GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
2204 W 9th St, Marion, IN
| Tenant / d/b/a | Village Pantry |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 25, 2007 |
| Lease expiration | May 31, 2029 |
| Remaining term | 2.9 yrs |
| Lease term (months) | — |
| Annual base rent | $75,640 |
| Base rent $/SF | $21.39 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2028 |
| Year built | 1973 |
| Building SF | 3,537 |
| Land area (acres) | 0.45 |
| Pre G&A CFC | 1.24x (2023) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 3,446 | 17,806 | 36,360 |
| Households | 1,666 | 7,874 | 14,655 |
| Pop. density (/sq mi) | 1,097 | 630 | 463 |
| Avg HH income | $47,685 | $59,463 | $65,107 |
| Poverty rate | 29.8% | 26.0% | 23.7% |
| Bachelor's+ | 7.1% | 20.9% | 19.7% |
| Median home value | $77,300 | $104,945 | $107,067 |
| Median rent | $809 | $820 | $806 |
| Median age | 41 | 41 | 38 |
| Owner-occupied | 72.1% | 64.7% | 63.8% |
This net lease convenience store and gas station at 2204 W 9th St, Marion, Indiana is occupied by Village Pantry (GPM Investments/ARKO Corp.) with approximately 2.9 years of term remaining. The site earned an average location grade of 55 out of 100, reflecting modest traffic counts, elevated poverty rates, and a stagnant local economy. The investment thesis rests almost entirely on the strength of the guarantor and the short remaining income stream rather than location quality.
The immediate trade area is economically challenged, with 1-mile average household income of $47,685 and a poverty rate of 29.8 percent. The 3-mile population of 17,806 carries a median home value of $104,945, well below national benchmarks, and the 5-mile poverty rate remains elevated at 23.7 percent. Population density is low across all radii, limiting the organic demand ceiling for convenience retail.
Grant County is a nonmetro market with essentially flat population trends, declining from 66,507 to 66,458 between 2020 and 2024. The local employment base of 27,945 workers across 1,257 establishments reflects a modest and mature economy with limited growth catalysts. Daytime employment within one mile totals only 2,607 jobs, constraining the lunchtime and commuter traffic that typically supports convenience store volumes.
The site generates 5,498 vehicles per day, a below-average AADT figure for a gas station asset, and its Walk Score of 32 confirms car-dependent surroundings with minimal pedestrian activation. Three competing gas stations exist within one mile, creating meaningful fuel price competition in an already low-density corridor. Proximity to the nearest major road at 0.45 miles further limits impulse traffic capture.
FEMA designates the site as Zone X, indicating minimal flood exposure. State-level crime data was not available for this analysis, leaving crime risk unquantified. No material environmental or physical risk flags were identified beyond the standard concerns associated with an older 1973-vintage structure.
With 2.9 years of term remaining and a single one-year renewal option, a buyer faces near-term rollover risk in a weak secondary market. The current rent of $75,640 annually provides no contractual step-ups to expiration, and rent at expiration is unspecified, creating re-leasing uncertainty. GPM Investments, backed by Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 locations, provides meaningful credit support, but that strength cannot fully offset the short duration and substandard location fundamentals.
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