GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
16085 Porterfield Hwy, Abingdon, 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 | $19,406 |
| Base rent $/SF | $9.66 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 1992 |
| Building SF | 2,008 |
| Land area (acres) | 0.57 |
| Pre G&A CFC | 5.00x (2024) |
| Lease status | Active |
Abingdon is a historic-tourism town — home to the Barter Theatre (the State Theater of Virginia) and a primary trailhead/gateway for the Virginia Creeper Trail — drawing visitor demand beyond resident rooftops.
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 | 3,253 | 7,056 | 14,013 |
| Households | 1,575 | 3,462 | 6,383 |
| Pop. density (/sq mi) | 1,035 | 250 | 178 |
| Avg HH income | $82,378 | $86,558 | $97,540 |
| Poverty rate | 6.4% | 9.8% | 11.2% |
| Bachelor's+ | 28.4% | 36.0% | 34.9% |
| Median home value | $236,100 | $226,345 | $219,013 |
| Median rent | $927 | $836 | $901 |
| Median age | 47 | 50 | 46 |
| Owner-occupied | 71.8% | 66.8% | 65.8% |
This FasMart convenience store and gas station at 16085 Porterfield Hwy, Abingdon, VA is a 2,008 SF net lease asset on 0.57 acres with 1.3 years of remaining term and annual base rent of $19,406 ($9.66/SF), guaranteed by GPM Investments, LLC, a subsidiary of publicly traded ARKO Corp. The location scores 50 out of 100, reflecting average fundamentals characterized by modest traffic, meaningful competition, and limited near-term lease runway.
The immediate 1-mile trade area holds 3,253 residents with average household income of $82,378 and a low poverty rate of 6.4%, providing a reasonably stable consumer base. The 3-mile ring expands to 7,056 residents at $86,558 average household income, with 66.8% owner-occupancy and 36% holding bachelor's degrees, suggesting a stable, middle-income suburban character. Population density drops sharply beyond the immediate area, underscoring the site's rural fringe positioning.
Washington County sits within a metro area of 250,000 to 1 million people, with a healthy unemployment rate of 3.0% and 17,602 total employees across 1,170 establishments. County population growth from 2020 to 2024 was effectively flat at 0.4%, limiting organic demand drivers for fuel and convenience retail. The market is functional but not expansionary.
Site-level traffic is critically weak at 390 AADT, a figure that is operationally marginal for a gas station convenience format. The Walk Score of 16 confirms near-total auto dependency, and with only 3 restaurants and 10 retail outlets within one mile, the surrounding retail ecosystem offers minimal synergy. Four competing gas stations within half a mile represent direct and concentrated competitive pressure.
The FEMA flood designation is Zone X, indicating minimal flood exposure and no material environmental liability from that source. State-level crime data was not available for this analysis. No dollar or discount store competition exists within half a mile, which is a minor positive for in-store traffic.
With only 1.3 years of term remaining and a renewal notice deadline of March 2027, a buyer faces near-immediate rollover risk. At $19,406 annually, rent is modest and below-market context is unclear given no rent-at-expiration data, leaving re-lease or renewal economics uncertain. GPM Investments and its ARKO Corp. parent provide institutional-grade credit as the sixth-largest U.S. convenience operator, but that credit quality does not offset the brevity of remaining cash flow or the weak site metrics that may discourage renewal.
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