 establishments. Wilmington's coastal economy and in-migration trends support sustained retail demand. The submarket is not a top-tier urban core, but its growth trajectory and income profile are credible underwriting supports.
Traffic at 4,300 AADT is low for a gas station and convenience store format, where operators typically target sites with 15,000 or more daily vehicles. Proximity of 0.03 miles to a major road is a positive access indicator, but the modest walk score of 51 and bike score of 38 confirm auto-dependent, lower-frequency patronage patterns. Thirteen nearby restaurants and twelve retail tenants within one mile provide limited but present retail synergy.
The site sits in FEMA Zone X, presenting minimal flood exposure, which is a meaningful positive given coastal Wilmington's broader vulnerability. State-level crime data was unavailable, limiting a full safety assessment. No dollar or discount store competition within 0.5 miles reduces one category of foot-traffic risk.
The lease runs through March 2031 with 4.6 years remaining, creating near-term rollover exposure that a buyer must underwrite carefully. Current rent of $115,912 annually ($22.37/SF) with no stated rent at expiration or escalation data limits forward income visibility. One renewal option remains, with notice required by September 2030, providing limited runway. GPM Investments, LLC, as guarantor backed by Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience-store operator, provides institutional-grade credit support, which is the deal's single most compelling underwriting anchor.
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