GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
204 N Norwood St, Wallace, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Jun 30, 2026 |
| Remaining term | 0.0 yrs |
| Lease term (months) | — |
| Annual base rent | $25,234 |
| Base rent $/SF | $27.40 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | |
| Notice date | |
| Year built | 1980 |
| Building SF | 921 |
| Land area (acres) | 0.43 |
| Pre G&A CFC | 3.25x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 204 N Norwood St |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 5,730 | 11,284 |
| Households | 0 | 2,567 | 4,879 |
| Pop. density (/sq mi) | 0 | 203 | 144 |
| Avg HH income | — | $60,861 | $78,090 |
| Poverty rate | — | 24.3% | 20.0% |
| Bachelor's+ | — | 17.9% | 21.8% |
| Median home value | — | $170,990 | $210,627 |
| Median rent | — | $810 | $760 |
| Median age | — | 42 | 44 |
| Owner-occupied | — | 59.4% | 71.1% |
204 N Norwood St is a 921 SF convenience store and gas station operated by Scotchman (GPM Investments) in Wallace, NC, a rural Duplin County market graded Average at 50 out of 100. The lease expires June 30, 2026, leaving effectively zero remaining term, making this a near-term rollover situation rather than a stabilized income play. The investment thesis depends almost entirely on re-leasing probability, renewal negotiations, or repositioning the asset.
The immediate one-mile trade area reports zero population, suggesting a commercial or transitional zone with limited residential density at the core. The three-mile ring captures 5,730 residents at a modest average household income of $60,861, but a poverty rate of 24.3 percent signals constrained consumer spending. Five-mile population reaches 11,284 with average household income rising to $78,090, providing a modest but thin demand base for fuel and convenience retail.
Duplin County is classified as nonmetro rural and metro-adjacent, with a total employment base of 13,627 across 872 establishments. County population grew 3.8 percent from 2020 to 2024, reaching 50,539, and unemployment sits at a low 3.0 percent, indicating a stable if shallow local economy. Daytime employment of 1,333 within one mile supports some captive traffic, but the market lacks the density to command premium convenience retail rents.
The site sits 0.01 miles from a major road with AADT of 8,900 vehicles per day, providing adequate but not exceptional traffic exposure for a gas station format. Walk Score of 62 and proximity to 20 restaurants and 19 retail establishments within one mile confirm a functioning local commercial corridor. Competition is a meaningful concern, with four gas stations within 0.5 miles and seven within one mile.
The lease expires June 30, 2026, with no disclosed renewal options or notice dates, creating immediate rollover exposure. Poverty rates of 24.3 percent at three miles indicate a demographically challenged trade area that may limit alternative tenant interest. FEMA Flood Zone X designation confirms minimal environmental risk, which is one of the few unambiguous positive risk factors.
With zero remaining lease term, this asset offers no income certainty. GPM Investments is a subsidiary of ARKO Corp., a publicly traded, SEC-reporting operator of approximately 3,500 sites, providing institutional-grade credit, but that credit is irrelevant if the lease is not renewed. At $25,234 annually, the current rent reflects a thin income stream on an older 1980-vintage building, and without disclosed renewal options or a rent schedule at expiration, a buyer assumes full re-leasing risk at close.
Full institutional offering memorandum with all 48 briefs, maps, and tax analysis.
Download full OM (PDF)