GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
4101 Masonboro Loop Rd, Wilmington, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2038 |
| Remaining term | 11.8 yrs |
| Lease term (months) | — |
| Annual base rent | $122,013 |
| Base rent $/SF | $40.60 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | |
| Notice date | |
| Year built | 1983 |
| Building SF | 3,005 |
| Land area (acres) | 0.46 |
| Pre G&A CFC | 3.75x (2024) |
| Lease status | Active |
Wilmington is a coastal port city with major beach tourism, UNCW, and the Port of Wilmington. Visitor and student demand supplement the resident base.
The location score above reflects resident-market real-estate fundamentals and does not incorporate seasonal or destination demand; consider this note alongside the store-level coverage (CFC) when assessing the asset.
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 8,915 | 51,960 | 89,493 |
| Households | 3,699 | 22,684 | 38,882 |
| Pop. density (/sq mi) | 2,838 | 1,838 | 1,139 |
| Avg HH income | $142,404 | $128,634 | $112,325 |
| Poverty rate | 1.7% | 6.6% | 11.7% |
| Bachelor's+ | 57.6% | 51.2% | 49.4% |
| Median home value | $398,274 | $398,598 | $373,255 |
| Median rent | $1,333 | $1,423 | $1,429 |
| Median age | 42 | 42 | 40 |
| Owner-occupied | 82.7% | 67.9% | 60.2% |
This Scotchman-branded convenience store at 4101 Masonboro Loop Rd operates on a long-term net lease backed by GPM Investments, a subsidiary of publicly traded ARKO Corp., within a high-income coastal Wilmington submarket. The site earns a location grade of 69 out of 100, reflecting solid demographics tempered by modest traffic counts and limited daytime employment density. The offering presents a stable income profile with meaningful lease duration remaining.
The immediate one-mile trade area posts average household income of $142,404 and a poverty rate of just 1.7%, indicating an affluent residential base. Broadening to three miles, the population of nearly 52,000 carries average household income of $128,634, 51.2% bachelor-degree attainment, and a 67.9% owner-occupancy rate, all of which support durable convenience retail demand. Population in New Hanover County grew 7.5% from 2020 to 2024, reinforcing the growth trajectory of this coastal market.
New Hanover County is classified as a metro of 250,000 to one million residents with a 3.1% unemployment rate and 8,516 total business establishments employing over 114,000 workers. Wilmington's coastal appeal continues to drive in-migration and household formation, sustaining retail spending. The county's 749 food service and 1,119 retail establishments reflect a commercially active environment supportive of convenience-oriented formats.
The site is car-dependent with a Walk Score of 28 and zero transit access, which is typical for this format but limits organic foot traffic from non-motorists. AADT of 13,500 vehicles per day is functional but below the threshold that institutional gas station buyers often prefer, and only two restaurants and four retail establishments sit within one mile. The 0.07 daytime-to-nighttime worker ratio signals the surrounding area is primarily residential rather than employment-driven.
The site faces three competing gas stations within one mile, creating meaningful price and volume pressure. AADT of 13,500 is relatively modest, constraining fuel volume upside and fuel-driven convenience sales. The building was constructed in 1983, introducing potential capital expenditure requirements for environmental systems, canopy, and equipment over the remaining lease term.
With 11.8 years of lease term remaining through March 2038, a buyer secures near-term cash flow visibility at $122,013 annually. However, no renewal options or rent escalators are disclosed, and rent at expiration is not specified, creating rollover and re-tenanting uncertainty at a building approaching 55 years of age. The guarantor, GPM Investments under Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 locations, provides meaningful institutional credit quality, partially offsetting the site-level limitations.
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