GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
101 Highway 172, Hubert, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2028 |
| Remaining term | 1.6 yrs |
| Lease term (months) | — |
| Annual base rent | $140,315 |
| Base rent $/SF | $58.44 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 04, 2027 |
| Year built | 1987 |
| Building SF | 2,401 |
| Land area (acres) | 1.26 |
| Pre G&A CFC | 4.23x (2024) |
| Lease status | Active |
Hubert sits between Jacksonville (Camp Lejeune) and the Swansboro / Crystal Coast area, drawing military-linked and coastal-recreation demand beyond its small 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 | 0 | 12,045 | 22,556 |
| Households | 0 | 5,218 | 8,779 |
| Pop. density (/sq mi) | 0 | 426 | 287 |
| Avg HH income | — | $72,422 | $78,779 |
| Poverty rate | — | 11.3% | 12.4% |
| Bachelor's+ | — | 17.9% | 20.6% |
| Median home value | — | $198,033 | $231,244 |
| Median rent | — | $1,200 | $1,242 |
| Median age | — | 31 | 30 |
| Owner-occupied | — | 70.5% | 67.9% |
This Scotchman-branded convenience store and gas station in Hubert, NC sits on 1.26 acres along Highway 172 with 1.6 years of remaining lease term, generating $140,315 in annual base rent. The property carries an average location grade of 50 out of 100, reflecting modest traffic counts, thin daytime employment density, and meaningful competitive saturation. The investment thesis rests almost entirely on near-term income certainty backed by a creditworthy guarantor rather than any exceptional real estate fundamentals.
The immediate one-mile trade area registers no measurable residential population, indicating the site draws primarily from pass-through traffic rather than a proximate consumer base. The three-mile ring shows 12,045 residents with average household income of $72,422 and a 70.5 percent homeownership rate, suggesting a stable if modest suburban-rural population. Poverty at 11.3 percent within three miles and only 17.9 percent with a bachelor's degree reflect a workforce-class customer profile typical of military-adjacent markets near Camp Lejeune.
Onslow County is a small metro with 212,954 residents as of 2024, reflecting 3.8 percent population growth since 2020 and a low 3.5 percent unemployment rate, both supported by sustained military activity in the region. The county supports 570 retail establishments and 379 food service operators, indicating reasonable commercial depth for its size. Growth trends are positive but incremental, offering no near-term catalyst for meaningful rent appreciation.
An AADT of 4,100 vehicles per day is low for a gas station asset and limits the site's throughput potential relative to institutional underwriting benchmarks. The Walk Score of 16 confirms near-total auto dependency, and with only 3 restaurants and 10 retail tenants within one mile, the surrounding amenity base is thin. Five competing gas stations within half a mile compounds the traffic limitation and constrains pricing power at the pump.
Environmental and natural hazard exposure is contained, with the site situated in FEMA Zone X, indicating minimal flood risk. No EV charging infrastructure exists within five miles, reducing near-term displacement risk from electrification but offering no competitive differentiation either. Crime data was unavailable for direct site-level analysis, leaving that dimension unscored.
With only 1.6 years remaining on the lease expiring March 31, 2028, a buyer faces near-term rollover risk at acquisition. There is no disclosed rent at expiration or escalation schedule, and the single remaining renewal option requires notice by September 4, 2027, creating an immediate operational priority post-close. GPM Investments, LLC, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience store operator with roughly 3,500 sites, provides meaningful corporate credit support, but the short duration compresses the window over which that credit quality delivers value. A buyer is effectively underwriting a lease extension or renewal negotiation, not a long-term stabilized income stream.
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