GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
5200 Wrightsville Ave, Wilmington, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2030 |
| Remaining term | 3.8 yrs |
| Lease term (months) | — |
| Annual base rent | $152,517 |
| Base rent $/SF | $72.97 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2029 |
| Year built | 1992 |
| Building SF | 2,090 |
| Land area (acres) | 0.88 |
| Pre G&A CFC | 3.01x (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 | 15,641 | 67,806 | 135,746 |
| Households | 5,622 | 30,648 | 62,374 |
| Pop. density (/sq mi) | 4,979 | 2,398 | 1,728 |
| Avg HH income | $83,556 | $114,950 | $101,954 |
| Poverty rate | 20.8% | 13.7% | 14.2% |
| Bachelor's+ | 44.8% | 52.3% | 46.2% |
| Median home value | $303,972 | $406,868 | $365,254 |
| Median rent | $1,544 | $1,516 | $1,431 |
| Median age | 29 | 38 | 39 |
| Owner-occupied | 56.1% | 53.2% | 51.8% |
This Scotchman/Fas Mart (GPM Investments) gas station and convenience store at 5200 Wrightsville Ave sits in a high-traffic Wilmington corridor with 28,500 AADT, strong surrounding density, and above-average household incomes. The asset carries a 3.8-year remaining term backed by a publicly traded guarantor, making it a short-to-medium duration income play in a growing coastal Carolina market. The location grades out at 75/100 (Excellent), supported by favorable demographics and no flood exposure.
The 3-mile trade area holds 67,806 residents with an average household income of $114,950, a median home value of $406,868, and a bachelor's degree attainment rate of 52.3%, reflecting an affluent, educated consumer base. The 1-mile pocket shows elevated poverty at 20.8%, creating some bifurcation, though the broader 5-mile population of 135,746 at $101,954 average HHI offsets that concern. Population density within 1 mile reaches 4,979 per square mile, supporting consistent convenience-format demand.
New Hanover County is a growing coastal metro (250K-1M class) that added 16,891 residents from 2020 to 2024, a 7.5% gain, with unemployment holding at a tight 3.1%. The county supports 8,516 business establishments and 114,702 employees, indicating a diversified and active local economy. Wilmington's trajectory as a mid-tier coastal market adds a meaningful tailwind for site-level traffic durability.
The site benefits from direct Wrightsville Avenue frontage within 0.26 miles of a major road and strong regional connectivity, though a Walk Score of 42 confirms auto-dependent access typical of this format. With 20 nearby restaurants and 19 retail establishments within 1 mile, the trade node shows commercial vitality. No dollar or discount store competitors exist within a half mile, reducing impulse-purchase cannibalization.
The property sits in FEMA Flood Zone X, indicating minimal flood hazard, a material positive for a coastal Wilmington asset where many nearby parcels carry higher flood exposure. Crime data was not available for independent scoring, which represents an information gap investors should address through local law enforcement data. No additional environmental or structural risks were flagged in the supplied data.
With 3.8 years of term remaining at $152,517 annual rent ($72.97/SF), buyers are acquiring a near-term rollover situation requiring a clear view on renewal probability. The lease includes one remaining renewal option with a notice deadline of September 3, 2029, giving the tenant meaningful flexibility. No rent-at-expiration figure was provided, which limits visibility into contractual step-ups and compresses underwriting certainty. The guarantor, GPM Investments/ARKO Corp. (Nasdaq: ARKO), is the 6th-largest U.S. convenience operator with roughly 3,500 sites, providing institutional-grade credit depth. Buyers should price the rollover risk accordingly, accepting that the credit quality partially mitigates execution uncertainty.
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