GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
1101 S E St, Richmond, 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 | $92,550 |
| Base rent $/SF | $29.06 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2028 |
| Year built | 1989 |
| Building SF | 3,185 |
| Land area (acres) | 0.53 |
| Pre G&A CFC | 0.97x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 1101 S E St |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 7,651 | 34,708 | 40,473 |
| Households | 3,351 | 14,109 | 16,703 |
| Pop. density (/sq mi) | 2,435 | 1,228 | 515 |
| Avg HH income | $67,463 | $65,886 | $66,631 |
| Poverty rate | 35.6% | 23.7% | 21.5% |
| Bachelor's+ | 22.6% | 21.1% | 20.7% |
| Median home value | $118,203 | $115,409 | $116,206 |
| Median rent | $792 | $813 | $816 |
| Median age | 36 | 38 | 39 |
| Owner-occupied | 43.6% | 57.0% | 60.7% |
This Village Pantry/Fas Mart (GPM Investments) net lease asset at 1101 S E St, Richmond, IN scored 55/100 (Average) on location quality metrics. The property offers near-term income visibility with 2.9 years of remaining term backed by a publicly traded guarantor, but meaningful rollover risk, intense local competition, and a high-poverty trade area temper its investment appeal.
The 1-mile population of 7,651 carries a 35.6% poverty rate, and the 3-mile average household income of $65,886 reflects a modestly constrained consumer base. Median home values of $115,409 and median rents of $813 within 3 miles signal limited economic upside in the immediate trade area.
Wayne County is a nonmetro market that lost population from 2020 to 2024 (66,514 to 66,410), reflecting structural demographic softness rather than cyclical weakness. With 1,429 total establishments and 25,713 employees countywide, the local economy is modest in scale and unlikely to generate meaningful demand-side tailwinds for a convenience retailer.
Daily traffic of just 1,825 vehicles is low for a gas station format and constrains fuel and in-store sales potential. The site sits 0.13 miles from the nearest major road, but 14 competing gas stations within one mile represent severe competitive density that pressures margin and traffic capture.
FEMA Flood Zone X designation indicates minimal environmental exposure, which is a clean underwriting outcome. Crime data is unavailable at the state level as reported, creating a modest gap in the risk profile, though the high local poverty rate (35.6%) is itself a proxy for elevated community stress.
With 2.9 years remaining, a buyer faces near-term rollover risk and must underwrite a re-leasing or renewal scenario before the May 2029 expiration. The single 1-year renewal option at a required notice date of September 2028 offers minimal extension runway, and no rent-at-expiration data limits visibility into rent trajectory. Current rent of $92,550 ($29.06/SF) is the baseline, but without escalation disclosure, real rent growth is unconfirmed. The guarantor, GPM Investments/ARKO Corp. (Nasdaq: ARKO), as the sixth-largest U.S. c-store operator with roughly 3,500 sites, provides institutional-grade credit support through the remaining term, which is the clearest risk mitigant in this deal.
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