GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
1207 Kentucky Ave SE, Norton, VA
| Tenant / d/b/a | FasMart |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Nov 29, 2007 |
| Lease expiration | Nov 30, 2027 |
| Remaining term | 1.4 yrs |
| Lease term (months) | — |
| Annual base rent | $54,223 |
| Base rent $/SF | $22.25 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 1983 |
| Building SF | 2,437 |
| Land area (acres) | 0.28 |
| Pre G&A CFC | -1.12x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 1207 Kentucky Ave SE |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 8,788 | 14,804 |
| Households | 0 | 3,647 | 6,165 |
| Pop. density (/sq mi) | 0 | 311 | 188 |
| Avg HH income | — | $64,078 | $64,580 |
| Poverty rate | — | 21.1% | 18.0% |
| Bachelor's+ | — | 19.6% | 19.0% |
| Median home value | — | $121,577 | $117,389 |
| Median rent | — | $811 | $799 |
| Median age | — | 39 | 40 |
| Owner-occupied | — | 65.5% | 72.2% |
This FasMart convenience store and gas station in Norton, Virginia offers a short-duration net lease backed by GPM Investments, a subsidiary of publicly traded ARKO Corp., the sixth-largest U.S. convenience-store operator. The property earned a location grade of 43 out of 100, reflecting a rural, low-traffic trade area with meaningful demographic headwinds. Buyers should underwrite this asset primarily as a credit and yield play rather than a real estate or location story.
The immediate one-mile ring shows negligible residential population, with meaningful density only emerging at three miles, where 8,788 residents carry average household income of $64,078 and a poverty rate of 21.1%. Median home values of $121,577 and median rent of $811 indicate a lower-income, working-class base with limited discretionary spending capacity. These metrics are well below national averages and constrain organic demand growth for fuel and in-store sales.
Norton is a small independent city in far Southwest Virginia classified as nonmetro and not adjacent to a larger metro area. The city's population declined 5.5% between 2020 and 2024, from 3,681 to 3,478, signaling structural depopulation rather than cyclical softness. With only 196 total establishments and 4,143 employees, the local economic base is thin and offers limited tailwind for retail traffic growth.
The site sits 0.02 miles from the nearest major road but draws only 1,700 vehicles per day in annual average daily traffic, an exceptionally low count for a fueling location. A Walk Score of 3 confirms near-total automobile dependency with minimal pedestrian or transit demand. Three competing gas stations within one mile further dilute the captive traffic potential of this location.
The property sits in FEMA Flood Zone X, presenting minimal flood exposure. Four EV charging stations within five miles represent an early but present disruptive threat in a market where fuel demand is already constrained by population loss. The building was constructed in 1983, raising potential capital expenditure concerns upon lease expiration or tenant turnover.
With only 1.4 years of remaining term and a March 2027 notice deadline for the single renewal option, a buyer acquires near-term rollover risk at closing. Current rent of $54,223 annually at $22.25 per square foot provides no disclosed escalation to expiration, limiting income growth. The guarantor credit, GPM Investments backed by Nasdaq-listed ARKO Corp. operating roughly 3,500 sites, is a genuine institutional-grade covenant, but it cannot offset the reality that this buyer must decide within months whether the tenant renews or the asset reverts to vacant 1983-vintage real estate in a shrinking market.
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