GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
349 Front St, Richlands, 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 | $48,033 |
| Base rent $/SF | $13.55 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 1999 |
| Building SF | 3,544 |
| Land area (acres) | 1.51 |
| Pre G&A CFC | — |
| Lease status | CLOSED-LEASED |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 3,875 | 8,405 |
| Households | 0 | 1,684 | 3,505 |
| Pop. density (/sq mi) | 0 | 137 | 107 |
| Avg HH income | — | $52,858 | $57,326 |
| Poverty rate | — | 23.4% | 27.4% |
| Bachelor's+ | — | 12.9% | 15.9% |
| Median home value | — | $116,200 | $106,508 |
| Median rent | — | $714 | $751 |
| Median age | — | 45 | 45 |
| Owner-occupied | — | 73.4% | 70.6% |
This FasMart-operated convenience store and gas station at 349 Front St, Richlands, VA carries a location grade of 41 out of 100, reflecting below-average traffic, sparse population density, and a declining rural market. With only 1.4 years of term remaining and a single renewal option, near-term rollover risk dominates the investment thesis. The deal offers limited upside and demands appropriate pricing to compensate for location and lease-term deficiencies.
The immediate trade area is thin, with zero recorded population within one mile and only 3,875 residents within three miles at a density of 137 per square mile. Household income of $52,858 at three miles and a poverty rate of 23.4% indicate constrained consumer spending power. The five-mile population of 8,405 with a 27.4% poverty rate underscores the market's structural weakness.
Tazewell County is a nonmetro, non-adjacent county that lost 3.8% of its population between 2020 and 2024, signaling ongoing demographic erosion. With 896 total business establishments and 11,043 employees countywide, the local economy is limited in scale and diversity. This contraction environment increases the probability that a departing tenant would be difficult to replace at current rents.
The site sits effectively on a major road with 0.01-mile highway proximity, but AADT of only 4,300 vehicles per day is low for a viable gas station trade area. A Walk Score of 31 confirms full car dependency, and the limited nearby retail and restaurant ecosystem of 8 and 9 locations respectively within one mile reflects a thin commercial corridor. Two competing gas stations within one mile further compress pricing power and volume potential.
The site resides in FEMA Flood Zone X, indicating minimal flood exposure, which is a straightforward positive. No state-level crime data was available to assess public safety context. Environmental liability inherent to gas station operations, while not flagged here, remains a standard due diligence priority for any fuel-site acquisition.
With only 1.4 years of remaining term, a buyer assumes near-immediate rollover risk, and the March 2027 renewal notice deadline compresses the decision window further. Current rent of $48,033 annually at $13.55 per square foot is modest, and no rent-at-expiration escalation is disclosed, limiting income growth visibility. GPM Investments, LLC, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience-store operator, provides institutional-quality credit support, but that credit strength does not eliminate the risk that ARKO elects not to renew a low-volume, below-average-grade site in a shrinking rural market.
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