GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
500 Manchester Ave, 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 | $120,985 |
| Base rent $/SF | $27.24 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2028 |
| Year built | 1993 |
| Building SF | 4,442 |
| Land area (acres) | 0.83 |
| Pre G&A CFC | 1.46x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 7,409 | 10,533 | 10,533 |
| Households | 3,339 | 4,604 | 4,604 |
| Pop. density (/sq mi) | 2,358 | 373 | 134 |
| Avg HH income | $77,866 | $73,009 | $73,009 |
| Poverty rate | 12.8% | 12.7% | 12.7% |
| Bachelor's+ | 21.9% | 21.8% | 21.8% |
| Median home value | $115,693 | $115,636 | $115,636 |
| Median rent | $723 | $681 | $681 |
| Median age | 41 | 42 | 42 |
| Owner-occupied | 66.7% | 71.3% | 71.3% |
This Village Pantry convenience store and gas station in Wabash, Indiana carries a Location Grade of 51 out of 100, signaling average fundamentals for a net lease fuel and convenience asset. The site benefits from a corporate-backed lease guaranty through GPM Investments and ARKO Corp., but the 2.8-year remaining term, modest traffic counts, and a declining county population introduce meaningful near-term rollover risk. Buyers should underwrite this as a value-oriented, shorter-duration play with limited upside absent lease renewal.
The immediate one-mile trade area holds 7,409 residents at a density of 2,358 per square mile, with average household income of $77,866 and a poverty rate of 12.8%. The three-mile population is effectively flat at 10,533, identical to the five-mile figure, indicating a contained market with little surrounding population depth. Income levels are modest and home values at $115,636 reflect a working-class customer base consistent with convenience retail demand.
Wabash County is classified as a nonmetro urban area with a 2020-to-2024 population decline of 0.5%, pointing to slow structural contraction rather than growth. The local economy supports 10,231 employees across 745 establishments, with a 3.5% unemployment rate indicating labor stability, though the daytime-to-nighttime population ratio of 0.29 suggests limited commuter traffic generation.
The site sits 0.01 miles from a major road and draws 4,764 vehicles per day, which is below average for a fuel-and-convenience concept. A Walk Score of 37 confirms car-dependent access, and with four competing gas stations within one mile, the site faces a saturated competitive environment.
The property falls within FEMA Flood Zone X, meaning minimal flood exposure. State-level crime data was not available for direct benchmarking, though no acute environmental or crime flags were identified in the dataset.
With 2.8 years of remaining term expiring May 2029 and a renewal notice deadline of September 2028, a buyer faces a near-term lease decision event. Current rent is $120,985 annually at $27.24 per square foot, and no contractual rent at expiration is disclosed, creating uncertainty around re-lease economics. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., provides a credible institutional guaranty as the sixth-largest U.S. convenience operator, which supports income certainty through expiration but does not eliminate rollover exposure. The single renewal option provides optionality, though the below-average location grade limits pricing power in any renewal negotiation.
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