GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
5200 Wrightsville Ave, Wilmington, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2030 |
| Remaining term | 3.6 yrs |
| Lease term (months) | — |
| Annual base rent | $152,517 |
| Base rent $/SF | $72.97 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2029 |
| Year built | 1992 |
| Building SF | 2,090 |
| Land area (acres) | 0.88 |
| Pre G&A CFC | 3.01x (2024) |
| Lease status | Active |
Wilmington is a coastal port city with major beach tourism, UNCW, and the Port of Wilmington. Visitor and student demand supplement the resident base.
The location score above reflects resident-market real-estate fundamentals and does not incorporate seasonal or destination demand; consider this note alongside the store-level coverage (CFC) when assessing the asset.
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 15,641 | 67,806 | 135,746 |
| Households | 5,622 | 30,648 | 62,374 |
| Pop. density (/sq mi) | 4,979 | 2,398 | 1,728 |
| Avg HH income | $83,556 | $114,950 | $101,954 |
| Poverty rate | 20.8% | 13.7% | 14.2% |
| Bachelor's+ | 44.8% | 52.3% | 46.2% |
| Median home value | $303,972 | $406,868 | $365,254 |
| Median rent | $1,544 | $1,516 | $1,431 |
| Median age | 29 | 38 | 39 |
| Owner-occupied | 56.1% | 53.2% | 51.8% |
This 2,090 SF Scotchman convenience store at 5200 Wrightsville Ave, Wilmington, NC is a stabilized net lease asset anchored by a high-traffic suburban corridor with 28,500 AADT and strong surrounding demographics. The property is leased to GPM Investments (ARKO Corp., Nasdaq: ARKO), the sixth-largest U.S. c-store operator, providing institutional-grade credit backing through lease expiration in March 2030. With 3.6 years of remaining term and one renewal option, the asset suits buyers seeking near-term income certainty in a growing coastal Carolina market.
The 3-mile trade area supports 67,806 residents with an average household income of $114,950, a median home value of $406,868, and a bachelor's degree attainment rate of 52.3%, reflecting an above-average consumer base. The 5-mile population of 135,746 at $101,954 average HHI reinforces sustained fuel and convenience demand. Poverty rates compress meaningfully from 20.8% at 1-mile to 13.7% at 3-miles, indicating a mixed immediate node transitioning to a stronger surrounding market.
New Hanover County is a sub-1M metro posting 7.5% population growth from 2020 to 2024, with unemployment at a tight 3.1% and over 114,700 county employees. The local retail and food service base of nearly 1,870 establishments signals a dense, service-oriented economy. Wilmington's coastal identity continues to attract residents and tourism, supporting durable convenience retail fundamentals.
The site carries a Walk Score of 42, confirming car-dependency consistent with fueling station economics, and sits 0.26 miles from a major road with 28,500 vehicles per day passing the site. Twenty nearby restaurants and 19 retail establishments within 1 mile provide complementary traffic generation. The location grades EXCELLENT at 75/100, appropriate for a high-visibility suburban fuel corridor.
The property is located in FEMA Flood Zone X, indicating minimal flood hazard, which is a meaningful positive for a coastal North Carolina asset. No dollar or discount store competitors exist within 0.5 miles, limiting price-sensitive substitution pressure on convenience sales. Crime data was unavailable for independent scoring, representing a minor informational gap in the underwriting package.
At 3.6 years of remaining term, a buyer faces near-term rollover risk, with the lease expiring March 2030 and a notice deadline of September 2029 for the single remaining renewal option. Current rent of $152,517 annually ($72.97/SF) provides no visibility into a reset rate at expiration, creating mark-to-market uncertainty. GPM Investments as guarantor, backed by publicly traded ARKO Corp. operating roughly 3,500 sites, offers credible corporate credit, though ARKO's financial volatility warrants review. Buyers should underwrite renewal probability carefully given the short window and absence of contractual rent escalation data.
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