GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
12712 Sussex Hwy, Greenwood, DE
| Tenant / d/b/a | FasMart |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Nov 28, 2007 |
| Lease expiration | Nov 30, 2027 |
| Remaining term | 1.4 yrs |
| Lease term (months) | — |
| Annual base rent | $225,405 |
| Base rent $/SF | $124.53 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 1985 |
| Building SF | 1,810 |
| Land area (acres) | 1.48 |
| Pre G&A CFC | 0.90x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 12712 Sussex Hwy |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 5,945 | 9,244 |
| Households | 0 | 2,099 | 3,522 |
| Pop. density (/sq mi) | 0 | 210 | 118 |
| Avg HH income | — | $84,868 | $81,094 |
| Poverty rate | — | 23.0% | 16.4% |
| Bachelor's+ | — | 19.5% | 16.3% |
| Median home value | — | $218,300 | $217,551 |
| Median rent | — | $858 | $1,023 |
| Median age | — | 36 | 37 |
| Owner-occupied | — | 88.1% | 75.1% |
This FasMart convenience store and gas station at 12712 Sussex Hwy in Greenwood, Delaware is a small-format net lease asset with 1.4 years of remaining term, carrying a Location Grade of 47 out of 100. The offering is best characterized as a near-term rollover play in a rural, low-density trade area with modest population support and elevated poverty rates. Buyer interest will hinge almost entirely on lease credit quality and renewal probability rather than location fundamentals.
The immediate one-mile ring registers zero population, confirming a rural highway setting with no meaningful residential density surrounding the site. The three-mile trade area holds 5,945 residents at 210 persons per square mile, with average household income of $84,868, but a 23.0% poverty rate materially erodes effective purchasing power. The five-mile population of 9,244 at 118 per square mile underscores a thin, dispersed customer base typical of secondary rural Delaware.
Sussex County has posted strong population growth of 13.6% from 2020 to 2024, driven largely by coastal and suburban expansion rather than inland rural communities like Greenwood. With 6,358 total establishments and a 3.7% unemployment rate, the county economy is stable but not a direct demand driver for this specific location. The nonmetro, metro-adjacent classification limits institutional comparables and dampens long-term rent growth assumptions.
The site sits 0.01 miles from the nearest major road, providing adequate highway visibility and convenience access along Sussex Highway. A Walk Score of 28 confirms full car dependency, which is operationally standard for this format but eliminates any pedestrian demand. Nine nearby restaurants and four retail establishments within one mile provide minimal co-tenancy benefit in an otherwise sparse commercial corridor.
FEMA Flood Zone X designation indicates minimal flood exposure, which removes a significant physical risk concern for the asset. State-level crime data was unavailable, limiting a full safety assessment. No additional environmental or structural flags were identified in the provided data, though the 1985 vintage building warrants scrutiny on deferred maintenance and underground storage tank liability.
With only 1.4 years remaining before the November 2027 expiration and a March 2027 renewal notice deadline, a buyer acquires immediate rollover exposure. The current rent of $225,405 annually provides near-term income, but the absence of a disclosed rent-at-expiration figure prevents assessment of mark-to-market risk. GPM Investments, LLC, as guarantor backed by publicly traded ARKO Corp., the sixth-largest U.S. convenience-store operator with approximately 3,500 locations, provides meaningful credit quality that partially offsets the short remaining term. The single remaining renewal option limits long-term hold upside.
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