GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
3620 Richlands Hwy, Jacksonville, 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 | $122,013 |
| Base rent $/SF | $50.86 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2030 |
| Year built | 1992 |
| Building SF | 2,399 |
| Land area (acres) | 1.61 |
| Pre G&A CFC | -0.04x (2019) |
| Lease status | Active |
Jacksonville is home to Marine Corps Base Camp Lejeune, one of the largest Marine installations in the U.S.; the local economy is driven by the military population rather than ordinary 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 | 5,141 | 14,200 | 51,787 |
| Households | 1,907 | 5,508 | 18,364 |
| Pop. density (/sq mi) | 1,636 | 502 | 659 |
| Avg HH income | $79,438 | $81,293 | $79,950 |
| Poverty rate | 22.2% | 16.1% | 13.1% |
| Bachelor's+ | 27.6% | 27.6% | 25.6% |
| Median home value | $223,800 | $209,673 | $208,289 |
| Median rent | $1,168 | $1,105 | $1,138 |
| Median age | 30 | 31 | 29 |
| Owner-occupied | 54.2% | 57.0% | 57.2% |
This Scotchman/Fas Mart convenience store at 3620 Richlands Hwy, Jacksonville, NC is a single-tenant net lease asset backed by GPM Investments (ARKO Corp., Nasdaq: ARKO), the sixth-largest U.S. c-store operator. The property earns a location grade of 58/100 (Strong), reflecting solid regional population and employment fundamentals tempered by modest traffic counts and meaningful near-term lease rollover exposure.
The 1-mile population of 5,141 at 1,636 persons per square mile reflects a legitimate convenience trade area, supported by average household incomes near $80,000 across all radii. Elevated poverty rates at 22.2% within one mile are a note of caution, though the 5-mile population of nearly 52,000 provides a deeper demand base consistent with a military-influenced market.
Onslow County is a functioning mid-size metro anchored by Camp Lejeune, with 3.8% population growth from 2020 to 2024 and a tight 3.5% unemployment rate. The county's 3,070 business establishments and 37,904 employees indicate a stable, if not high-growth, economic foundation adequate to support basic convenience retail demand.
A Walk Score of 17 confirms this is an entirely auto-dependent location, consistent with convenience store format requirements, but AADT of only 600 vehicles per day is notably low for a gas station and convenience store concept. Proximity of 0.02 miles to a major road is a positive, but five nearby restaurants and eight retail establishments within one mile signal limited trade-area density.
The property sits in FEMA Flood Zone X, indicating minimal flood risk. No state crime data was available for direct benchmarking. Two competing gas stations within 0.5 miles and three within one mile represent tangible competitive pressure in a low-traffic corridor.
With 4.8 years of remaining term expiring March 31, 2031, and a sole renewal option requiring notice by September 2030, a buyer acquires meaningful near-term rollover risk. Current rent of $122,013 annually ($50.86 per square foot) is above typical convenience store lease rates for this asset vintage and geography, and no rent escalation to expiration is disclosed, limiting income growth. GPM Investments as guarantor, backed by publicly traded ARKO Corp., provides institutional-grade credit, but ARKO has carried material debt and thin margins historically, warranting diligence on financial covenant exposure before assigning a premium credit multiple.
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