GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
193 Woodland Dr SW, Wise, VA
| Tenant / d/b/a | FasMart |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Nov 29, 2007 |
| Lease expiration | Nov 30, 2027 |
| Remaining term | 1.3 yrs |
| Lease term (months) | — |
| Annual base rent | $182,824 |
| Base rent $/SF | $43.42 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 1993 |
| Building SF | 4,211 |
| Land area (acres) | 1.11 |
| Pre G&A CFC | 2.06x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 9,274 | 14,804 |
| Households | 0 | 3,771 | 6,165 |
| Pop. density (/sq mi) | 0 | 328 | 188 |
| Avg HH income | — | $69,405 | $64,580 |
| Poverty rate | — | 16.2% | 18.0% |
| Bachelor's+ | — | 22.5% | 19.0% |
| Median home value | — | $125,220 | $117,389 |
| Median rent | — | $852 | $799 |
| Median age | — | 38 | 40 |
| Owner-occupied | — | 78.0% | 72.2% |
FasMart Store #2534 at 193 Woodland Dr SW, Wise, VA is a 4,211 SF convenience store and gas station on 1.1 acres, occupied since 2007 with roughly 1.3 years of lease term remaining. The site scores 51 out of 100 on location grade, reflecting average fundamentals in a shrinking nonmetro Appalachian market. Near-term lease rollover is the defining underwriting challenge for any prospective buyer.
The immediate one-mile ring shows no reportable residential population, with trade area demand concentrated in the three-mile ring at 9,274 residents and average household income of $69,405. Poverty rates of 16.2% at three miles and 18.0% at five miles exceed national norms, signaling limited consumer spending power. Median home values of $125,220 are well below national medians, consistent with a cost-constrained rural market.
Wise County is a nonmetro jurisdiction that lost 3.0% of its population between 2020 and 2024, a trajectory that pressures long-term retail demand. The local employment base is modest at 7,678 total employees across 598 establishments, and the area is not adjacent to a larger metro, limiting spillover economic support. These structural headwinds reduce the probability of rent growth and complicate re-tenanting scenarios if FasMart does not renew.
Traffic exposure of 12,000 AADT and proximity of 0.03 miles to the nearest major road provide adequate site visibility for a convenience format. However, eight competing gas stations within one mile represent a dense competitive set that constrains pricing power and customer capture rates. A Walk Score of 40 confirms near-total auto dependency, which is standard for the format but offers no ancillary demand drivers.
The site sits in FEMA Flood Zone X, indicating minimal flood exposure and no material environmental concern on that dimension. No crime rate data was available at the state level, leaving security risk unquantified. Physical obsolescence is a consideration given the 1993 construction vintage, as canopy and underground storage tank systems may require capital investment at lease transition.
With only 1.3 years of remaining term, a buyer faces immediate rollover risk. The renewal notice deadline of March 1, 2027 is proximate, and the lease provides only one of two remaining renewal options, meaning long-term tenure is not guaranteed. Current rent of $182,824 annually ($43.42/SF) has no disclosed rent at expiration, making reset economics opaque. GPM Investments, LLC, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 sites, provides meaningful credit quality during the remaining term, but that credit support offers limited duration value at this stage.
Full institutional offering memorandum with all 143 property briefs, maps, and tax analysis.
Download full OM (PDF)