GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
404 W Pike St, Jackson Center, OH
| Tenant / d/b/a | Village Variety |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Feb 29, 2008 |
| Lease expiration | Aug 31, 2029 |
| Remaining term | 3.2 yrs |
| Lease term (months) | — |
| Annual base rent | $145,584 |
| Base rent $/SF | $56.89 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Feb 03, 2029 |
| Year built | 1986 |
| Building SF | 2,559 |
| Land area (acres) | 1.75 |
| Pre G&A CFC | 0.10x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 404 W Pike St |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 4,267 | 4,267 |
| Households | 0 | 1,599 | 1,599 |
| Pop. density (/sq mi) | 0 | 151 | 54 |
| Avg HH income | — | $99,538 | $99,538 |
| Poverty rate | — | 6.6% | 6.6% |
| Bachelor's+ | — | 24.4% | 24.4% |
| Median home value | — | $200,000 | $200,000 |
| Median rent | — | $918 | $918 |
| Median age | — | 38 | 38 |
| Owner-occupied | — | 80.4% | 80.4% |
404 W Pike St is a 2,559 SF convenience store and gas station operated by Fas Mart under a GPM Investments lease expiring August 2029, located in rural Jackson Center, Ohio within Shelby County. The asset offers a near-term income stream backed by a publicly traded guarantor, but limited population density, a below-average location grade of 52 out of 100, and modest market fundamentals constrain long-term upside.
The trade area is thinly populated, with the 3-mile ring holding just 4,267 residents at a density of 151 per square mile, and the 5-mile ring producing no incremental population gain. Average household income of $99,538 and low poverty at 6.6% reflect a stable but small rural customer base with limited growth runway.
Shelby County is a nonmetro, metro-adjacent market that lost roughly 200 residents between 2020 and 2024, signaling mild population contraction with no near-term catalyst for reversal. The county supports 997 establishments and 24,958 employees, a modest economic base that is unlikely to drive meaningful fuel volume or convenience sales growth.
The site sits within 0.01 miles of a major road, providing strong vehicular access, but a Walk Score of 30 confirms near-total car dependency with minimal pedestrian or transit demand. Seven restaurants and five retail tenants within one mile provide limited co-tenancy, and the absence of EV charging infrastructure within five miles reflects the area's early-stage transition exposure.
Environmental liability risk is minimal given FEMA Zone X designation. State-level crime data was unavailable, which limits full underwriting of security risk. One competing gas station within half a mile introduces direct fuel price and volume competition in an already low-density catchment.
With 3.2 years of remaining term, a buyer faces near-term rollover risk, and the lease notice date of February 2029 compresses the decision window considerably. Current rent of $145,584 annually represents $56.89 per square foot, but no rent escalation to expiration is provided, meaning the investor carries flat income through term end. The single 2-option renewal structure provides some optionality, but GPM Investments as guarantor, a subsidiary of Nasdaq-listed ARKO Corp. and the sixth-largest U.S. convenience operator with roughly 3,500 locations, represents meaningful credit quality that partially offsets the short duration. A buyer is essentially acquiring a credit-tenant income stream with limited term, not a long-duration bond proxy.
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