GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
204 N Norwood St, Wallace, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Jun 30, 2026 |
| Remaining term | -0.1 yrs |
| Lease term (months) | — |
| Annual base rent | $25,234 |
| Base rent $/SF | $27.40 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | |
| Notice date | |
| Year built | 1980 |
| Building SF | 921 |
| Land area (acres) | 0.43 |
| Pre G&A CFC | 3.25x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 204 N Norwood St |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 5,730 | 11,284 |
| Households | 0 | 2,567 | 4,879 |
| Pop. density (/sq mi) | 0 | 203 | 144 |
| Avg HH income | — | $60,861 | $78,090 |
| Poverty rate | — | 24.3% | 20.0% |
| Bachelor's+ | — | 17.9% | 21.8% |
| Median home value | — | $170,990 | $210,627 |
| Median rent | — | $810 | $760 |
| Median age | — | 42 | 44 |
| Owner-occupied | — | 59.4% | 71.1% |
204 N Norwood St is a 921 SF Scotchman-branded convenience store in Wallace, NC, operated by GPM Investments under a lease that has already expired and is currently in holdover status. The site earns an average location grade of 50 out of 100, reflecting modest traffic, a competitive fuel landscape, and a thin immediate population base. This is a distressed-lease, small-market asset requiring a buyer comfortable with near-term re-leasing or repositioning risk.
The 1-mile trade area reports zero residential population in the dataset, indicating the immediate node is commercially zoned with negligible captive rooftop demand. The 3-mile ring holds 5,730 residents at a low density of 203 per square mile, with average household income of $60,861 and a poverty rate of 24.3%, both of which constrain discretionary convenience spending. The 5-mile population of 11,284 at $78,090 average household income provides only marginal uplift.
Wallace sits within Duplin County, classified as nonmetro rural but metro-adjacent, with a modest population gain of 3.8% from 2020 to 2024 and a healthy unemployment rate of 3.0%. The county's 872 total establishments and 13,627 employees reflect a limited economic base that constrains organic retail demand growth. With 69 food service establishments and 168 retail locations countywide, the market is functional but not dynamic.
The site sits 0.01 miles from a major road and draws 8,900 vehicles per day, which is below the threshold typically associated with high-performing fuel locations. A Walk Score of 62 and proximity to 20 restaurants and 19 retail businesses within one mile indicate a serviceable neighborhood node. The absence of dollar or discount store competition within a half mile is a minor positive for convenience traffic retention.
The FEMA flood designation is Zone X, representing minimal flood hazard and no material environmental concern from that factor. State-level crime data was not available for direct benchmarking. Broader physical and environmental risk appears low given the flood zone classification.
The lease expired June 30, 2026, with approximately negative 0.1 years of remaining term, meaning the property is in holdover with no contractual certainty. Annual base rent is $25,234, renewal options are not documented, and no rent-at-expiration figure is available, leaving a buyer with no forward cash flow visibility. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 locations, provides institutional-grade credit, but that credit quality is irrelevant without an executed lease extension.
Full institutional offering memorandum with all 143 property briefs, maps, and tax analysis.
Download full OM (PDF)