GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
4405 S 17th St, Wilmington, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2030 |
| Remaining term | 3.6 yrs |
| Lease term (months) | — |
| Annual base rent | $113,140 |
| Base rent $/SF | $25.00 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2029 |
| Year built | 2006 |
| Building SF | 4,525 |
| Land area (acres) | 1.25 |
| Pre G&A CFC | 7.13x (2024) |
| Lease status | Active |
Wilmington is a coastal port city with major beach tourism, UNCW, the Port of Wilmington, and a film-production industry. 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 | 3,975 | 66,138 | 127,546 |
| Households | 1,818 | 29,890 | 57,695 |
| Pop. density (/sq mi) | 1,265 | 2,339 | 1,624 |
| Avg HH income | $132,504 | $107,068 | $99,740 |
| Poverty rate | 3.3% | 10.3% | 14.5% |
| Bachelor's+ | 51.5% | 48.0% | 46.2% |
| Median home value | $381,300 | $327,181 | $353,514 |
| Median rent | $1,452 | $1,355 | $1,377 |
| Median age | 45 | 41 | 39 |
| Owner-occupied | 68.9% | 59.3% | 53.1% |
This Scotchman/Fas Mart convenience store at 4405 S 17th St, Wilmington, NC is a 4,525 SF net lease asset on 1.25 acres with 3.6 years of remaining term guaranteed by GPM Investments, LLC, a subsidiary of publicly traded ARKO Corp. (Nasdaq: ARKO), the sixth-largest U.S. convenience store operator. The site earns a location grade of 78/100 (Excellent), supported by strong traffic, affluent surrounding demographics, and a growing coastal metro market.
The immediate one-mile trade area is notably affluent, with average household income of $132,504 and a poverty rate of just 3.3% against a population of approximately 3,975. The broader three-mile ring captures 66,138 residents with average household income of $107,068, a 48% bachelor's-degree attainment rate, and a median home value of $327,181, indicating a well-resourced consumer base. Population density and income metrics meaningfully exceed national convenience store averages at every radius examined.
New Hanover County is a growing coastal metro with population expanding 7.5% from 2020 to 2024, reaching 243,333, and unemployment of just 3.1%. The county supports 8,516 business establishments and over 114,700 employees, reflecting a diverse and resilient local economy. Wilmington's continued in-migration and tourism-driven demand provide a favorable long-term backdrop for fuel and convenience retail.
The site fronts 20,500 vehicles per day and sits 0.31 miles from the nearest major road, providing strong pass-through capture. With 34,681 daytime jobs within three miles and a Walk Score of 62, the location benefits from commuter and errand-driven traffic patterns. Sixteen nearby restaurants and 15 retail establishments within one mile support a dense, active retail corridor.
1. With only 3.6 years of remaining lease term expiring March 31, 2030, a buyer faces near-term rollover risk in a single-tenant asset with limited interim re-leasing optionality. 2. Three competing gas stations exist within one mile, including two within a half mile, creating meaningful price and volume competition at the site level. 3. ARKO Corp. has faced publicly documented profitability pressures, and the lease carries no disclosed rent escalations, leaving the $113,140 annual rent ($25.00/SF) flat through expiration with no contractual income growth.
The 3.6-year remaining term positions this asset as a value-add or rollover play rather than a long-duration income hold. There are no disclosed rent escalations and no rent-at-expiration data, meaning the buyer underwrites flat cash flow until 2030. The single five-year renewal option with a September 2029 notice date provides limited extension runway. GPM Investments/ARKO Corp. offers a recognizable institutional guarantor with SEC reporting and national scale, though ARKO's balance sheet warrants independent credit review given sector headwinds.
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