GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
2400 S Main St, New Castle, 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 | $73,744 |
| Base rent $/SF | $19.22 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2028 |
| Year built | 1993 |
| Building SF | 3,836 |
| Land area (acres) | 0.60 |
| Pre G&A CFC | 1.67x (2023) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 6,395 | 20,888 | 20,888 |
| Households | 2,876 | 8,503 | 8,503 |
| Pop. density (/sq mi) | 2,036 | 739 | 266 |
| Avg HH income | $62,709 | $67,248 | $67,248 |
| Poverty rate | 18.0% | 16.1% | 16.1% |
| Bachelor's+ | 14.8% | 15.0% | 15.0% |
| Median home value | $123,541 | $120,866 | $120,866 |
| Median rent | $790 | $811 | $811 |
| Median age | 43 | 42 | 42 |
| Owner-occupied | 71.6% | 68.2% | 68.2% |
This Village Pantry convenience store and gas station at 2400 S Main St, New Castle, IN is a mid-term net lease asset backed by GPM Investments/ARKO Corp. with 2.8 years of remaining term. The site scores 53/100 on location grade, reflecting modest traffic counts and a secondary market profile that will demand a risk-adjusted yield premium from institutional buyers.
The 1-mile trade area holds 6,395 residents at a density of 2,036 per square mile, with average household income of $62,709 and an elevated poverty rate of 18.0%. The 3-mile ring expands to 20,888 residents but income and education metrics remain below national norms, with median home values of $120,866 and bachelor's degree attainment of only 15.0%. This is a working-class, price-sensitive consumer base consistent with the convenience-store format but limiting upside for above-average per-store sales performance.
Henry County is a nonmetro, metro-adjacent market with near-flat population growth of 0.3% from 2020 to 2024 and a stable unemployment rate of 3.5%. The local economy supports 10,889 employees across 851 establishments, a modest base that constrains meaningful demand growth for the foreseeable term.
Site-level traffic is thin at 3,854 AADT, well below benchmarks for high-performing gas station locations, and daytime employment density within one mile totals just 1,278 jobs. Five competing gas stations exist within one mile, creating meaningful share pressure in a low-traffic corridor. A Walk Score of 51 and Bike Score of 35 confirm a car-dependent environment with limited organic foot traffic.
The property falls in FEMA Flood Zone X, indicating minimal flood exposure. No state-level crime data was available for independent underwriting. Physical obsolescence is a consideration given the 1993 vintage and 3,836 SF building on a sub-acre parcel.
With only 2.8 years of term remaining at $73,744 in annual base rent and no stated rent at expiration, buyers face near-term rollover risk by mid-2029. The single 1-year renewal option provides minimal runway, and the notice deadline of September 2028 compresses the decision window further. GPM Investments, as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience-store operator with roughly 3,500 sites, provides credible corporate credit, but that credit profile does not eliminate re-tenanting or site-repositioning risk if the lease is not renewed. Buyers should underwrite to a re-leasing scenario and price accordingly.
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