GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
5302 Carolina Beach Rd, Wilmington, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Aug 30, 2027 |
| Remaining term | 1.2 yrs |
| Lease term (months) | — |
| Annual base rent | $126,284 |
| Base rent $/SF | $51.99 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Feb 02, 2027 |
| Year built | 1992 |
| Building SF | 2,429 |
| Land area (acres) | 1.32 |
| Pre G&A CFC | 1.58x (2024) |
| Lease status | Active |
Wilmington is a coastal port city with major beach tourism (Wrightsville/Carolina/Kure), 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 | 11,422 | 45,645 | 82,257 |
| Households | 5,312 | 20,124 | 36,073 |
| Pop. density (/sq mi) | 3,636 | 1,614 | 1,047 |
| Avg HH income | $91,196 | $105,647 | $112,700 |
| Poverty rate | 12.8% | 8.5% | 9.2% |
| Bachelor's+ | 40.3% | 45.9% | 47.1% |
| Median home value | $303,381 | $340,787 | $364,956 |
| Median rent | $1,302 | $1,385 | $1,393 |
| Median age | 38 | 42 | 43 |
| Owner-occupied | 49.7% | 63.6% | 64.5% |
This Scotchman/Fas Mart convenience store at 5302 Carolina Beach Rd sits on a 1.32-acre parcel in Wilmington, NC, drawing 33,500 vehicles per day from a corridor directly adjacent to a major road. The site scores 75/100 on location grade and operates within a growing New Hanover County metro that expanded 7.5% from 2020 to 2024. The investment thesis is primarily a near-term lease rollover play backed by a publicly traded guarantor.
The 1-mile trade area holds 11,422 residents at a solid urban density of 3,636 per square mile, with average household income of $91,196. The 3-mile ring expands to 45,645 people, $105,647 average household income, and a median home value of $340,787, indicating a stable middle-to-upper-middle-class consumer base. Poverty rates decline from 12.8% at 1-mile to 8.5% at 3-miles, suggesting the immediate node skews slightly lower-income than the broader trade area.
New Hanover County carries 3.1% unemployment, 8,516 total business establishments, and a daytime employment base of 9,023 workers within 3 miles of the site. The Wilmington metro is classified as a 250K-1M population market with demonstrated population momentum. Consumer demand fundamentals are sound for fuel and convenience retail.
Direct adjacency to a major road at 0.01 miles and 33,500 AADT confirm strong vehicular exposure for a fuel-dependent format. The site earns a Walk Score of 62, supported by 20 nearby restaurants and 20 retail destinations within 1 mile. Daytime employment density within 1 mile is modest at 3,503 jobs, indicating the site skews toward residential pass-through traffic rather than a dense employment capture zone.
The property sits in FEMA Flood Zone X, representing minimal flood hazard, which is a meaningful positive for a coastal Wilmington asset. No dollar or discount store competition exists within 0.5 miles, reducing traffic-dilution risk from that format. Environmental liability inherent to fuel operations on a 1992-vintage site is a standard underwriting consideration that requires Phase I and Phase II review.
With only 1.2 years of remaining term and a February 2027 renewal notice deadline, the buyer faces near-immediate rollover risk. Current rent of $126,284 ($51.99/SF) provides no stated escalation path to expiration, and rent at expiration is unspecified, creating pricing uncertainty. The tenant holds one of two renewal options, providing some continuity probability. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 sites, provides institutional-grade credit support, but short remaining term compresses the income security that credit quality would otherwise underwrite. A buyer is effectively acquiring a near-term renewal decision, not a stabilized income stream.
Full institutional offering memorandum with all 48 briefs, maps, and tax analysis.
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