GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
701 Highway 53 East, Burgaw, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2031 |
| Remaining term | 4.6 yrs |
| Lease term (months) | — |
| Annual base rent | $158,617 |
| Base rent $/SF | $45.61 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2030 |
| Year built | 2005 |
| Building SF | 3,478 |
| Land area (acres) | 2.09 |
| Pre G&A CFC | 2.35x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 2,931 | 8,881 |
| Households | 0 | 1,076 | 3,358 |
| Pop. density (/sq mi) | 0 | 104 | 113 |
| Avg HH income | — | $72,567 | $71,621 |
| Poverty rate | — | 13.1% | 14.3% |
| Bachelor's+ | — | 19.3% | 21.6% |
| Median home value | — | $212,200 | $219,446 |
| Median rent | — | $1,053 | $970 |
| Median age | — | 48 | 45 |
| Owner-occupied | — | 85.2% | 78.4% |
This net lease Scotchman/Fas Mart convenience store in Burgaw, NC offers 4.6 years of guaranteed income backed by GPM Investments, a subsidiary of publicly traded ARKO Corp., the sixth-largest U.S. c-store operator. The site earns a below-average location grade of 49/100, reflecting thin local population density and elevated competitive pressure. The investment is essentially a credit-tenant income play on a secondary market asset with meaningful rollover risk at lease expiration in 2031.
The immediate trade area is sparsely populated, with near-zero density at one mile and only 2,931 residents within three miles at a low density of 104 per square mile. Average household income of roughly $72,600 at three miles is modest, and a 13.1% poverty rate signals limited discretionary spending capacity. The five-mile population of 8,881 provides a thin but stable customer base for a convenience-fuel format.
Pender County has grown 15.6% from 2020 to 2024, reaching 70,077 residents, which is a meaningful tailwind for a small market. Unemployment sits at a healthy 3.1%, and the county's proximity to the Wilmington metro corridor supports continued household formation. Traffic at 9,300 AADT is moderate for a c-store and limits top-line fuel volume potential.
The site sits essentially on Highway 53 East with 0.01-mile access to the primary road, which is a functional advantage for capture. However, a Walk Score of 46 confirms full car dependency, and 20 nearby restaurants and 20 retail tenants within one mile suggest a developed but competitive corridor. Eight competing gas stations within one mile represent a crowded fuel market that constrains pricing power and volume.
Flood zone classification is Zone X, indicating minimal flood hazard, which is a positive given coastal North Carolina's storm exposure. No site-specific crime data is available, limiting underwriting precision on shrink and operational risk. The four EV charging stations within five miles are modest today but signal early-stage electrification pressure on long-term fuel demand.
With 4.6 years remaining and one renewal option at a notice deadline of September 2030, a buyer faces near-term rollover risk in a thin submarket. Current rent of $158,617 at $45.61 per square foot is the only data point available, as rent at expiration is not disclosed, making it impossible to assess built-in growth. The guarantor, GPM Investments backed by ARKO Corp. as a Nasdaq-listed, SEC-reporting entity operating roughly 3,500 sites, provides institutional-grade credit that partially offsets the short remaining term and secondary location.
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