GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
2101 E Wabash St, Frankfort, 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 | $75,512 |
| Base rent $/SF | $19.57 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2028 |
| Year built | 1996 |
| Building SF | 3,858 |
| Land area (acres) | 0.89 |
| Pre G&A CFC | 1.20x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 2101 E Wabash St |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 3,251 | 14,609 | 14,609 |
| Households | 1,250 | 5,542 | 5,542 |
| Pop. density (/sq mi) | 1,035 | 517 | 186 |
| Avg HH income | $80,631 | $67,682 | $67,682 |
| Poverty rate | 9.4% | 11.6% | 11.6% |
| Bachelor's+ | 22.8% | 12.1% | 12.1% |
| Median home value | $159,200 | $117,546 | $117,546 |
| Median rent | $801 | $909 | $909 |
| Median age | 40 | 34 | 34 |
| Owner-occupied | 72.2% | 56.9% | 56.9% |
This Village Pantry/Fas Mart (GPM Investments) net lease asset in Frankfort, Indiana offers a short-duration income stream on a 3,858 SF convenience store built in 1996 with 2.8 years of remaining term. The site scores 53/100 on location grade, reflecting average fundamentals in a nonmetro, modestly declining market. Risk-adjusted return expectations should account for meaningful rollover exposure within a near-term investment horizon.
The 1-mile trade area supports 3,251 residents at a density of 1,035 per square mile with average household income of $80,631, which is adequate but not strong for a fuel and convenience format. The 3-mile ring broadens to 14,609 residents with average household income falling to $67,682, a median home value of $117,546, and 11.6% poverty — demographic quality is modest at best. Population figures are flat between the 3-mile and 5-mile rings, signaling limited suburban growth extending outward.
Clinton County is classified as nonmetro urban with a 2020-to-2024 population decline of 277 residents, or negative 0.8%. The local employment base of 10,831 workers across 620 establishments is thin, and the county's 49 food service operators suggest a limited but stable convenience demand environment. There is no EV charging infrastructure within five miles, which currently preserves fuel demand but flags longer-term format vulnerability.
Daily traffic of 2,984 vehicles is materially below the threshold considered strong for a gas station convenience format, typically 10,000 or more. Five competing gas stations exist within half a mile, creating a heavily saturated fuel corridor that compresses pricing power and customer capture rates. The Walk Score of 50 and proximity to a major road provide partial mitigation, but overall site accessibility and visibility metrics are unremarkable.
Flood exposure is minimal under FEMA Zone X designation. No specific crime data was available for independent analysis. Physical asset age of approximately 29 years introduces deferred capital expenditure considerations at re-leasing or disposition.
With only 2.8 years of term remaining and a renewal notice deadline of September 2028, a buyer acquires near-term rollover risk rather than durable income. Annual base rent of $75,512 at $19.57 per square foot is modest, and no rent escalation at expiration is disclosed, limiting organic income growth. The lease guaranty from GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp. — the sixth-largest U.S. convenience operator with roughly 3,500 sites — provides meaningful credit quality, but that guaranty value diminishes as term burns down. A buyer must underwrite re-leasing probability or exit prior to 2029 at a compressed cap rate.
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