GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
3620 Richlands Hwy, Jacksonville, 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 | $122,013 |
| Base rent $/SF | $50.86 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2030 |
| Year built | 1992 |
| Building SF | 2,399 |
| Land area (acres) | 1.61 |
| Pre G&A CFC | -0.04x (2019) |
| Lease status | Active |
Jacksonville is home to Marine Corps Base Camp Lejeune, one of the largest Marine installations in the U.S.; the local economy is driven by the military population rather than ordinary 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 | 5,141 | 14,200 | 51,787 |
| Households | 1,907 | 5,508 | 18,364 |
| Pop. density (/sq mi) | 1,636 | 502 | 659 |
| Avg HH income | $79,438 | $81,293 | $79,950 |
| Poverty rate | 22.2% | 16.1% | 13.1% |
| Bachelor's+ | 27.6% | 27.6% | 25.6% |
| Median home value | $223,800 | $209,673 | $208,289 |
| Median rent | $1,168 | $1,105 | $1,138 |
| Median age | 30 | 31 | 29 |
| Owner-occupied | 54.2% | 57.0% | 57.2% |
3620 Richlands Hwy is a 2,399 SF Scotchman/Fas Mart convenience store on 1.61 acres in Jacksonville, NC, operated under a lease running through March 2031 with 4.6 years of remaining term. The property scores 58/100 on location grade, reflecting adequate but not exceptional site fundamentals anchored by a mid-sized military-influenced metro. The deal is best characterized as a near-term income play with modest renewal optionality rather than a long-duration core hold.
The immediate 1-mile trade area holds 5,141 residents at a density of 1,636 per square mile, with average household income of $79,438 but a 22.2% poverty rate that signals meaningful income bifurcation. The 3-mile ring expands to 14,200 residents with average household income of $81,293 and median home values of $209,673, consistent with a working-class to moderate-income consumer base. Population density thins considerably beyond 1 mile, indicating a site more reliant on drive-by traffic than a dense residential core.
Onslow County is a sub-250K metro anchored by Camp Lejeune, producing stable but cyclically sensitive demand tied to military population flows. County population grew 3.8% from 2020 to 2024 and unemployment sits at 3.5%, reflecting a relatively healthy local labor market. With 570 retail establishments and 379 food service operators across the county, the competitive retail environment is moderately developed without being oversaturated.
The site sits 0.02 miles from a major road, providing strong arterial exposure, but recorded AADT of only 600 vehicles per day is a significant concern for a fuel and convenience format. A Walk Score of 17 confirms full auto-dependency, and with only 5 restaurants and 8 retail destinations within 1 mile, the surrounding amenity base is thin. Traffic volume is the single most important underwriting vulnerability for this asset class, and this count warrants independent verification.
FEMA Flood Zone X designation indicates minimal flood exposure, which removes a meaningful environmental liability. State-level crime data was unavailable for direct benchmarking. The 22.2% poverty rate within 1 mile and the presence of 2 competing gas stations within 0.5 miles introduce both demand quality and competitive density concerns.
With 4.6 years remaining and a single renewal option, a buyer faces rollover risk by late 2030 with a September 2030 notice deadline. Current rent of $122,013 annually ($50.86/SF) provides no rent-at-expiration visibility, leaving terminal value dependent on renewal negotiation or re-tenanting. GPM Investments, LLC, as guarantor and subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 locations, provides institutional-grade credit support that partially offsets the short remaining term. A buyer is effectively acquiring a GPM-guaranteed income stream for under five years with optionality, not a long-duration bond.
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