GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
4405 S 17th St, Wilmington, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2030 |
| Remaining term | 3.8 yrs |
| Lease term (months) | — |
| Annual base rent | $113,140 |
| Base rent $/SF | $25.00 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2029 |
| Year built | 2006 |
| Building SF | 4,525 |
| Land area (acres) | 1.25 |
| Pre G&A CFC | 7.13x (2024) |
| Lease status | Active |
Wilmington is a coastal port city with major beach tourism, UNCW, the Port of Wilmington, and a film-production industry. 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 | 3,975 | 66,138 | 127,546 |
| Households | 1,818 | 29,890 | 57,695 |
| Pop. density (/sq mi) | 1,265 | 2,339 | 1,624 |
| Avg HH income | $132,504 | $107,068 | $99,740 |
| Poverty rate | 3.3% | 10.3% | 14.5% |
| Bachelor's+ | 51.5% | 48.0% | 46.2% |
| Median home value | $381,300 | $327,181 | $353,514 |
| Median rent | $1,452 | $1,355 | $1,377 |
| Median age | 45 | 41 | 39 |
| Owner-occupied | 68.9% | 59.3% | 53.1% |
This Scotchman-branded convenience store and gas station at 4405 S 17th St, Wilmington, NC is a 4,525 SF net lease asset sitting on 1.25 acres with a location grade of 78/100 (Excellent). The site benefits from 20,500 vehicles per day, a dense surrounding population, and a creditworthy institutional guarantor in GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp. With 3.8 years of remaining term and one renewal option, the asset offers near-term income certainty with modest rollover exposure.
The 1-mile trade area is affluent and tight, with average household income of $132,504 and poverty at just 3.3%. The 3-mile ring expands to 66,138 residents at a median home value of $327,181, with 48% holding bachelor's degrees and a relatively low 10.3% poverty rate. Income quality across all three rings is strong and supports consistent c-store and fuel demand.
New Hanover County is a growing Metro market (250K-1M population tier) that added 16,891 residents between 2020 and 2024, a 7.5% gain. Unemployment stands at a tight 3.1% against a broad employment base of 114,702 workers across 8,516 establishments. Wilmington's coastal growth trajectory and diverse retail and food service economy support long-term site relevance.
The site carries a Walk Score of 62 and a Bike Score of 65, indicating functional accessibility beyond the automobile. With 16 nearby restaurants and 15 retail establishments within one mile and 34,681 daytime workers within three miles, the location benefits from strong captive demand. The 0.31-mile proximity to a major road enhances convenience visibility and drive-by traffic.
The 3.1% unemployment rate and strong demographics reduce demand-side risk, and the FEMA Zone X designation confirms minimal flood exposure for this coastal North Carolina market. However, three competing gas stations within one mile and two within a half mile represent meaningful competitive density. No state-level crime data was provided, leaving security risk unquantified.
With 3.8 years of term remaining and a September 2029 renewal notice deadline, a buyer faces a defined rollover event inside a typical hold period. Current rent of $113,140 annually ($25.00/SF) is a stabilized in-place figure with no contractual escalations disclosed and no rent-at-expiration data provided, limiting visibility into future cash flow. The single five-year renewal option provides one bite at re-leasing optionality but is not a long-term hold solution. GPM Investments, guaranteed by ARKO Corp. (Nasdaq: ARKO), the sixth-largest U.S. c-store operator with roughly 3,500 sites, provides institutional-grade credit support and materially reduces near-term default risk, though ARKO's public financials should be independently reviewed for leverage and liquidity trends.
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