GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
2400 S Main St, New Castle, 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 | $73,744 |
| Base rent $/SF | $19.22 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2028 |
| Year built | 1993 |
| Building SF | 3,836 |
| Land area (acres) | 0.60 |
| Pre G&A CFC | 1.67x (2023) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 6,395 | 20,888 | 20,888 |
| Households | 2,876 | 8,503 | 8,503 |
| Pop. density (/sq mi) | 2,036 | 739 | 266 |
| Avg HH income | $62,709 | $67,248 | $67,248 |
| Poverty rate | 18.0% | 16.1% | 16.1% |
| Bachelor's+ | 14.8% | 15.0% | 15.0% |
| Median home value | $123,541 | $120,866 | $120,866 |
| Median rent | $790 | $811 | $811 |
| Median age | 43 | 42 | 42 |
| Owner-occupied | 71.6% | 68.2% | 68.2% |
This Village Pantry/Fas Mart (GPM Investments) net lease asset at 2400 S Main St, New Castle, IN offers modest stabilized income on a short remaining term of 2.9 years in a nonmetro, slow-growth Indiana market. The property scores 53/100 on location grade, reflecting below-average traffic at 3,854 AADT and meaningful competitive density. Buyer appeal is largely a function of price relative to rollover risk and appetite for a secondary-market c-store credit.
The immediate 1-mile trade area supports 6,395 residents at a density of 2,036 per square mile, with average household income of $62,709 and an elevated poverty rate of 18.0%. The 3-mile ring expands to 20,888 residents, but income and density metrics remain modest, with median home values of $120,866 and a bachelor's degree attainment rate of only 15.0%. Population is effectively flat from the 3-mile to 5-mile ring, indicating limited organic growth in the surrounding catchment.
Henry County is classified as nonmetro urban, metro-adjacent, with near-flat population growth of 0.3% from 2020 to 2024. Unemployment stands at a manageable 3.5%, but the county's economic base is limited, with just 851 total establishments and 10,889 employees. This is a stable but low-growth environment with constrained retail demand drivers.
Site-level traffic is weak at 3,854 AADT, and the property sits 0.40 miles from the nearest major road, reducing convenience capture. Five competing gas stations exist within one mile, creating real pressure on fuel volume and in-store traffic. Walk Score of 51 and Bike Score of 35 indicate moderate accessibility, though the surrounding retail density of 13 nearby retailers within one mile provides some co-tenancy support.
The property is located in FEMA Flood Zone X, indicating minimal flood hazard and no material environmental concern on that front. State-level crime data was not available for this analysis. No dollar or discount store competition exists within 0.5 miles, which marginally reduces one category of traffic diversion.
With 2.9 years of term remaining and a renewal notice date of September 3, 2028, a buyer faces near-term rollover risk. Current rent of $73,744 annually ($19.22/SF) has no stated escalation to expiration, limiting income growth. The single 1-year renewal option provides minimal long-term security. GPM Investments/ARKO Corp. (Nasdaq: ARKO), the sixth-largest U.S. c-store operator with roughly 3,500 sites, provides institutional-grade credit support, but that credit quality does not eliminate the practical risk of lease non-renewal at a below-average location. A buyer must underwrite re-tenanting or sale at lease maturity as a base-case scenario.
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