GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
2404 Fontaine Avenue, Charlottesville, VA
| Tenant / d/b/a | Every Day Shop & Cafe |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 26, 2011 |
| Lease expiration | May 31, 2031 |
| Remaining term | 4.9 yrs |
| Lease term (months) | — |
| Annual base rent | $248,004 |
| Base rent $/SF | $69.24 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/4 |
| Notice date | Nov 02, 2030 |
| Year built | 1989 |
| Building SF | 3,582 |
| Land area (acres) | 0.89 |
| Pre G&A CFC | 2.19x (2023) |
| Lease status | Active |
Charlottesville is home to the University of Virginia and Monticello, combining a major university (and medical center) with heavy heritage tourism — student and visitor demand beyond resident rooftops.
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 | 15,826 | 58,646 | 97,171 |
| Households | 3,969 | 22,546 | 40,330 |
| Pop. density (/sq mi) | 5,038 | 2,074 | 1,237 |
| Avg HH income | $96,774 | $101,616 | $117,301 |
| Poverty rate | 28.8% | 22.0% | 15.8% |
| Bachelor's+ | 69.1% | 60.2% | 61.5% |
| Median home value | $501,083 | $454,738 | $458,283 |
| Median rent | $1,386 | $1,450 | $1,499 |
| Median age | 24 | 30 | 35 |
| Owner-occupied | 32.4% | 36.9% | 45.8% |
This net lease convenience store and gas station, operated by Fas Mart under the GPM Investments / ARKO Corp. umbrella, sits on a 0.89-acre Charlottesville, Virginia parcel with 4.9 years of remaining term and a current rent of $248,004 annually. The location scores 79 out of 100, reflecting strong daytime employment density, minimal direct competition, and proximity to the University of Virginia corridor. The asset offers near-term income certainty with modest residual risk tied to lease rollover and operator credit.
The 1-mile trade area supports 15,826 residents at a density of 5,038 per square mile, with average household income of $96,774, though a 28.8% poverty rate indicates a bifurcated consumer base. The 3-mile ring expands to 58,646 residents with average household income of $101,616, a median home value of $454,738, and a notably high bachelor's degree attainment of 60.2%, consistent with a university-anchored market. Income and education metrics strengthen at the 5-mile level, reaching $117,301 average household income across nearly 97,000 residents.
Charlottesville is a sub-250K metro anchored by the University of Virginia, producing a low 2.3% unemployment rate and a stable, institutionally diverse employment base of 33,771 workers across 2,077 establishments. The city's population declined 3.6% from 2020 to 2024, a modest contraction that warrants monitoring but does not materially impair near-term store performance given strong daytime capture potential. With 15,074 daytime workers within one mile and a day-to-night population ratio of 0.95, the site captures consistent traffic throughout operating hours.
The site fronts a corridor with 13,000 vehicles per day and sits 0.02 miles from a major road, ensuring strong vehicular accessibility. Walk Score of 50 and Bike Score of 74 suggest meaningful non-vehicular capture in a university-adjacent neighborhood. Only one competing gas station exists within one mile, and no dollar or discount stores compete for convenience spend within a half mile.
The property sits in FEMA Flood Zone X, indicating minimal flood hazard with no material environmental exposure from inundation risk. The 45 EV charging stations within five miles represent a longer-term structural demand consideration for fuel volumes. No specific crime rate data was available for this analysis, which investors should resolve through independent local research prior to closing.
With 4.9 years of remaining term, a buyer acquires near-term cash flow stability but faces a meaningful rollover event in May 2031. The current rent of $248,004 annually, or $69.24 per square foot, provides no disclosed rent at expiration, limiting visibility into terminal economics without direct lease review. One four-year renewal option exists with a November 2030 notice deadline, giving GPM substantial optionality to exit or renegotiate. The guarantor is GPM Investments, a subsidiary of ARKO Corp., a Nasdaq-listed, SEC-reporting operator of approximately 3,500 convenience sites across 34 states, representing credible but not investment-grade credit. Buyers should underwrite renewal probability conservatively given the absence of contractual rent bumps and the tenant's scale-driven leverage at renewal.
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