GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
16085 Porterfield Hwy, Abingdon, VA
| Tenant / d/b/a | FasMart |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Nov 29, 2007 |
| Lease expiration | Nov 30, 2027 |
| Remaining term | 1.4 yrs |
| Lease term (months) | — |
| Annual base rent | $19,406 |
| Base rent $/SF | $9.66 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 01, 2027 |
| Year built | 1992 |
| Building SF | 2,008 |
| Land area (acres) | 0.57 |
| Pre G&A CFC | 5.00x (2024) |
| Lease status | Active |
Abingdon is a historic-tourism town — home to the Barter Theatre (the State Theater of Virginia) and a primary trailhead/gateway for the Virginia Creeper Trail — drawing visitor demand beyond resident rooftops.
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 | 3,253 | 7,056 | 14,013 |
| Households | 1,575 | 3,462 | 6,383 |
| Pop. density (/sq mi) | 1,035 | 250 | 178 |
| Avg HH income | $82,378 | $86,558 | $97,540 |
| Poverty rate | 6.4% | 9.8% | 11.2% |
| Bachelor's+ | 28.4% | 36.0% | 34.9% |
| Median home value | $236,100 | $226,345 | $219,013 |
| Median rent | $927 | $836 | $901 |
| Median age | 47 | 50 | 46 |
| Owner-occupied | 71.8% | 66.8% | 65.8% |
This FasMart-occupied gas station and convenience store at 16085 Porterfield Hwy in Abingdon, Virginia presents a short-duration net lease investment with modest income at $19,406 annually and a location grade of 50 out of 100. The 2,008 SF building sits on a half-acre parcel in a car-dependent suburban corridor within a stable but low-growth Washington County market. The investment thesis hinges primarily on end-of-term optionality and the credit standing of the GPM Investments guarantor rather than on location quality or traffic fundamentals.
The immediate trade area supports moderate purchasing power, with average household income of $82,378 within one mile and $97,540 at five miles, alongside a low 6.4% poverty rate in the closest ring. Population density thins sharply beyond one mile, falling to 178 persons per square mile at five miles, reflecting a rural fringe character. These metrics are adequate but not compelling for a convenience retail thesis.
Washington County sits within a metro area of 250,000 to one million in population, with near-stable population growth of 0.4% from 2020 to 2024 and a healthy unemployment rate of 3.0%. Daytime employment density is thin, with only 776 jobs within one mile and a day-to-night ratio of 0.24, limiting organic traffic demand for fuel and convenience purchases. The local retail base of 217 establishments and 86 food service operators reflects a functional but unexceptional commercial environment.
A walk score of 16 and bike score of 5 confirm near-total automobile dependence, consistent with a highway-adjacent convenience format. However, AADT of only 390 vehicles per day is exceptionally low for a gas station asset, and four competing stations within half a mile create meaningful volume pressure. Proximity of 0.01 miles to the nearest major road provides nominal accessibility without translating into strong traffic capture.
Environmental and physical risk is minimal, as the site sits in FEMA Flood Zone X with only a 0.2% annual chance of flood hazard. Crime data at the state level was not available for this analysis. No additional site-specific environmental flags were identified in the data provided.
With only 1.4 years of remaining term expiring November 30, 2027, a buyer acquires limited contracted income before facing a rollover decision. The single remaining renewal option carries a notice deadline of March 1, 2027, placing the critical decision point within months of acquisition. At $9.66 per square foot, rent is below typical convenience store market rates, offering some upside on renewal negotiation but limited downside protection if GPM elects to vacate. GPM Investments, guaranteed by publicly traded ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 locations, provides meaningful credit quality, though ARKO's stock performance and store rationalization activity warrant monitoring by prospective buyers.
Full institutional offering memorandum with all 48 briefs, maps, and tax analysis.
Download full OM (PDF)