GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
2347 Catherine Lake Rd, Richlands, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2038 |
| Remaining term | 11.6 yrs |
| Lease term (months) | — |
| Annual base rent | $188,453 |
| Base rent $/SF | $61.19 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 02, 2037 |
| Year built | 1960 |
| Building SF | 3,080 |
| Land area (acres) | 0.53 |
| Pre G&A CFC | 2.69x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 5,492 | 5,492 | 19,484 |
| Households | 1,719 | 1,719 | 6,362 |
| Pop. density (/sq mi) | 1,748 | 194 | 248 |
| Avg HH income | $69,399 | $69,399 | $81,507 |
| Poverty rate | 8.0% | 8.0% | 9.8% |
| Bachelor's+ | 14.4% | 14.4% | 19.8% |
| Median home value | $200,400 | $200,400 | $224,193 |
| Median rent | $1,142 | $1,142 | $1,195 |
| Median age | 30 | 30 | 31 |
| Owner-occupied | 66.6% | 66.6% | 75.0% |
This net lease convenience store and gas station, operated by Scotchman under GPM Investments, sits on Catherine Lake Road in Richlands, NC, a secondary market within Onslow County. The property earned an average location grade of 51 out of 100, reflecting modest traffic, limited daytime employment density, and a rural trade area. The investment case rests almost entirely on lease duration and guarantor credit rather than location fundamentals.
The immediate one-mile population of 5,492 holds steady through three miles, indicating a contained, low-density rural catchment with average household income of $69,399 and a modest poverty rate of 8.0%. The five-mile ring expands to 19,484 residents with average household income rising to $81,507, suggesting a somewhat stronger peripheral draw. Education attainment is limited at 14.4% bachelor's degree or higher, consistent with a working-class rural profile.
Onslow County is a small metro market that grew 3.8% from 2020 to 2024, supported in part by the presence of Camp Lejeune. Unemployment at 3.5% is healthy, and the county's 3,070 establishments and 37,904 employees reflect a modest but stable local economy. Growth trends are positive but unlikely to materially alter the site's rural character or traffic dynamics.
Daily traffic of 1,400 vehicles is very low for a fuel and convenience operator, and daytime employment within one mile is just 50 jobs, limiting impulse and commuter capture. A walk score of 13 and a single nearby restaurant within one mile confirm a car-dependent, low-activity corridor. Two competing gas stations within half a mile compound the site's difficulty in building sustainable fuel volume.
Flood exposure is minimal at FEMA Zone X, and no EV charging infrastructure exists within five miles, limiting near-term displacement risk from electrification. Crime data is unavailable at the state level for direct benchmarking, which represents a minor analytical gap. The 1960 construction date introduces capital expenditure uncertainty as the building ages through the remaining lease term.
With 11.6 years of remaining term expiring March 2038 and one five-year renewal option, the lease provides meaningful near-term income security. The lease is guaranteed by GPM Investments, a subsidiary of publicly traded ARKO Corp., the sixth-largest U.S. convenience store operator with approximately 3,500 locations, offering institutional-quality credit backing. However, no rent escalations to expiration are disclosed, meaning the buyer accepts flat real income of $188,453 annually with no inflation hedge, which compresses long-term returns and elevates rollover risk at a site where re-tenanting would be challenging given weak traffic fundamentals.
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