GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
701 Highway 53 East, Burgaw, NC
| Tenant / d/b/a | Scotchman |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Mar 27, 2008 |
| Lease expiration | Mar 31, 2031 |
| Remaining term | 4.8 yrs |
| Lease term (months) | — |
| Annual base rent | $158,617 |
| Base rent $/SF | $45.61 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 03, 2030 |
| Year built | 2005 |
| Building SF | 3,478 |
| Land area (acres) | 2.09 |
| Pre G&A CFC | 2.35x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 2,931 | 8,881 |
| Households | 0 | 1,076 | 3,358 |
| Pop. density (/sq mi) | 0 | 104 | 113 |
| Avg HH income | — | $72,567 | $71,621 |
| Poverty rate | — | 13.1% | 14.3% |
| Bachelor's+ | — | 19.3% | 21.6% |
| Median home value | — | $212,200 | $219,446 |
| Median rent | — | $1,053 | $970 |
| Median age | — | 48 | 45 |
| Owner-occupied | — | 85.2% | 78.4% |
Scotchman Store #2629 at 701 Highway 53 East in Burgaw, NC is a 3,478 SF convenience store and gas station on 2.09 acres with 4.8 years of remaining lease term backed by GPM Investments, a subsidiary of publicly traded ARKO Corp. The site scores 49 out of 100 on location grade, reflecting modest traffic counts and a lightly populated trade area. This is a small-market, income-driven net lease play with credit-backed cash flow and near-term rollover exposure.
The immediate one-mile ring shows negligible resident population, with meaningful density only emerging at three miles where 2,931 residents support an average household income of $72,567 and a median home value of $212,200. The five-mile population of 8,881 at $71,621 average household income is thin by net lease standards and limits organic demand growth for the site. A 13 to 14 percent poverty rate across trade rings tempers the income picture.
Pender County has grown 15.6 percent from 2020 to 2024, reaching 70,077 residents, and carries a 3.1 percent unemployment rate, signaling a stable if small regional economy. The county's 1,389 total establishments and 10,814 employees reflect a limited commercial base. The site benefits from proximity to the Wilmington metro corridor, which provides a structural demand floor for highway-oriented fuel and convenience retail.
Daily traffic of 9,300 vehicles is below the threshold typically associated with high-performing gas station sites, and a Walk Score of 46 confirms full car dependency with no meaningful pedestrian demand. The competitive environment is notably dense, with eight competing gas stations within one mile, which materially pressures fuel margin and customer capture rates. Twenty nearby restaurants and retailers within one mile indicate some commercial activity but do not offset the traffic and competition concerns.
The site sits in FEMA Flood Zone X, presenting minimal flood hazard and no associated insurance or lender constraint risk. However, eight competing fuel locations within one mile represent a structural risk to operator profitability and lease renewal motivation. The location grade of 49 out of 100 reflects aggregate site weakness that could impair re-tenanting optionality if GPM elects not to renew.
With 4.8 years remaining and one renewal option, the buyer faces a renewal decision point in September 2030. Rent at expiration is not disclosed, limiting visibility into rent growth or reset risk. GPM Investments as guarantor, backed by ARKO Corp., a Nasdaq-listed operator of approximately 3,500 sites, provides institutional-grade credit support that mitigates near-term income risk. Buyers should underwrite renewal probability conservatively given site-level competition and below-average location scoring.
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