GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
520 N Meridian St, Greenwood, IN
| Tenant / d/b/a | Village Pantry |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 25, 2007 |
| Lease expiration | May 31, 2027 |
| Remaining term | 0.8 yrs |
| Lease term (months) | — |
| Annual base rent | $62,486 |
| Base rent $/SF | $26.03 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | |
| Notice date | |
| Year built | 1975 |
| Building SF | 2,401 |
| Land area (acres) | 0.45 |
| Pre G&A CFC | 3.03x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 9,073 | 80,414 | 176,268 |
| Households | 3,863 | 33,194 | 68,944 |
| Pop. density (/sq mi) | 2,888 | 2,844 | 2,244 |
| Avg HH income | $78,968 | $85,658 | $100,355 |
| Poverty rate | 9.6% | 10.1% | 7.7% |
| Bachelor's+ | 23.7% | 29.6% | 33.7% |
| Median home value | $188,845 | $222,917 | $238,368 |
| Median rent | $1,073 | $1,204 | $1,292 |
| Median age | 42 | 36 | 37 |
| Owner-occupied | 64.7% | 52.2% | 68.9% |
520 N Meridian St in Greenwood, Indiana is a 2,401 SF Village Pantry convenience store and gas station occupied by GPM Investments under a lease expiring May 2027, offering a buyer roughly 0.8 years of remaining term. The site earns an Excellent location grade of 75 out of 100, supported by a dense suburban trade area, zero direct competitors within half a mile, and a growing Johnson County market. This offering is best characterized as a near-term rollover play on a well-located gas station parcel rather than a stable long-duration income asset.
The 3-mile ring holds over 80,400 residents at 2,844 per square mile with average household income of $85,658 and a median home value of $222,917, reflecting a solidly middle-income suburban consumer base. The 5-mile population of 176,268 with average household income exceeding $100,000 signals meaningful spending capacity across the broader trade area. Poverty rates of under 11 percent across all rings indicate limited consumer credit stress.
Johnson County is a high-performing Indianapolis suburb with population growth of 5.1 percent from 2020 to 2024, an unemployment rate of 3.0 percent, and over 55,000 employees across 3,645 establishments. The daytime employment base of 46,571 jobs within 3 miles supports strong convenience and fuel demand during peak commute hours. Retail depth, with 505 establishments and 317 food service operators in the county, confirms an active and competitive but healthy commercial environment.
The site is car-dependent with a Walk Score of 43, consistent with suburban gas station and convenience store formats that rely on drive-by capture rather than foot traffic. Daily traffic of 5,525 vehicles is modest, and proximity to a major road at 0.62 miles is functional but not a premier arterial position. Twenty nearby restaurants within one mile add some activity density, though the limited transit and bike infrastructure confirms auto dependency as the sole access mode.
The property sits in FEMA Flood Zone X, indicating minimal flood hazard and no material environmental exposure on that front. With 15 EV charging stations within 5 miles, the early infrastructure buildout presents a long-horizon demand risk to fuel volume at the site. The 1975 vintage building may require capital investment that a buyer must underwrite independently of lease income.
With only 0.8 years of lease term remaining, no disclosed renewal options, and no rent-at-expiration data provided, a buyer is effectively acquiring near-vacant-possession risk on a 50-year-old convenience store building. Current rent of $62,486 annually, or $26.03 per square foot, may or may not reflect market, and without renewal optionality documented, there is no contractual income protection beyond mid-2027. GPM Investments as a subsidiary of ARKO Corp, the sixth-largest U.S. convenience store operator with roughly 3,500 sites, provides investment-grade-adjacent credit quality, but that credit strength does not offset the near-term lease expiration. A buyer must underwrite this as a re-tenanting or owner-operator acquisition, not a passive net lease income asset.
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