Convenience Store Portfolio
State-level concentration
Georgia and Texas account for 65% of the portfolio by count. The top six states represent 93% of all properties. Exposure is concentrated in the Southeast and South-Central United States.
Properties by State
| State | Properties | % of Portfolio |
|---|---|---|
| Georgia | 1,415 | 35.5% |
| Texas | 1,179 | 29.6% |
| Alabama | 492 | 12.3% |
| Arkansas | 242 | 6.1% |
| Tennessee | 217 | 5.4% |
| Florida | 147 | 3.7% |
| Mississippi | 72 | 1.8% |
| Louisiana | 65 | 1.6% |
| North Carolina | 48 | 1.2% |
| Other (5 states) | 110 | 2.8% |
Property composition and operating profile
59% of locations operate as gas stations with fuel dispensing. 21% operate on a 24-hour schedule, reflecting convenience retail demand patterns and associated crime exposure.
Gas Station vs. Non-Gas Station
24-Hour vs. Standard Hours
Building size and vintage
Median year built of 1988 places the majority of the portfolio in the pre-modern building code era. Range spans 1800 to 2025, with the 1980s decade accounting for the single largest cohort.
Year Built Distribution by Decade
Properties built before 1988 were constructed prior to widespread adoption of modern commercial building codes. Approximately 53% of the portfolio pre-dates 1990.
Building value distribution
Total estimated building value of $4.06B across 3,987 locations. Mean value is $1.1M per property; median is estimated at $558K, reflecting a right-skewed distribution driven by larger anchor stores.
Value Distribution by Band
Property count per band. Values derived from estimated replacement cost data.
Flood zone classification
97.1% of properties are located in FEMA Zone X, denoting minimal flood hazard outside the 500-year floodplain. 2.6% carry meaningful flood exposure across Zones AE and A.
Flood Zone Breakdown
| Flood Zone | Properties | % of Portfolio | Description |
|---|---|---|---|
| Zone X (Minimal) | 3,873 | 97.1% | Outside 500-yr floodplain |
| Zone AE (1% Annual Chance) | 88 | 2.2% | Base flood elevation determined |
| Zone A (1% Annual Chance) | 16 | 0.4% | No base flood elevation |
| Other / Undetermined | 10 | 0.3% | Zone D or unmapped |
Source: FEMA National Flood Hazard Layer (NFHL). Zone AE requires flood insurance for federally-backed mortgages. Zone X reflects low-to-moderate flood hazard.
Majelyn Earthquake Risk Score (MERS)
A proprietary 0-100 risk score combining ground motion intensity (USGS NSHM 2023), fault proximity, site conditions (ASCE 7-22 Vs30 / NEHRP), geologic hazard zones, and structure vulnerability. Higher scores indicate higher modeled seismic risk.
Score Legend & Portfolio Distribution (n=3,987)
Score Distribution (10-point bins)
Sub-Score Composition (Mean, 0-100, n=3,987)
Sub-Score Breakdown (Mean across portfolio)
The portfolio sits in the LOW-to-MODERATE band overall, reflecting low absolute seismic hazard across the Southeast and South-Central United States. Site Conditions (mean 60) dominates the composite — uniform Site Class D soils amplify ground motion in the limited cases where it exists. Ground Motion (mean 23) is near the regional baseline (mean PGA 0.166g, well below California benchmark). Structure Vulnerability (mean 49) is driven by year-built distribution. Fault Proximity is currently null pending the national-baseline fault dataset (USGS QFault) load to production; once available, S_FP will populate for non-CA properties via the state-aware scoring dispatcher (see methodology §A.1). Geologic Hazards is zero because no properties fall within mapped state-survey overlay zones (CGS coverage is California-only). Seismic risk is not a differentiating factor for this portfolio; primary drivers remain crime, severe weather, and environmental liability for gas-station properties.
Seismic hazard profile
The portfolio is concentrated in the Southeast and South-Central United States, a region of low-to-moderate seismic hazard. Mean Peak Ground Acceleration of 0.166g is well below California benchmark levels. All properties are classified NEHRP Site Class D (stiff soil), the standard assumption for commercial construction in this region.
Analyst Note
Site Class D (Vs30 180–360 m/s) implies moderate soil amplification relative to bedrock. At the mean PGA of 0.166g, ground motion amplification through Class D soils may increase effective shaking by 20–30% versus Class B (rock) sites. However, absolute hazard levels remain low. No properties are located in USGS high-hazard zones (PGA > 0.6g). Earthquake exposure is not a primary driver of this portfolio's loss profile.
