GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
503 W Gannon Ave, Zebulon, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2028 |
| Remaining term | 1.8 yrs |
| Lease term (months) | — |
| Annual base rent | $106,152 |
| Base rent $/SF | $25.85 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 04, 2027 |
| Year built | 1993 |
| Building SF | 4,107 |
| Land area (acres) | 2.09 |
| Pre G&A CFC | 0.35x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 503 W Gannon Ave |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 3,829 | 13,750 | 21,623 |
| Households | 1,608 | 5,158 | 8,175 |
| Pop. density (/sq mi) | 1,219 | 486 | 275 |
| Avg HH income | $82,110 | $93,195 | $93,298 |
| Poverty rate | 14.2% | 11.4% | 8.9% |
| Bachelor's+ | 26.7% | 26.6% | 27.9% |
| Median home value | $243,900 | $292,202 | $275,089 |
| Median rent | $1,107 | $1,264 | $1,208 |
| Median age | 45 | 40 | 40 |
| Owner-occupied | 58.6% | 72.2% | 74.9% |
503 W Gannon Ave is a 4,107 SF Scotchman convenience store on 2.09 acres in Zebulon, NC, operated by GPM Investments under the Fas Mart banner. The site carries an average location grade of 54/100, reflecting modest traffic at 4,800 AADT and a saturated competitive environment. With only 1.8 years of term remaining, this offering is fundamentally a near-term rollover play rather than a stabilized income hold.
The immediate 1-mile trade area holds 3,829 residents at a low density of 1,219 per square mile, with average household income of $82,110 and a poverty rate of 14.2%. The 3-mile ring improves modestly to $93,195 average household income and 72.2% owner occupancy, suggesting a stable working-class homeowner base. Wake County's broader market is expanding rapidly, with population growing 9.0% from 2020 to 2024, providing a favorable macro tailwind despite thin immediate-area density.
Zebulon sits within Wake County, a Tier-1 metro exceeding 1.2 million residents with 2.9% unemployment and over 530,000 employees across 33,076 establishments. Daytime employment within 3 miles is limited at 4,672 jobs, and the day-to-night population ratio of 0.52 indicates a predominantly residential rather than employment-driven capture area. Retail and food service infrastructure is present but not dominant, consistent with a secondary suburban community on the metro's eastern fringe.
Walk Score of 53 and Bike Score of 34 reflect a car-dependent environment, which is standard for convenience fuel retail. Twenty nearby restaurants and 20 retail establishments within one mile suggest adequate neighborhood commercial activity but not a high-density retail corridor. No EV charging stations exist within five miles, which limits near-term cannibalization risk but signals limited infrastructure investment in the corridor.
Flood risk is minimal under FEMA Zone X. No state-level crime data was available for independent assessment. The site's physical vintage of 1993 introduces potential deferred maintenance and environmental remediation considerations that require buyer due diligence.
With 1.8 years remaining through March 2028 and one renewal option remaining, a buyer faces near-term rollover risk at a current rent of $106,152 annually. Rent at expiration is undisclosed, creating uncertainty around renewal economics. GPM Investments, guaranteed by publicly traded ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 sites, provides credible institutional credit, but ARKO's publicly reported margin pressures introduce modest concern around renewal motivation at this below-average-performing location.
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