GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
800 Park Avenue, 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 | $76,655 |
| Base rent $/SF | $43.80 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 2002 |
| Building SF | 1,750 |
| Land area (acres) | 0.16 |
| Pre G&A CFC | 0.60x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 3,620 | 14,804 |
| Households | 0 | 1,553 | 6,165 |
| Pop. density (/sq mi) | 0 | 128 | 188 |
| Avg HH income | — | $56,274 | $64,580 |
| Poverty rate | — | 25.7% | 18.0% |
| Bachelor's+ | — | 16.6% | 19.0% |
| Median home value | — | $100,700 | $117,389 |
| Median rent | — | $670 | $799 |
| Median age | — | 41 | 40 |
| Owner-occupied | — | 52.3% | 72.2% |
FasMart Store 2537 at 800 Park Avenue, Norton, VA is a 1,750 SF convenience store on 0.155 acres operating in a shrinking, low-density Appalachian market. The property scored 39 out of 100 on location grade, reflecting weak demographics, limited traffic, and a compressed trade area. With only 1.4 years of lease term remaining, the investment thesis hinges almost entirely on lease rollover execution and tenant renewal probability.
The 1-mile ring shows zero reportable population, indicating the immediate site is non-residential in character. The 3-mile trade area holds just 3,620 residents with average household income of $56,274, median home value of $100,700, and a poverty rate of 25.7%, all materially below national benchmarks. The 5-mile population of 14,804 at a density of 188 per square mile confirms this is a thin, rural convenience market with limited demand growth potential.
Norton is an independent city classified as nonmetro urban, not adjacent to a metro area, with a population that declined 5.5% from 2020 to 2024. The local economy supports only 4,143 total employees across 196 establishments, indicating minimal economic depth. This is a single-tenant, single-demand-driver market with no meaningful population or employment tailwinds.
Traffic of 4,900 vehicles per day is low for a gas station and convenience store concept, well below the 10,000 to 15,000 threshold typically expected for a healthy site. Walk Score of 19 and Bike Score of 4 confirm near-total auto dependency, while four competing fuel stations within one mile create meaningful share pressure. Daytime employment of 1,676 within one mile provides a modest captive customer base but does not offset the broader demand weakness.
Flood risk is minimal, classified FEMA Zone X. No site-specific environmental, crime, or structural flags were identified in the provided data. The primary risk profile is economic and lease-driven rather than physical.
With only 1.4 years remaining before the November 2027 expiration and a March 2027 renewal notice deadline, a buyer faces near-term rollover risk from day one of ownership. Current rent of $76,655 annually at $43.80 per square foot is the only contractual income stream, and no rent-at-expiration escalation is disclosed, limiting visibility into forward cash flow. The lease guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 locations, provides institutional-grade credit support, but that credit quality does not insulate against the tenant electing not to renew in a weak location. One of two renewal options remains available, but the tenant holds the decision, and the site's low traffic and demographic profile reduce the probability of renewal at or above current rent.
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