GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
817 Lynn Garden Dr, Kingsport, TN
| Tenant / d/b/a | FasMart |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Nov 29, 2007 |
| Lease expiration | Nov 30, 2027 |
| Remaining term | 1.4 yrs |
| Lease term (months) | — |
| Annual base rent | $107,485 |
| Base rent $/SF | $28.33 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 2006 |
| Building SF | 3,794 |
| Land area (acres) | 0.81 |
| Pre G&A CFC | 0.91x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 817 Lynn Garden Dr |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 4,598 | 32,639 | 61,740 |
| Households | 1,967 | 14,555 | 26,881 |
| Pop. density (/sq mi) | 1,464 | 1,154 | 786 |
| Avg HH income | $50,482 | $68,394 | $74,671 |
| Poverty rate | 29.4% | 22.6% | 20.6% |
| Bachelor's+ | 15.3% | 21.5% | 23.2% |
| Median home value | $135,300 | $160,927 | $175,379 |
| Median rent | $649 | $804 | $824 |
| Median age | 35 | 42 | 42 |
| Owner-occupied | 55.1% | 62.9% | 64.5% |
This FasMart convenience store and gas station at 817 Lynn Garden Dr in Kingsport, Tennessee is a 3,794 SF net lease asset on 0.84 acres with 1.4 years of remaining term backed by GPM Investments, a subsidiary of publicly traded ARKO Corp. The location scores 58 out of 100, reflecting adequate but not exceptional trade area fundamentals. Buyers are acquiring near-term income with a rollover decision rather than a long-duration income stream.
The immediate one-mile population of 4,598 carries a 29.4% poverty rate and average household income of $50,482, which are below-average metrics for convenience retail underwriting. The three-mile ring broadens to 32,639 residents with average household income of $68,394, moderately improving the demand profile. Income and poverty metrics signal a value-oriented consumer base consistent with the FasMart brand positioning.
Kingsport sits within the Tri-Cities MSA in Sullivan County, a metro of 250,000 to 1 million people that has added roughly 4,500 residents since 2020, a modest but positive 2.8% gain. County unemployment of 3.4% and 58,951 total employees indicate a stable, if unspectacular, economic base. The trade area supports convenience demand without exhibiting the strong growth dynamics that would command premium cap rates.
The site is effectively on a major road, sitting 0.01 miles from the nearest arterial, and benefits from 20 nearby restaurants and retailers within one mile providing co-tenancy traffic. However, 16 competing gas stations within one mile represent intense competitive pressure. A Walk Score of 49 confirms car-dependent access, which is standard for the format but underscores traffic count visibility as critical data not yet confirmed.
The FEMA flood zone designation is Zone X, indicating minimal flood hazard and no material environmental exposure on that dimension. State-level crime data is unavailable, limiting full risk quantification. Competitive density with two gas stations within half a mile and 16 within one mile is an elevated concern for sustained fuel volume and margin performance.
With only 1.4 years of remaining term, a buyer is effectively underwriting a rollover event, not a long-term income stream. The lease carries one renewal option with a notice deadline of March 1, 2027, meaning the operator's intention will be signaled quickly after acquisition. Current rent of $107,485 annually represents $28.33 per square foot, and the absence of disclosed rent-at-expiration data creates uncertainty about whether renewal economics will be at, above, or below market. GPM Investments, guaranteed by ARKO Corp., a Nasdaq-listed, SEC-reporting operator of approximately 3,500 sites, provides meaningful credit quality, but short remaining term limits the duration of that credit benefit to a buyer.
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