GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
900 N Lake Park Blvd, Carolina Beach, 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 | $158,617 |
| Base rent $/SF | $45.22 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2030 |
| Year built | 2005 |
| Building SF | 3,508 |
| Land area (acres) | 0.92 |
| Pre G&A CFC | 4.92x (2024) |
| Lease status | Active |
Carolina Beach is an oceanfront resort town (boardwalk, fishing, state park) south of Wilmington with heavy seasonal beach tourism not reflected in resident-population metrics.
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 | 2,932 | 11,168 | 24,151 |
| Households | 1,427 | 4,933 | 10,433 |
| Pop. density (/sq mi) | 933 | 395 | 308 |
| Avg HH income | $133,765 | $115,884 | $107,735 |
| Poverty rate | 10.4% | 8.4% | 7.8% |
| Bachelor's+ | 54.3% | 42.0% | 39.2% |
| Median home value | $498,000 | $454,170 | $397,604 |
| Median rent | $1,466 | $1,268 | $1,351 |
| Median age | 51 | 48 | 47 |
| Owner-occupied | 77.8% | 84.2% | 79.1% |
900 N Lake Park Blvd is a 3,508 SF Scotchman convenience store and gas station situated in Carolina Beach, NC, operating under a GPM Investments corporate guarantee with 4.8 years of remaining term. The site earns a Location Grade of 66 out of 100, reflecting solid coastal market fundamentals tempered by near-term lease rollover exposure and meaningful local competition. This is a stabilized income asset suited to investors comfortable with mid-tier credit and a defined re-lease horizon.
The immediate one-mile trade area supports 2,932 residents with an above-average household income of $133,765 and a low poverty rate of 10.4%, consistent with an affluent coastal residential base. The three-mile ring extends to 11,168 people, average household income of $115,884, median home values of $454,170, and an 84.2% owner-occupancy rate, signaling a stable, wealth-oriented community. Daytime employment density is modest at 2,071 jobs within one mile, reflecting the area's predominantly residential and tourism-driven character.
New Hanover County is a growing Metro market, with population expanding 7.5% from 2020 to 2024, reaching 243,333 residents, and unemployment holding at a tight 3.1%. The county's 8,516 establishments and 114,702 employees indicate a diversified local economy anchored in retail, food service, and coastal tourism. Carolina Beach itself benefits from seasonal traffic amplification that supplements the permanent residential base.
The site fronts a major road at 0.01 miles proximity and captures 22,500 vehicles per day, providing reliable fuel and convenience demand. A Walk Score of 68 and Bike Score of 71 are strong for a coastal community, with 20 restaurants and 20 retail destinations within one mile adding trip-chaining potential. Site visibility and access appear institutionally functional for this asset class.
The FEMA designation is Zone X, indicating minimal flood risk, which is a meaningful positive for a coastal Carolina asset. Crime data was not available for site-level underwriting, requiring buyers to conduct independent local assessment. EV infrastructure remains limited at five charging stations within five miles, posing a long-duration demand headwind for fuel volumes.
With 4.8 years remaining and one renewal option carrying a September 2030 notice deadline, the buyer faces near-term rollover risk in a market where re-tenanting a coastal convenience store is feasible but not guaranteed. Current rent of $158,617 annually provides income clarity through 2031, though no rent-at-expiration escalation data was provided, limiting yield-growth underwriting. GPM Investments, backed by publicly traded ARKO Corp., the sixth-largest U.S. convenience operator, provides institutional-grade credit transparency via SEC reporting, but ARKO has faced margin pressure publicly, warranting credit monitoring.
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