GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
503 W Gannon Ave, Zebulon, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2028 |
| Remaining term | 1.6 yrs |
| Lease term (months) | — |
| Annual base rent | $106,152 |
| Base rent $/SF | $25.85 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 04, 2027 |
| Year built | 1993 |
| Building SF | 4,107 |
| Land area (acres) | 2.09 |
| Pre G&A CFC | 0.35x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 503 W Gannon Ave |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 3,829 | 13,750 | 21,623 |
| Households | 1,608 | 5,158 | 8,175 |
| Pop. density (/sq mi) | 1,219 | 486 | 275 |
| Avg HH income | $82,110 | $93,195 | $93,298 |
| Poverty rate | 14.2% | 11.4% | 8.9% |
| Bachelor's+ | 26.7% | 26.6% | 27.9% |
| Median home value | $243,900 | $292,202 | $275,089 |
| Median rent | $1,107 | $1,264 | $1,208 |
| Median age | 45 | 40 | 40 |
| Owner-occupied | 58.6% | 72.2% | 74.9% |
503 W Gannon Ave is a 4,107 SF Scotchman-branded convenience store and gas station in Zebulon, NC, operated by GPM Investments under the Fas Mart platform. The site carries an average location grade of 54/100, reflecting modest traffic counts and a competitive fueling environment that temper an otherwise stable suburban Wake County address. With only 1.6 years of term remaining, this offering is effectively a near-term rollover play priced around tenant credit and renewal probability.
The immediate one-mile trade area holds 3,829 residents at a density of 1,219 per square mile with average household income of $82,110 and a 14.2% poverty rate, signaling a working-class customer base. The three-mile ring expands to 13,750 residents, average household income of $93,195, and 72.2% homeownership, providing a more stable spending foundation. Wake County's 9.0% population growth from 2020 to 2024 supports long-run demand, though Zebulon sits on the county's eastern fringe rather than its high-growth core.
Wake County is a 1M-plus metro with 530,994 employees across 33,076 establishments and a 2.9% unemployment rate, reflecting one of the stronger regional economies in the Southeast. Zebulon benefits from county-level momentum but commands meaningfully lower density and traffic volumes than the Raleigh-Cary core. The daytime employment base of 1,977 workers within one mile and a day-to-night ratio of 0.52 indicate limited commuter capture potential for a fuel and convenience format.
A Walk Score of 53 and Bike Score of 34 reflect a car-dependent suburban setting appropriate for a gas station format. Traffic at 4,800 AADT is below the threshold typically underwritten for top-tier fuel sites, and 11 competing gas stations within one mile represents a densely competitive fueling corridor. Twenty nearby restaurants and retailers within one mile provide modest co-tenancy support.
Flood exposure is minimal at FEMA Zone X. No EV charging infrastructure exists within five miles, which currently removes a competitive threat but does not eliminate longer-term demand-shift risk. Crime statistics were unavailable for independent underwriting verification.
With 1.6 years of remaining term and a September 2027 renewal notice deadline, a buyer acquires near-term rollover risk rather than stable cash flow. Current rent of $106,152 annually represents $25.85 per square foot with no disclosed rent at expiration, removing forward income visibility. GPM Investments, guaranteed by publicly traded ARKO Corp., the sixth-largest U.S. c-store operator with roughly 3,500 locations, provides meaningful credit quality, but one of two renewal options exercised at near-market rent is the critical underwriting variable. Buyers must underwrite a re-leasing or repositioning scenario at acquisition.
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