GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
204 Stitt St, Wabash, 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 | $155,497 |
| Base rent $/SF | $29.41 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2028 |
| Year built | 2000 |
| Building SF | 5,287 |
| Land area (acres) | 1.49 |
| Pre G&A CFC | 4.74x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 4,128 | 10,533 | 10,533 |
| Households | 1,759 | 4,604 | 4,604 |
| Pop. density (/sq mi) | 1,314 | 373 | 134 |
| Avg HH income | $81,581 | $73,009 | $73,009 |
| Poverty rate | 17.2% | 12.7% | 12.7% |
| Bachelor's+ | 23.4% | 21.8% | 21.8% |
| Median home value | $126,100 | $115,636 | $115,636 |
| Median rent | $695 | $681 | $681 |
| Median age | 41 | 42 | 42 |
| Owner-occupied | 66.6% | 71.3% | 71.3% |
204 Stitt St in Wabash, Indiana is a 5,287 SF Village Pantry convenience store operated by GPM Investments under the Fas Mart banner, situated on 1.49 acres in a small nonmetro Indiana city with modest but stable economic fundamentals. The property earned a location grade of 51 out of 100, reflecting average trade area characteristics. With 2.8 years of lease term remaining and a single renewal option, the investment thesis hinges on credit quality rather than location upside.
The immediate one-mile population of 4,128 at a density of 1,314 per square mile is modest, with average household income of $81,581 partially offset by a 17.2% poverty rate. The three-mile ring captures 10,533 residents with average household income of $73,009, a median home value of $115,636, and 71.3% owner occupancy, consistent with a stable but economically limited rural community. Population at the county level has declined slightly from 30,926 in 2020 to 30,777 in 2024, signaling a flat demand environment.
Wabash County is classified as nonmetro urban with a population between 5,000 and 19,999 and is metro-adjacent, limiting both growth catalysts and downside absorption risks. The local economy is small but functional, with 10,231 county employees across 745 establishments and an unemployment rate of 3.5%. Daytime employment density of 3,475 jobs within one mile supports convenience traffic, though six competing gas stations within one mile represent meaningful market saturation.
Traffic counts of 4,170 AADT are low for a gas station net lease asset, reducing the site's fuel volume competitiveness relative to higher-traffic corridors. The Walk Score of 62 and proximity to a major road at 0.01 miles provide functional accessibility, and 20 nearby restaurants within one mile indicate an active commercial node. However, low density and limited daytime population constrain the convenience store's ceiling.
FEMA flood zone designation is Zone X, indicating minimal flood hazard. State-level crime data was not available for independent review. No material environmental or physical risk flags were identified from the provided data.
The lease expires May 31, 2029, leaving only 2.8 years of term, which significantly compresses the buyer's hold period before facing rollover risk. Rent at expiration was not disclosed, making it impossible to underwrite rent growth or decline at renewal. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest US convenience store operator with roughly 3,500 locations, provides institutional-grade credit support. That credit quality is the primary investment merit here; buyers must price renewal risk carefully given low traffic counts and a competitive local fuel market.
Full institutional offering memorandum with all 143 property briefs, maps, and tax analysis.
Download full OM (PDF)