GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
1003 W 3rd St, Rushville, IN
| Tenant / d/b/a | Village Pantry |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | May 25, 2007 |
| Lease expiration | May 31, 2027 |
| Remaining term | 0.9 yrs |
| Lease term (months) | — |
| Annual base rent | $43,740 |
| Base rent $/SF | $24.55 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Sep 03, 2026 |
| Year built | 1979 |
| Building SF | 1,782 |
| Land area (acres) | 0.39 |
| Pre G&A CFC | 0.06x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 3,577 | 6,614 | 9,784 |
| Households | 1,517 | 2,607 | 3,873 |
| Pop. density (/sq mi) | 1,139 | 234 | 125 |
| Avg HH income | $68,257 | $68,121 | $72,526 |
| Poverty rate | 16.5% | 14.8% | 14.0% |
| Bachelor's+ | 16.0% | 15.5% | 16.2% |
| Median home value | $124,000 | $122,393 | $137,591 |
| Median rent | $887 | $746 | $741 |
| Median age | 40 | 40 | 42 |
| Owner-occupied | 56.1% | 58.0% | 66.4% |
This net lease convenience store and gas station at 1003 W 3rd St in Rushville, Indiana is occupied by Village Pantry (GPM Investments) with approximately 0.9 years of remaining term and a single one-year renewal option. The site earns an Average location grade of 46 out of 100, reflecting modest traffic counts, limited trade area depth, and meaningful competitive pressure. The investment thesis is almost entirely a credit and rollover story rather than a location story.
The immediate one-mile population of 3,577 with average household income of $68,257 and a 16.5% poverty rate signals a thin, lower-middle-income customer base. The three-mile trade area expands only to 6,614 residents at 234 persons per square mile, confirming a rural catchment with limited spending density. Bachelor's degree attainment of 15.5% and a median home value of $122,393 further characterize the surrounding community as a working-class, price-sensitive market.
Rush County is a nonmetro, metro-adjacent county with a functionally flat population trend, declining just 10 residents from 2020 to 2024. The local employment base of 3,868 workers across 391 establishments is modest, and the 3.1% unemployment rate reflects stability rather than growth. There is no meaningful demand catalyst on the horizon that would materially strengthen this site's long-term operating fundamentals.
Daily traffic of 4,284 vehicles is below the threshold most institutional buyers require for a convenience gas station site, and six competing stations within one mile create significant share dilution. The Walk Score of 46 confirms full car dependence, though proximity to the nearest major road at 0.0 miles provides some access advantage. Fifteen nearby restaurants within one mile offer modest co-tenancy but do not compensate for the thin traffic base.
The site is located in FEMA Flood Zone X, representing minimal flood exposure and no environmental concern on that front. No dollar or discount store competition within 0.5 miles reduces one common convenience traffic disruptor. Physical obsolescence is a latent concern given the 1979 construction vintage on a 1,782 square foot building.
With only 0.9 years remaining and a notice date of September 3, 2026, a buyer is acquiring near-term rollover risk as the primary underwriting event. Current rent of $43,740 annually provides no disclosed escalation benchmark, and the rent at expiration is unspecified, leaving renewal economics unconfirmed. GPM Investments as guarantor, backed by publicly traded ARKO Corp., the sixth-largest U.S. convenience operator, provides meaningful credit quality, but that credit cannot offset the execution risk of a single short-term renewal option on a below-average location.
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