GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
1201 S 9th St, Richmond, IN
| Tenant / d/b/a | Village Pantry |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 25, 2007 |
| Lease expiration | May 31, 2027 |
| Remaining term | 0.9 yrs |
| Lease term (months) | — |
| Annual base rent | $101,626 |
| Base rent $/SF | $31.86 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2026 |
| Year built | 1973 |
| Building SF | 3,190 |
| Land area (acres) | 0.24 |
| Pre G&A CFC | 0.96x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 1201 S 9th St |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 9,502 | 36,034 | 40,473 |
| Households | 4,047 | 14,685 | 16,703 |
| Pop. density (/sq mi) | 3,025 | 1,274 | 515 |
| Avg HH income | $71,787 | $66,950 | $66,631 |
| Poverty rate | 24.6% | 22.2% | 21.5% |
| Bachelor's+ | 23.1% | 21.1% | 20.7% |
| Median home value | $118,713 | $116,387 | $116,206 |
| Median rent | $869 | $818 | $816 |
| Median age | 35 | 39 | 39 |
| Owner-occupied | 50.2% | 60.4% | 60.7% |
This Village Pantry (Fas Mart / GPM Investments) net lease gas station and convenience store at 1201 S 9th St, Richmond, Indiana carries a location grade of 55 out of 100, reflecting an average trade area with meaningful structural headwinds. The asset offers near-term income from a publicly traded guarantor but presents significant rollover risk with less than one year of lease term remaining.
The immediate trade area supports modest consumer demand: 9,502 residents within one mile at an average household income of $71,787, though a 24.6% poverty rate within one mile and 22.2% within three miles signals a cost-sensitive, economically stressed customer base. Median home values of $116,387 and median rents of $818 within three miles confirm a lower-middle-income market with limited upside in spending capacity.
Wayne County is a nonmetro market that has shown essentially flat population trends, declining from 66,514 to 66,410 between 2020 and 2024. The Richmond MSA lacks major employment anchors, with daytime jobs within one mile totaling only 1,952, producing a day-to-night ratio of 0.21 that reflects limited commuter fuel demand at this specific location.
Traffic counts of 3,739 vehicles per day are low for a gas station trade, well below the thresholds typically underwritten for strong convenience retail performance. Proximity of 0.01 miles to a major road is a positive, but the site faces intense competitive pressure from 12 gas stations within one mile, which meaningfully constrains market share and per-gallon volume potential.
The property sits in FEMA Flood Zone X, presenting minimal environmental exposure. Competitive density and below-average traffic remain the primary site-level concerns rather than physical or environmental hazards.
With only 0.9 years of remaining term and a renewal notice deadline of September 3, 2026, this asset is functionally a rollover story, not an income story. Current rent of $101,626 annually ($31.86 per square foot) provides near-term cash flow, but no rent-at-expiration data is available, creating pricing uncertainty around renewal economics. The single five-year renewal option offers limited contractual durability. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience-store operator, provides institutional-grade credit support, but that credit quality does not offset the lease brevity. A buyer is effectively acquiring a near-vacant risk on a 1973-vintage building in a soft market.
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