Crime exposure profile
Per-property exposure measured against FBI Uniform Crime Reporting (UCR) at the serving agency level, broken out into violent and property crime — the two coverages map to distinct loss profiles for convenience retail. Violent crime drives severity (robbery, assault) and is the primary 24-hour-store concern; property crime drives frequency (burglary, larceny, shoplifting) and is the dominant inland-marine and content-loss signal.
Violent Crime / 100k — Distribution (n=3,775)
FBI 2023 US violent rate: ~370/100k. 86% of covered properties sit below 800/100k; median 389 tracks national.
Property Crime / 100k — Distribution (n=3,775)
FBI 2023 US property rate: ~1,915/100k. 92% of covered properties below 5,000/100k; median 2,478 reflects typical retail-corridor siting.
Higher-Exposure Metros (both crime types)
| Metro | Violent / 100k | Property / 100k | Properties |
|---|---|---|---|
| Memphis, TN | 2,612 | 8,603 | 84 |
| Birmingham metro, AL | 2,368 | 7,931 | 52 |
| Little Rock, AR | 1,801 | 5,428 | 38 |
The same three metros lead both rankings — exposure is concentrated and identifiable, supporting targeted underwriting and pricing rather than blanket portfolio-wide loadings.
Analyst Note
Violent crime sits at the FBI 2023 national average — median 389/100k vs. US 370 — and 86% of covered properties fall below 800/100k. Property crime runs modestly above national (median 2,478 vs. ~1,915) which is expected for high-traffic retail siting; 92% of covered properties remain below 5,000/100k. Both crime types peak in the same three Southeast metros — Memphis, Birmingham, Little Rock — totaling 4.4% of the portfolio (174 stores). Concentration in known, mappable jurisdictions makes the high-exposure tier rateable rather than systemic, and the violent/property split allows for differentiated coverage pricing aligned to the underlying loss drivers.
Wildfire risk and storm exposure
Mean wildfire risk score of 0.58 reflects limited wildfire exposure in the Southeast US, a region with lower fuel load and humidity compared to Western states. Severe weather exposure is more material — the portfolio sits within the Gulf Coast and Tornado Alley corridors, with a mean of 20 major storm events over the 30-year historical record.
Wildfire Exposure
The Southeast US has materially lower wildfire risk than the Western United States. Mean score of 0.58 indicates low-to-moderate exposure. Properties in Texas hill country and select rural Georgia locations carry the highest relative wildfire risk within this portfolio. Overall, wildfire is not a primary peril driver.
Severe Weather Exposure
The Gulf Coast states (Florida, Alabama, Louisiana, Mississippi) face hurricane and tropical storm risk. Arkansas and Tennessee sit within active tornado corridors. Georgia properties face thunderstorm and hail exposure. The 30-year mean of 20 storm events per location reflects this multi-peril environment. Wind and hail are the primary severe weather perils for this portfolio.
Workplace safety & regulatory profile
OSHA inspection history, health professional shortage area status, and environmental exposure indicators relevant to workers compensation and general liability underwriting.
OSHA Profile
Gemini-verified address matching against 4M+ federal OSHA inspection records identified ~2 high-confidence matches across the portfolio. Convenience stores and gas stations are small retail establishments (typically <10 employees) that fall below the threshold for OSHA programmed inspections. This near-zero inspection rate is consistent with Bureau of Labor Statistics data for NAICS 4471/4523 retail categories.
Health Professional Shortage Areas
100% of portfolio locations are in federally designated Health Professional Shortage Areas (HPSAs). This is common for rural Southeast US convenience store locations and may impact workers compensation claim outcomes — injured employees in HPSAs face longer travel times to medical providers, potentially increasing lost-time claim duration and medical costs.
Environmental Exposure
59% of properties operate as gas stations with fuel handling exposure. 54 locations have EPA-registered Underground Storage Tank facilities nearby, indicating potential environmental liability. 24-hour operations (21%) present elevated slip-and-fall and workplace injury exposure due to overnight staffing.
Coverage notes
This document is prepared for insurance carrier and reinsurer use only. All statistics are derived from the enriched property dataset as of the analysis date. Individual property data is available upon request. Portfolio-level figures may differ from carrier-provided schedules due to geocoding and data normalization.