GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
500 Manchester Ave, 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 | $120,985 |
| Base rent $/SF | $27.24 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2028 |
| Year built | 1993 |
| Building SF | 4,442 |
| Land area (acres) | 0.83 |
| Pre G&A CFC | 1.46x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 7,409 | 10,533 | 10,533 |
| Households | 3,339 | 4,604 | 4,604 |
| Pop. density (/sq mi) | 2,358 | 373 | 134 |
| Avg HH income | $77,866 | $73,009 | $73,009 |
| Poverty rate | 12.8% | 12.7% | 12.7% |
| Bachelor's+ | 21.9% | 21.8% | 21.8% |
| Median home value | $115,693 | $115,636 | $115,636 |
| Median rent | $723 | $681 | $681 |
| Median age | 41 | 42 | 42 |
| Owner-occupied | 66.7% | 71.3% | 71.3% |
500 Manchester Ave is a 4,442 SF Village Pantry convenience store and gas station in Wabash, Indiana, operating under a GPM Investments lease expiring May 2029 with roughly 2.9 years of term remaining. The property scores 51 out of 100 on location grade, reflecting average fundamentals in a small, slowly declining nonmetro market. This is a short-duration income play backed by a publicly traded guarantor, not a long-term core hold.
The immediate 1-mile trade area holds 7,409 residents at a density of 2,358 per square mile, with average household income of $77,866 and a manageable poverty rate of 12.8%. The 3-mile population of 10,533 reflects limited regional draw, with median home values of $115,636 and median rents of $681 signaling a modest working-class base. Demographic depth is thin, which constrains long-term rent growth and re-tenanting optionality.
Wabash County is a nonmetro, metro-adjacent market with a 2020-to-2024 population decline of 0.5%, total county employment of 10,231 across 745 establishments, and unemployment at 3.5%. The day-to-night population ratio of 0.29 and only 2,154 daytime jobs within one mile indicate limited commuter or workforce-driven fuel demand. The market is stable but structurally stagnant with no meaningful growth catalyst evident.
The site sits 0.01 miles from a major road with a daily traffic count of 4,764 vehicles, which is modest for a gas station format. Walk Score of 37 and Bike Score of 35 confirm full car dependency, and the presence of four competing gas stations within one mile creates direct volume pressure. The location is functional but undifferentiated in a low-density corridor.
Flood exposure is minimal under FEMA Zone X. No state-level crime data was available for independent assessment. The primary risk profile is lease and market concentration rather than physical or environmental hazard.
With 2.9 years of remaining term and a renewal notice deadline of September 2028, a buyer faces near-term rollover risk in a secondary market with limited alternative tenants. Annual base rent of $120,985 or $27.24 per square foot provides current income, but no rent-at-expiration data is available to assess escalation, leaving residual value uncertain. GPM Investments, as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience store operator with roughly 3,500 sites, provides meaningful credit quality, but the short remaining term compresses that advantage and demands a pricing discount reflecting re-tenanting or vacancy exposure.
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