GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
101 E Memorial Dr, Muncie, IN
| Tenant / d/b/a | Village Pantry |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 25, 2007 |
| Lease expiration | May 31, 2027 |
| Remaining term | 0.9 yrs |
| Lease term (months) | — |
| Annual base rent | $37,492 |
| Base rent $/SF | $15.62 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2026 |
| Year built | 1973 |
| Building SF | 2,400 |
| Land area (acres) | 0.25 |
| Pre G&A CFC | -0.43x (2023) |
| Lease status | Active |
Muncie is home to Ball State University (~20,000 students), a student/daytime demand base 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 | 7,976 | 51,681 | 76,550 |
| Households | 3,313 | 20,452 | 31,639 |
| Pop. density (/sq mi) | 2,539 | 1,828 | 975 |
| Avg HH income | $50,244 | $53,016 | $64,140 |
| Poverty rate | 33.9% | 32.9% | 25.5% |
| Bachelor's+ | 5.7% | 18.6% | 26.2% |
| Median home value | $51,342 | $80,117 | $107,862 |
| Median rent | $870 | $878 | $913 |
| Median age | 36 | 33 | 35 |
| Owner-occupied | 51.3% | 48.5% | 57.3% |
This Village Pantry / Fas Mart (GPM Investments) convenience store at 101 E Memorial Dr in Muncie, Indiana is a near-term rollover asset carrying a Location Grade of 61/100. With only 0.9 years of lease term remaining and a notice deadline of September 2026, the investment thesis centers almost entirely on renewal execution and re-pricing risk rather than durable income stability.
The immediate trade area reflects a challenged consumer profile: 1-mile poverty runs 33.9% and average household income is $50,244, well below national benchmarks. The 3-mile average household income rises modestly to $53,016, but a median home value of $80,117 and 32.9% poverty rate confirm a low-income, renter-skewed market with limited discretionary spending depth.
Delaware County is a sub-250K metro with marginal population growth of 1.1% from 2020 to 2024 and unemployment of 3.9%, reflecting a stable but structurally stagnant regional economy. Site-level traffic of 11,206 AADT is modest for a gas station format, and six competing fuel stations within one mile create meaningful demand fragmentation.
The site scores 63 on Walk Score and benefits from 20 nearby restaurants within one mile, supporting baseline convenience traffic. However, daytime employment density is thin at 3,432 jobs within one mile, and the day/night population ratio of 0.43 indicates the trade area skews residential rather than a high-capture commuter or employment corridor.
FEMA designates the site as Zone X, indicating minimal flood hazard. State-level crime data was not available for this analysis. No material environmental or physical site risks were flagged, though the 1973 vintage building warrants buyer-side diligence on underground storage tanks and deferred capital needs.
This asset offers a below-market rent of $37,492 annually ($15.62/SF) with no disclosed rent at expiration, meaning a buyer acquires with negligible income growth visibility. The lease expires May 31, 2027 with one one-year renewal option and a notice deadline of September 3, 2026, creating immediate rollover exposure. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience-store operator with roughly 3,500 sites, provides credible institutional credit quality. However, that credit strength does not eliminate re-tenanting risk if GPM elects not to renew at a sub-scale, low-traffic location in a declining market.
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