GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
189 W Main St, Morristown, IN
| Tenant / d/b/a | Village Pantry |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 25, 2007 |
| Lease expiration | May 31, 2027 |
| Remaining term | 0.8 yrs |
| Lease term (months) | — |
| Annual base rent | $132,470 |
| Base rent $/SF | $36.94 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2026 |
| Year built | 1979 |
| Building SF | 3,586 |
| Land area (acres) | 0.34 |
| Pre G&A CFC | 3.54x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 3,253 | 3,253 |
| Households | 0 | 1,319 | 1,319 |
| Pop. density (/sq mi) | 0 | 115 | 41 |
| Avg HH income | — | $97,738 | $97,738 |
| Poverty rate | — | 10.4% | 10.4% |
| Bachelor's+ | — | 18.9% | 18.9% |
| Median home value | — | $196,700 | $196,700 |
| Median rent | — | $969 | $969 |
| Median age | — | 44 | 44 |
| Owner-occupied | — | 77.4% | 77.4% |
This Village Pantry / Fas Mart (GPM Investments) convenience and fuel site at 189 W Main St, Morristown, IN carries a below-average location grade of 52/100 and offers only 0.8 years of remaining lease term, creating an immediate rollover event. The 3,586 SF building, constructed in 1979, sits in a low-density rural trade area with a 3-mile population of just 3,253. The investment thesis hinges almost entirely on lease extension probability and tenant credit quality rather than underlying real estate fundamentals.
The trade area is thin, with a 3-mile population of 3,253 at a density of only 115 persons per square mile, and the 1-mile ring shows no measurable residential population. Average household income of $97,738 and a 77.4% owner-occupancy rate suggest modest but stable purchasing power among a small base. Population growth at the county level is flat at 1.3% from 2020 to 2024, indicating limited demand drivers going forward.
Shelby County carries a 3.2% unemployment rate and 950 total business establishments, reflecting a functioning but small rural economy. The site's AADT of 1,470 vehicles per day is critically low for a fuel and convenience operator, sitting well below thresholds typically associated with viable standalone gas station economics. Proximity to a competing gas station within 0.5 miles further compresses market share potential.
The site scores a Walk Score of 44 and Bike Score of 33, confirming full car-dependency with negligible pedestrian or transit support. Nearby amenity density is limited to 7 restaurants and 5 retail establishments within one mile. The 0.01-mile proximity to a major road provides some visibility benefit, though it does little to offset the weak traffic volume.
The site falls in FEMA Flood Zone X, representing minimal flood hazard. No EV charging infrastructure exists within five miles, which reduces near-term displacement risk from electrification but also signals limited infrastructure investment in the corridor. State-level crime data was unavailable for independent risk scoring.
With only 0.8 years of remaining term and a September 2026 notice deadline for the single one-year renewal option, a buyer acquires near-certain rollover risk at close. Current rent of $132,470 ($36.94/SF) provides no expiration rent benchmark, making re-leasing value difficult to underwrite. GPM Investments, backed by Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with approximately 3,500 locations, provides institutional-grade credit, but that credit quality cannot compensate for a structurally weak site that a sophisticated operator could easily rationalize closing upon expiration.
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