GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
1101 S E St, Richmond, 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 | $92,550 |
| Base rent $/SF | $29.06 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2028 |
| Year built | 1989 |
| Building SF | 3,185 |
| Land area (acres) | 0.53 |
| Pre G&A CFC | 0.97x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 1101 S E St |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 7,651 | 34,708 | 40,473 |
| Households | 3,351 | 14,109 | 16,703 |
| Pop. density (/sq mi) | 2,435 | 1,228 | 515 |
| Avg HH income | $67,463 | $65,886 | $66,631 |
| Poverty rate | 35.6% | 23.7% | 21.5% |
| Bachelor's+ | 22.6% | 21.1% | 20.7% |
| Median home value | $118,203 | $115,409 | $116,206 |
| Median rent | $792 | $813 | $816 |
| Median age | 36 | 38 | 39 |
| Owner-occupied | 43.6% | 57.0% | 60.7% |
This Village Pantry / Fas Mart (GPM Investments) net lease asset at 1101 S E St in Richmond, Indiana offers a short remaining term of 2.8 years with a publicly traded guarantor, situated in a low-growth nonmetro market with a location grade of 55 out of 100. The property's investment case rests almost entirely on credit and near-term income stability rather than location fundamentals or long-term demand drivers.
The immediate trade area carries a 35.6% poverty rate within one mile and average household income of $67,463, reflecting a financially stressed consumer base. The three-mile population of 34,708 shows flat to declining trends consistent with Wayne County's near-zero population growth of negative 0.2% from 2020 to 2024.
Wayne County is classified as a nonmetro urban market and is not adjacent to a major metropolitan area, limiting institutional demand and exit optionality at disposition. Total county employment of 25,713 across 1,429 establishments reflects a modest economic base with limited near-term growth catalysts.
Site-level traffic is weak at 1,825 AADT, and the competitive environment is severe with 14 competing gas stations within one mile. The Walk Score of 67 and proximity of 0.13 miles to the nearest major road provide modest accessibility, but these positives are largely offset by the saturated fuel retail landscape.
Flood exposure is minimal under FEMA Zone X. No meaningful environmental or natural hazard flags are present in the data provided. Crime rate data is unavailable at the state level, which warrants independent verification prior to closing.
With only 2.8 years of remaining term expiring May 31, 2029, a buyer faces near-term rollover risk and must underwrite a re-lease or renewal scenario promptly after acquisition. The single one-year renewal option is narrow, and the September 2028 notice date compresses the decision window further. Current rent of $92,550 annually at $29.06 per square foot provides a visible income stream, but no rent at expiration data is available to assess escalation or terminal value. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience store operator with roughly 3,500 locations, provides meaningful credit support that justifies a tighter cap rate than a weaker operator would command, but does not eliminate rollover or re-tenanting risk in a soft secondary market.
Full institutional offering memorandum with all 143 property briefs, maps, and tax analysis.
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