GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
2192 Old Stage Road, Riegelwood, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Oct 31, 2031 |
| Remaining term | 5.1 yrs |
| Lease term (months) | — |
| Annual base rent | $63,641 |
| Base rent $/SF | $26.08 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | |
| Notice date | |
| Year built | 2005 |
| Building SF | 2,440 |
| Land area (acres) | 0.59 |
| Pre G&A CFC | -1.41x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | — |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 4,476 | 4,476 |
| Households | 0 | 1,571 | 1,571 |
| Pop. density (/sq mi) | 0 | 158 | 57 |
| Avg HH income | — | $66,163 | $66,163 |
| Poverty rate | — | 9.3% | 9.3% |
| Bachelor's+ | — | 10.0% | 10.0% |
| Median home value | — | $150,200 | $150,200 |
| Median rent | — | $1,061 | $1,061 |
| Median age | — | 39 | 39 |
| Owner-occupied | — | 76.2% | 76.2% |
This Scotchman/Fas Mart convenience store in Riegelwood, NC earned a location grade of 29 out of 100, reflecting a rural, low-traffic site with minimal population density and limited demand drivers. The deal's investment case rests almost entirely on the remaining 5.1-year lease term backed by GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest convenience store operator in the United States. Standalone real estate fundamentals are weak.
The 1-mile trade area registers zero population, with meaningful density only appearing at the 3-mile ring at 158 persons per square mile and 4,476 residents. Average household income of $66,163 within 3 miles is below national benchmarks, and educational attainment is limited at 10% with a bachelor's degree or higher. The population base is thin and does not expand materially at 5 miles, signaling a structurally constrained demand profile.
Columbus County is a nonmetro, metro-adjacent market with a modest population decline of 0.8% between 2020 and 2024. The local economy supports only 12,370 employees across 994 establishments, limiting organic retail demand growth. Daily traffic at the site is 1,300 vehicles, a critically low count for a fuel and convenience operator.
A Walk Score of 17 confirms near-total auto dependency, and the site draws from a daytime employment base of just 227 workers within 1 mile. Four competing gas stations exist within 1 mile, creating disproportionate competitive density relative to the small available customer pool. Proximity to the nearest major road at 0.02 miles provides minor visibility benefit but does not overcome volume deficiencies.
FEMA Flood Zone X designation indicates minimal flood exposure, which is a modest positive. No state-level crime data was available for direct analysis. The absence of EV charging infrastructure within 5 miles reduces near-term displacement risk but also reflects a market too thin to attract investment in that category.
With 5.1 years remaining and no renewal options or rent escalations disclosed, a buyer faces hard rollover risk at October 2031 with no contractual path to extend income. Current rent of $63,641 annually at $26.08 per square foot provides a defined income stream, but lease guaranty quality partially offsets location weakness. GPM Investments carries the credit of ARKO Corp., a publicly traded, SEC-reporting operator of approximately 3,500 sites, which is a meaningful institutional guarantor. However, ARKO has faced margin pressure publicly, and a tenant decision not to renew at a weak-volume location is a credible outcome.
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