GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
421 E Chatham St, Cary, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2031 |
| Remaining term | 4.8 yrs |
| Lease term (months) | — |
| Annual base rent | $88,460 |
| Base rent $/SF | $35.50 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2030 |
| Year built | 1990 |
| Building SF | 2,492 |
| Land area (acres) | 0.57 |
| Pre G&A CFC | -0.01x (2018) |
| Lease status | SUBLEASED |
| Operating tenant | 421 E Chatham St |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 12,051 | 87,436 | 185,862 |
| Households | 4,402 | 37,839 | 77,560 |
| Pop. density (/sq mi) | 3,836 | 3,092 | 2,366 |
| Avg HH income | $106,359 | $125,382 | $134,501 |
| Poverty rate | 16.4% | 9.1% | 9.0% |
| Bachelor's+ | 44.3% | 60.9% | 65.1% |
| Median home value | $351,213 | $431,162 | $474,319 |
| Median rent | $1,376 | $1,549 | $1,620 |
| Median age | 31 | 37 | 37 |
| Owner-occupied | 42.0% | 49.5% | 51.9% |
This Scotchman/Fas Mart convenience store at 421 E Chatham St in Cary, NC is a 2,492 SF net lease asset backed by GPM Investments and situated in one of the fastest-growing metros in the Southeast. The site earned a location grade of 71/100 (Strong), supported by dense daytime employment, affluent surrounding demographics, and a very walkable urban position within Wake County. The investment thesis centers on near-term income stability within a high-growth market rather than a long-duration bond-like hold.
The 3-mile trade area holds 87,436 residents with average household income of $125,382, a median home value of $431,162, and a bachelor's degree attainment rate of 60.9%, reflecting an educated, economically stable consumer base. The 5-mile population of 185,862 averages $134,501 in household income, well above national norms. The 1-mile poverty rate of 16.4% is a localized soft spot but is moderated by surrounding affluence.
Wake County added over 100,000 residents between 2020 and 2024, a 9.0% gain, and unemployment sits at 2.9%, signaling a persistently tight labor market. The county supports 530,994 employees across 33,076 establishments, anchoring consistent retail and fuel demand. Cary's position within the Raleigh-Durham metro of 1M+ population provides long-term demand durability uncommon in smaller convenience store markets.
The site scores 73 on Walk Score (Very Walkable) and benefits from 61,225 daytime jobs within 3 miles, supporting a reliable AM/PM drive traffic pattern. Twenty restaurants and 20 retail destinations within 1 mile create co-tenancy that drives incidental fuel and convenience stops. AADT of 7,500 vehicles per day is modest for a gas station and represents the site's most meaningful physical constraint.
The FEMA flood designation is Zone X, indicating minimal flood hazard, and no material environmental flags are noted. Crime statistics were not provided, limiting full risk underwriting. The broader physical site — built in 1990, 2,492 SF — may require capital investment as the lease approaches expiration.
With 4.8 years of remaining term expiring March 31, 2031, this asset sits in near-term rollover territory, which limits pricing power relative to longer-duration net lease comps. Rent at expiration is not disclosed, creating uncertainty around whether the current $88,460 annual rent is at, above, or below market. The single renewal option, with a notice deadline of September 2030, gives the buyer limited runway to assess tenant intent before the decision point arrives. GPM Investments, LLC — a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience store operator with roughly 3,500 locations — provides meaningful credit support, but ARKO has faced margin pressure and debt load scrutiny in recent periods, making this a credible but not investment-grade guaranty. Buyers should underwrite a potential lease-up or re-tenanting scenario at expiration.
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