GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
6427 Carolina Beach Rd, Wilmington, 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 | $115,912 |
| Base rent $/SF | $22.37 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2030 |
| Year built | 2002 |
| Building SF | 5,181 |
| Land area (acres) | 1.85 |
| Pre G&A CFC | 3.40x (2024) |
| Lease status | Active |
Wilmington is a coastal port city with major beach tourism, UNCW, and the Port of Wilmington. 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 | 0 | 24,650 | 63,111 |
| Households | 0 | 10,043 | 27,816 |
| Pop. density (/sq mi) | 0 | 872 | 804 |
| Avg HH income | — | $108,854 | $113,000 |
| Poverty rate | — | 8.0% | 8.2% |
| Bachelor's+ | — | 37.6% | 45.9% |
| Median home value | — | $380,468 | $396,268 |
| Median rent | — | $1,278 | $1,392 |
| Median age | — | 44 | 44 |
| Owner-occupied | — | 81.8% | 68.5% |
This Scotchman/Fas Mart convenience store and gas station at 6427 Carolina Beach Rd in Wilmington, NC presents a short-to-mid-term net lease opportunity backed by a publicly traded guarantor in a growing coastal market. The site earns a location grade of 60/100 (Strong), supported by solid 3- and 5-mile demographics but constrained by low immediate-area traffic counts and heavy local fuel competition. Investors should underwrite this primarily as a credit and rollover play rather than a pure real estate story.
The 3-mile trade area shows 24,650 residents with above-average household income of $108,854, low poverty at 8.0%, and an owner-occupancy rate of 81.8%, indicating a stable, affluent suburban base. The broader 5-mile population of 63,111 with average household income of $113,000 reinforces spending power. The 1-mile immediate zone shows no reported population, suggesting the site sits in a commercial or transitional corridor rather than a dense residential node.
New Hanover County is a growing metro market with population expanding 7.5% from 2020 to 2024, reaching 243,333, and unemployment at a tight 3.1%. The county supports 8,516 business establishments and 114,702 employees, reflecting a diversified local economy. Wilmington's coastal growth trajectory provides a favorable long-term backdrop for retail fuel demand.
The site sits 0.03 miles from a major road but generates only 4,300 vehicles per day in daily traffic, which is low for a gas station and indicates limited impulse capture. Walkability is modest at 51 and bike score is 38, consistent with a suburban auto-dependent format. Nearby restaurant and retail counts within one mile are thin, limiting complementary traffic pull.
The site sits in FEMA Flood Zone X, representing minimal flood hazard, which is a positive for a coastal North Carolina location. State-level crime data was unavailable for this analysis. The low EV charging density of 3 stations within 5 miles presents limited near-term disruption risk but warrants monitoring over the lease horizon.
With 4.8 years of remaining term expiring March 2031, buyers face meaningful rollover risk at a relatively near horizon. Rent at expiration is not disclosed, limiting visibility into any embedded rent step-up or mark-to-market opportunity. One renewal option remains, with notice required by September 2030, providing modest optionality. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience store operator with roughly 3,500 sites, provides institutional-grade credit support that partially offsets the short term. Buyers should price accordingly for re-tenanting or renewal negotiation risk.
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