GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
4530 Tynecastle Hwy, Banner Elk, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2028 |
| Remaining term | 1.5 yrs |
| Lease term (months) | — |
| Annual base rent | $134,215 |
| Base rent $/SF | $46.17 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 04, 2027 |
| Year built | 1982 |
| Building SF | 2,907 |
| Land area (acres) | 0.36 |
| Pre G&A CFC | 2.94x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 0 | 2,993 |
| Households | 0 | 0 | 1,380 |
| Pop. density (/sq mi) | 0 | 0 | 38 |
| Avg HH income | — | — | $96,073 |
| Poverty rate | — | — | 5.8% |
| Bachelor's+ | — | — | 34.9% |
| Median home value | — | — | $277,300 |
| Median rent | — | — | $930 |
| Median age | — | — | 55 |
| Owner-occupied | — | — | 80.5% |
This Scotchman-branded convenience store and gas station in Banner Elk, NC carries a Location Grade of 46/100 (Average), reflecting a sparse rural footprint, negligible near-field population, and modest traffic volume of 11,500 AADT. The asset is offered mid-term with approximately 1.5 years of lease runway to March 2028, backed by a corporate guaranty from GPM Investments/ARKO Corp., the sixth-largest U.S. c-store operator. The investment thesis hinges almost entirely on credit quality and renewal execution rather than location fundamentals.
The 1-mile and 3-mile rings report effectively zero resident population, limiting the store's customer base to transient and tourist traffic rather than a captive local consumer pool. Meaningful population only emerges at 5 miles, where 2,993 residents average $96,073 in household income with a low 5.8% poverty rate, indicating moderate purchasing power among those who do reside in the broader draw area. Avery County is classified nonmetro-rural and has been essentially flat in population from 2020 to 2024, offering no credible growth catalyst.
Avery County's economy is small and static, with 531 total establishments and 5,277 employees, and an unemployment rate of 5.6% that runs above typical suburban benchmarks. The Banner Elk corridor benefits from mountain tourism and second-home activity, which partially compensates for the thin permanent resident base and explains the 14 nearby restaurants within one mile. Five EV charging stations within five miles signal early infrastructure buildout that warrants monitoring for long-term fuel demand.
A Walk Score of 34 confirms full auto-dependency, consistent with a rural mountain highway setting. Proximity of 0.02 miles to the nearest major road is a legitimate access advantage, though two competing gas stations within half a mile introduce meaningful fuel price competition for a trade area this size. Nine nearby retail establishments and 14 restaurants indicate modest but real co-tenancy that supports incidental traffic.
Flood exposure is minimal under FEMA Zone X designation. No state-level crime statistics were available for independent underwriting, which requires a buyer to rely on local law enforcement data. The 1982 vintage building on a 0.36-acre site may face capital expenditure requirements that compress net returns, particularly if a new operator requires site upgrades post-lease.
With only 1.5 years remaining to the March 2028 expiration, a buyer assumes near-term rollover risk as the primary underwriting variable. Current rent of $134,215 annually ($46.17/SF) is healthy for the market, but no rent-at-expiration figure was provided, making escalation trajectory unconfirmable. One renewal option remains available, with a notice deadline of September 4, 2027, meaning a buyer acquiring today must act on renewal strategy almost immediately. GPM Investments/ARKO Corp. provides a publicly traded, SEC-reporting guaranty across roughly 3,500 locations, which is a meaningful credit backstop, but ARKO has faced public market pressure on profitability, and operators of this scale will exercise renewal discipline based on unit economics, not relationship. A buyer should underwrite this asset assuming renewal is uncertain and price accordingly.
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