GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
5302 Carolina Beach Rd, Wilmington, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Aug 30, 2027 |
| Remaining term | 1.1 yrs |
| Lease term (months) | — |
| Annual base rent | $126,284 |
| Base rent $/SF | $51.99 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Feb 02, 2027 |
| Year built | 1992 |
| Building SF | 2,429 |
| Land area (acres) | 1.32 |
| Pre G&A CFC | 1.58x (2024) |
| Lease status | Active |
Wilmington is a coastal port city with major beach tourism (Wrightsville/Carolina/Kure), UNCW, and the Port of Wilmington. Visitor and student demand supplement the resident base.
The location score above reflects resident-market real-estate fundamentals and does not incorporate seasonal or destination demand; consider this note alongside the store-level coverage (CFC) when assessing the asset.
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 11,422 | 45,645 | 82,257 |
| Households | 5,312 | 20,124 | 36,073 |
| Pop. density (/sq mi) | 3,636 | 1,614 | 1,047 |
| Avg HH income | $91,196 | $105,647 | $112,700 |
| Poverty rate | 12.8% | 8.5% | 9.2% |
| Bachelor's+ | 40.3% | 45.9% | 47.1% |
| Median home value | $303,381 | $340,787 | $364,956 |
| Median rent | $1,302 | $1,385 | $1,393 |
| Median age | 38 | 42 | 43 |
| Owner-occupied | 49.7% | 63.6% | 64.5% |
5302 Carolina Beach Rd is a 2,429 SF Scotchman convenience store operated by GPM Investments on 1.32 acres in Wilmington, NC, carrying an EXCELLENT location grade of 75/100. The asset sits at a high-traffic node with 33,500 AADT and serves a dense, income-qualified suburban trade area, but the 1.1-year remaining lease term makes this a near-term rollover play rather than a stabilized income hold.
The 3-mile trade area houses 45,645 residents with average household income of $105,647, a median home value of $340,787, and a bachelor's degree attainment rate of 45.9%, indicating a relatively affluent and educated consumer base. The 1-mile population of 11,422 at a density of 3,636 per square mile provides solid immediate demand, and poverty rates of 8.5% at 3 miles reflect a healthy consumer credit profile.
New Hanover County is a growing metro market, adding roughly 16,900 residents between 2020 and 2024, a 7.5% gain, with unemployment at a low 3.1%. The county's 8,516 business establishments and 114,702 employees signal a diversified and active local economy that supports sustained convenience retail demand.
Direct adjacency to a major road at 0.01 miles and 33,500 AADT underpin solid fuel and convenience traffic fundamentals. However, nine competing gas stations within one mile represent meaningful saturation, and a Walk Score of 62 reflects a predominantly drive-to format with limited captive foot traffic.
FEMA Flood Zone X designation indicates minimal flood exposure, and no dollar or discount store competition within half a mile reduces margin-pressure risk from nearby value retail. Crime data is unavailable at the state level, which limits a complete risk underwrite but does not raise an independent red flag.
With only 1.1 years of term remaining and a renewal notice deadline of February 2027, a buyer acquires near-immediate lease rollover risk rather than a long-duration income stream. Current rent of $126,284 annually provides no disclosed rent-at-expiration benchmark, making rent mark-to-market assumptions speculative. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp. and the sixth-largest U.S. convenience operator with roughly 3,500 sites, is a credible credit tenant, but that credit quality matters less when so little contractual term remains. Buyers must underwrite renewal probability and replacement rent independently.
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