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 | 0.8 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 asset at 1201 S 9th St, Richmond, IN carries a location grade of 55 out of 100, reflecting a modestly populated, economically stressed secondary market with limited traffic volume. The investment thesis hinges almost entirely on near-term lease rollover management and the credit quality of the guarantor rather than on location fundamentals.
The 1-mile trade area holds 9,502 residents at a density of 3,025 per square mile, but average household income of $71,787 and a 24.6% poverty rate signal a value-oriented, financially constrained consumer base. The 3-mile population of 36,034 earns a median-adjusted average of $66,950 with a $116,387 median home value, both well below national benchmarks.
Wayne County is a nonmetro urban county with essentially flat population growth, down 0.2% from 2020 to 2024, and a 4.0% unemployment rate. With 1,429 total business establishments and 25,713 employees, the local economy is modest in scale and offers limited organic demand drivers for retail fuel and convenience.
Site AADT of 3,739 vehicles per day is low for a gas station format and represents a material underwriting concern relative to typical fuel-and-convenience traffic thresholds. Twelve competing gas stations within one mile compound the exposure, and a daytime employment ratio of 0.21 suggests the surrounding corridor lacks the density of office or industrial workers that drive convenience store capture rates.
Flood risk is minimal under FEMA Zone X. No elevated environmental or natural hazard concerns are flagged. Crime data is unavailable at the state level for this analysis, which limits full risk disclosure to prospective buyers.
With only 0.8 years of remaining term and a notice deadline of September 3, 2026, a buyer acquires near-certain rollover risk at or near closing. Current rent is $101,626 annually at $31.86 per square foot, and no rent at expiration or escalation data is available to benchmark renewal economics. The single 1-year renewal option provides minimal extension runway. GPM Investments, LLC, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience store operator with roughly 3,500 locations, provides institutional-grade credit support, but that credit quality does not offset the operational and re-leasing risk embedded in this sub-one-year term.
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