GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
6126 Oleander Dr, Wilmington, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2030 |
| Remaining term | 3.8 yrs |
| Lease term (months) | — |
| Annual base rent | $183,020 |
| Base rent $/SF | $95.87 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2029 |
| Year built | 1984 |
| Building SF | 1,909 |
| Land area (acres) | 0.91 |
| Pre G&A CFC | 2.63x (2024) |
| Lease status | Active |
Wilmington is a coastal port city on the Cape Fear River with ~$1.14B in annual visitor spending, anchored by nearby Wrightsville, Carolina, and Kure beaches, UNCW, the Port of Wilmington, and a major film-production industry ("Wilmywood"). Tourism and student demand supplement the 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 | 4,247 | 43,842 | 114,195 |
| Households | 1,952 | 18,714 | 51,254 |
| Pop. density (/sq mi) | 1,352 | 1,551 | 1,454 |
| Avg HH income | $168,062 | $130,387 | $112,275 |
| Poverty rate | 14.9% | 12.0% | 11.2% |
| Bachelor's+ | 60.8% | 52.9% | 50.0% |
| Median home value | $642,527 | $456,267 | $389,028 |
| Median rent | $1,203 | $1,610 | $1,518 |
| Median age | 47 | 40 | 38 |
| Owner-occupied | 71.5% | 62.6% | 56.2% |
This Scotchman/Fas Mart convenience store and gas station at 6126 Oleander Dr in Wilmington, NC earns an Excellent location grade of 85/100, supported by 36,500 vehicles per day, affluent surrounding demographics, and a growing coastal metro. The lease runs to March 2031 with GPM Investments, a subsidiary of publicly traded ARKO Corp., the sixth-largest U.S. c-store operator, providing institutional-grade credit backing.
The 3-mile trade area holds 43,842 residents with an average household income of $130,387, a median home value of $456,267, and a bachelor's degree attainment rate of 52.9%, all well above national convenience-store benchmarks. The 5-mile population of 114,195 with an average household income of $112,275 reinforces a broad, high-spending consumer base. New Hanover County grew 7.5% between 2020 and 2024, signaling sustained residential demand.
Wilmington sits in a Metro 250K-1M class market with 3.1% unemployment and 8,516 total business establishments employing over 114,000 workers. The local retail and food-service base is mature, with 1,119 retail establishments and 749 food-service operators countywide. The market's coastal appeal and consistent population growth support long-term site relevance.
The site sits 0.01 miles from a major road with immediate arterial access, and only two competing gas stations exist within a full mile, limiting direct fuel competition. Daytime employment density of 27,610 jobs within 3 miles sustains consistent traffic throughout the day. The car-dependent Walk Score of 33 confirms the site is purpose-built for drive-to convenience, which is the appropriate format here.
1. Nineteen EV charging stations within 5 miles represent a measurable and growing structural threat to fuel volume over the lease's remaining term. 2. A 3.8-year remaining lease term creates near-term rollover exposure, with the single renewal option requiring notice by September 2029, compressing investor optionality. 3. The building was constructed in 1984, meaning deferred capital expenditure risk and potential obsolescence concerns may arise at or before lease renewal negotiation.
With 3.8 years of term remaining and no disclosed escalations or rent at expiration, a buyer assumes rollover risk at a current rent of $183,020 annually or $95.87 per square foot. ARKO Corp.'s Nasdaq-listed, SEC-reporting structure and 3,500-site platform provide meaningful credit transparency, though ARKO has faced margin pressure in recent periods. The single renewal option at a notice date of September 2029 leaves limited runway, making lease extension negotiations a near-term priority for any acquirer.
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