GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
204 Stitt St, Wabash, 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 | $155,497 |
| Base rent $/SF | $29.41 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2028 |
| Year built | 2000 |
| Building SF | 5,287 |
| Land area (acres) | 1.49 |
| Pre G&A CFC | 4.74x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 4,128 | 10,533 | 10,533 |
| Households | 1,759 | 4,604 | 4,604 |
| Pop. density (/sq mi) | 1,314 | 373 | 134 |
| Avg HH income | $81,581 | $73,009 | $73,009 |
| Poverty rate | 17.2% | 12.7% | 12.7% |
| Bachelor's+ | 23.4% | 21.8% | 21.8% |
| Median home value | $126,100 | $115,636 | $115,636 |
| Median rent | $695 | $681 | $681 |
| Median age | 41 | 42 | 42 |
| Owner-occupied | 66.6% | 71.3% | 71.3% |
This Village Pantry (Fas Mart / GPM Investments) net lease asset at 204 Stitt St, Wabash, IN is a mid-term convenience store investment with 2.9 years of remaining term in a modest, non-metro Indiana market. The property earned a location grade of 51/100 (Average), reflecting limited trade area depth, soft traffic counts, and meaningful near-term rollover exposure. Investors should underwrite this primarily as a credit and re-leasing risk play rather than a location-driven hold.
The immediate 1-mile population is 4,128 at a modest density of 1,314 per square mile, with average household income of $81,581 offset by a 17.2% poverty rate. The 3-mile ring expands to 10,533 residents but income falls to $73,009 average and median home values are a thin $115,636. Population metrics at 3-mile and 5-mile are identical, indicating the trade area does not materially deepen beyond the inner ring.
Wabash County is a non-metro, small urban market with a 2020-to-2024 population decline of 0.5%, signaling modest demographic erosion rather than growth. The local employment base is limited at approximately 10,231 total workers across 745 establishments, and daytime capture within 1 mile is only 3,475 jobs. This is a stable but structurally constrained market with no near-term demand catalyst.
The site sits 0.01 miles from a major road and carries a Walk Score of 62, suggesting adequate vehicular accessibility. However, AADT of only 4,170 vehicles per day is well below the threshold typically associated with high-performing gas station locations. Six competing gas stations within 1 mile intensify that traffic challenge.
The property sits in FEMA Flood Zone X, indicating minimal flood hazard exposure. No state-level crime data was available for independent risk scoring. Physical risk at this site is low; the primary risks are demand-side and lease-related rather than environmental.
With only 2.9 years of remaining term and a September 2028 notice date for the single five-year renewal option, a buyer faces near-term rollover risk in a market with limited alternative tenant demand. Current rent is $155,497 annually ($29.41/SF) with no contractual escalations disclosed to expiration, meaning the buyer receives flat income through 2029. The guarantor, GPM Investments (ARKO Corp., Nasdaq: ARKO), provides publicly traded, SEC-reporting credit as the sixth-largest U.S. convenience-store operator, which is a meaningful offset, though ARKO carries leveraged balance sheet risk worth monitoring. Buyers should price in re-leasing or exit risk at or near lease expiration.
Full institutional offering memorandum with all 48 briefs, maps, and tax analysis.
Download full OM (PDF)