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DOM: 324 Updated: 05.29.24 Posted: 06.06.23 Status: Sold 04.25.24

Summary

Price $985,000 $1,040,000
Built/Renov 1981/1997
Tenant Scotchman
Cap Rate 6.60% 6.25%
Lease Type Abs NNN
Guarantor Corp T and Rated
Size/SF 2,070
Lease Start 05-14-1986
#Units 3,666
Price/SF $475.85 $502.42
Expiration 04-30-2032
Tenant Type Convenience/Gas
NOI $65,000
R. Term 6.11
Ownership Fee Simple
Rent/SF $31.40
Increases 10.0%/4/yrs
Pop 5Mi 97,172
Lot/AC 0.59
Options 4/5yrs/10%
AHHI 5Mi $40,803

Lease Highlights

  • Long operating history with more than 37 years of tenancy 
  • The tenant has 8+ years remaining on their primary lease term with 4 (5-year) options to extend 
  • Lease features 10% rental increases every 5 years 
  • Absolute NNN lease with zero landlord responsibilities
  • Corporate guaranteed lease from GPM Investments (NASDAQ: ARKO) 

Location Description

Scotchman is a 2,070 square foot convenience store and gas station located at 1202 Port Drive in Myrtle Beach, South Carolina which is a quick 10-minute drive from world-famous Myrtle Beach. Strategically located on Highway 17, the property benefits from its high visibility to more than 55,100 vehicles per day. The 5-mile trade area is supported by 97,172 residents earning an annual household...

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Maps

  • 1 Mile
  • 3 Miles
  • 5 Miles

Tenant

About Tenant

GPM Investments LLC is the nation’s sixth-largest convenience store chain, which operates numerous brands including Scotchman, Shore Stop, Dixie Mart, Fas Mart, and many others. Their operations...


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Demographics

  1 Miles 3 Miles 5 Miles
2028 Total Population : 7,792 53,551 106,259
2023 Total Population : 7,279 50,328 100,005
2023 Employed Civilian Pop : 3,682 23,054 45,781
2023 Total Businesses : 333 1,807 4,583
2023 Average Household Income : $ 84,801 $ 80,825 $ 80,333
2023 Total Consumer Spending : $ 236 M $ 1519 M $ 3011 M
2023 Median Age : 37 38 39
2023 Total Households : 3,195 21,650 43,037
2023 Pop Age 25+: Bachelor's Degree : 972 6,826 13,589
2023 Average Home Value : $ 281,781 $ 263,935 $ 279,059
*ESRI data is presented for informational purposes only

Traffic

Collection Street Cross Street Year Traffic Vol Distance
US Hwy 17 Byp S Harbour Towne Dr 2010 56,400 0.15 mi
Farrow Parkway Orchard Dr 2021 13,600 0.97 mi
Palmetto Pointe Boulevard Ridge Dr 2021 8,300 1.19 mi
Mark Garner Highway Stacey Rd 2021 45,100 1.23 mi
Socastee Blvd Folly Rd 2010 24,600 1.28 mi
Socastee Boulevard Brandymill Blvd 2021 25,000 1.56 mi
George Bishop Parkway Harbour View Dr 2021 23,500 1.65 mi
S- 1244 (HARRELSON BLVD) TO S- 1315 (ROBERT M GRISSOM PKY) Robert M Grissom Pkwy 2021 15,600 1.69 mi
Harrelson Blvd Hwy 17 Byp S 2010 15,700 1.75 mi
US Hwy 17 Byp Dick Pond Rd 2010 41,700 1.83 mi

Listing Broker

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