GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
2204 W 9th St, Marion, IN
| Tenant / d/b/a | Village Pantry |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 25, 2007 |
| Lease expiration | May 31, 2029 |
| Remaining term | 2.8 yrs |
| Lease term (months) | — |
| Annual base rent | $75,640 |
| Base rent $/SF | $21.39 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2028 |
| Year built | 1973 |
| Building SF | 3,537 |
| Land area (acres) | 0.45 |
| Pre G&A CFC | 1.24x (2023) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 3,446 | 17,806 | 36,360 |
| Households | 1,666 | 7,874 | 14,655 |
| Pop. density (/sq mi) | 1,097 | 630 | 463 |
| Avg HH income | $47,685 | $59,463 | $65,107 |
| Poverty rate | 29.8% | 26.0% | 23.7% |
| Bachelor's+ | 7.1% | 20.9% | 19.7% |
| Median home value | $77,300 | $104,945 | $107,067 |
| Median rent | $809 | $820 | $806 |
| Median age | 41 | 41 | 38 |
| Owner-occupied | 72.1% | 64.7% | 63.8% |
This Village Pantry / Fas Mart (GPM Investments) net lease asset in Marion, Indiana offers a short-duration income stream with 2.8 years of remaining term at $75,640 annually. The site grades AVERAGE at 55/100, reflecting modest traffic counts, elevated poverty rates, and a secondary nonmetro market. The investment thesis rests almost entirely on the creditworthiness of the guarantor and a buyer's conviction on renewal or exit liquidity.
The immediate trade area is demographically challenged, with 1-mile average household income of $47,685 and a poverty rate of 29.8%. The 3-mile population of 17,806 carries a median home value of only $104,945 and a 26.0% poverty rate, consistent with a distressed small-city market. These metrics suppress long-term organic sales growth potential and increase tenant vulnerability to economic downturns.
Marion is the county seat of Grant County, a nonmetro urban market with a flat population trajectory (down 0.1% from 2020 to 2024) and modest commercial density of 1,257 total establishments. The local economy is functional but not growing, with 4.0% unemployment and limited retail diversification. Convenience fuel retail in this environment is largely captive-demand driven rather than growth-driven.
Site-level traffic of 5,498 AADT is below average for a viable fuel/convenience operation, and the Walk Score of 32 confirms an auto-dependent location without meaningful pedestrian capture. Three competing gas stations within one mile add further pressure on fuel margin and customer capture rates.
Flood exposure is minimal at FEMA Zone X. No material environmental flags were identified from available data. Crime statistics were not available at the state level for this report but should be independently verified given the elevated local poverty rates.
With only 2.8 years of term remaining, a buyer is effectively acquiring near-term rollover risk. The lease provides one five-year renewal option with a notice date of September 3, 2028, leaving the operator limited time to make a retention decision. Rent at expiration data is unavailable, creating pricing uncertainty at renewal. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator, provides meaningful credit support, but ARKO's publicly disclosed store rationalization activity warrants scrutiny regarding whether this location remains strategic to the network.
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