GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
10655 N Michigan Rd, Zionsville, IN
| Tenant / d/b/a | Village Pantry |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 25, 2007 |
| Lease expiration | May 31, 2029 |
| Remaining term | 2.9 yrs |
| Lease term (months) | — |
| Annual base rent | $328,675 |
| Base rent $/SF | $65.77 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2028 |
| Year built | 1998 |
| Building SF | 4,997 |
| Land area (acres) | 2.79 |
| Pre G&A CFC | 3.63x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 40,222 | 120,148 |
| Households | 0 | 16,928 | 47,075 |
| Pop. density (/sq mi) | 0 | 1,423 | 1,530 |
| Avg HH income | — | $161,517 | $159,167 |
| Poverty rate | — | 7.1% | 7.7% |
| Bachelor's+ | — | 65.6% | 62.0% |
| Median home value | — | $419,071 | $409,050 |
| Median rent | — | $1,798 | $1,617 |
| Median age | — | 39 | 38 |
| Owner-occupied | — | 62.2% | 64.5% |
This Village Pantry / Fas Mart (GPM Investments) net lease asset at 10655 N Michigan Rd, Zionsville, IN sits in a high-income suburban corridor within Hamilton County, one of the fastest-growing counties in the Indianapolis metro. The property earned a location grade of 67/100 (Strong), reflecting solid trade-area fundamentals offset by moderate site-level traffic and near-term lease rollover risk. Buyers should underwrite this as a short-term income play with optionality dependent on tenant renewal.
The 3-mile trade area posts average household income of $161,517, median home value of $419,071, and a bachelor's degree attainment rate of 65.6%, indicating a highly affluent, educated suburban consumer base. Population within 5 miles reaches 120,148 at a density of 1,530 per square mile, supported by 43,842 daytime workers within 3 miles. Poverty rates below 8% across all rings reinforce the quality of the surrounding customer profile.
Hamilton County has grown 8.8% from 2020 to 2024, reaching 379,704 residents, within a metro exceeding one million people and carrying a 2.8% unemployment rate. The county supports 10,169 business establishments and 164,274 employees, reflecting a mature, diversified economic base. This is among the strongest suburban infill markets in the Midwest for convenience retail.
The site sits 0.01 miles from a major road with 4,450 AADT, which is modest for a fuel-and-convenience format that typically relies on higher pass-by counts. Twenty restaurants and 20 retail destinations within one mile provide complementary traffic generators. Five competing gas stations within one mile represent meaningful pressure on fuel volume and margin.
The FEMA flood designation is Zone X, presenting minimal environmental exposure. No violent or property crime data was available at the state level for independent verification, which limits full risk underwriting. Physical obsolescence is a consideration given the building was constructed in 1998 and is now over 25 years old, potentially requiring capital investment at or around lease expiration.
With 2.9 years of remaining term expiring May 2029, this is a mid-term net lease approaching rollover. The current rent of $328,675 annually ($65.77 per square foot) is a meaningful data point, but the absence of rent at expiration data limits yield-on-cost analysis at renewal. GPM Investments, LLC, as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 locations, provides institutional-grade credit backing. Buyers accept near-term re-leasing or renewal risk in exchange for a strong guarantor covenant in a high-quality suburban market.
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