GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
158 N Lincoln Ave, Lakeview, MI
| Tenant / d/b/a | Next Door Store |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Oct 09, 2007 |
| Lease expiration | Jun 30, 2029 |
| Remaining term | 3.0 yrs |
| Lease term (months) | — |
| Annual base rent | $34,909 |
| Base rent $/SF | $21.08 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Dec 02, 2028 |
| Year built | 1960 |
| Building SF | 1,656 |
| Land area (acres) | 0.15 |
| Pre G&A CFC | -0.06x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | 158 N Lincoln Ave |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 3,308 | 3,308 |
| Households | 0 | 1,244 | 1,244 |
| Pop. density (/sq mi) | 0 | 117 | 42 |
| Avg HH income | — | $73,750 | $73,750 |
| Poverty rate | — | 13.8% | 13.8% |
| Bachelor's+ | — | 14.7% | 14.7% |
| Median home value | — | $162,200 | $162,200 |
| Median rent | — | $754 | $754 |
| Median age | — | 38 | 38 |
| Owner-occupied | — | 82.6% | 82.6% |
This net lease convenience store and gas station at 158 N Lincoln Ave, Lakeview, MI is a short-duration, single-tenant asset leased to Next Door Store (Fas Mart / GPM Investments) through June 30, 2029, offering roughly 3.0 years of remaining term. The site earned a location grade of 43 out of 100 (Average), reflecting modest traffic counts, thin population density, and a rural trade area that limits repositioning upside. The investment thesis rests primarily on the credit quality of the guarantor rather than on location fundamentals.
The functional trade area is materially thin, with only 3,308 residents within both the 3-mile and 5-mile rings, indicating the population base does not deepen meaningfully beyond the immediate vicinity. Average household income of $73,750 and an 82.6 percent owner-occupancy rate suggest a stable, if modest, resident base, while a 13.8 percent poverty rate and only 14.7 percent bachelor attainment reflect limited economic diversity. These metrics are consistent with a small rural Michigan market offering minimal organic demand growth.
Montcalm County carries a 5.0 percent unemployment rate and supports only 1,050 total business establishments and 13,604 employees, underscoring the limited commercial density surrounding this asset. County population grew 4.0 percent from 2020 to 2024, providing a mild positive signal, though the market's rural character constrains meaningful rent growth or re-tenanting optionality at lease expiration.
Site-level traffic of 7,745 AADT is below average for a convenience and fuel operator, and the nearest major road is nearly one mile away, reducing impulse-driven capture. A Walk Score of 40 and Bike Score of 35 confirm full auto dependency, and the presence of only four nearby restaurants and four retail businesses within one mile reflects a thin commercial corridor with limited co-tenancy benefit.
No FEMA flood exposure is present, as the site is classified Zone X. State-level crime data was not available, limiting a full public-safety assessment. The 1960 construction year introduces potential deferred capital expenditure risk given the building's age of approximately 65 years.
With 3.0 years remaining, a buyer faces near-term rollover risk with a notice deadline of December 2, 2028 and one renewal option remaining. At $34,909 annual base rent ($21.08 per square foot), the rent level is modest, and no escalation data is provided. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 sites, provides institutional-grade credit support that partially offsets site-level concerns. However, the thin location metrics may reduce GPM's motivation to exercise renewal, compressing exit cap rate options for a future buyer.
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