GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
5658 W Main St, Kalamazoo, MI
| Tenant / d/b/a | Marathon |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Oct 09, 2007 |
| Lease expiration | Dec 31, 2027 |
| Remaining term | 1.4 yrs |
| Lease term (months) | — |
| Annual base rent | $86,321 |
| Base rent $/SF | $68.02 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Jun 04, 2027 |
| Year built | 1982 |
| Building SF | 1,269 |
| Land area (acres) | 1.26 |
| Pre G&A CFC | 4.67x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 7,775 | 44,570 | 103,431 |
| Households | 4,044 | 19,257 | 43,924 |
| Pop. density (/sq mi) | 2,475 | 1,576 | 1,317 |
| Avg HH income | $67,603 | $68,998 | $79,535 |
| Poverty rate | 17.9% | 27.1% | 22.1% |
| Bachelor's+ | 45.0% | 45.2% | 43.2% |
| Median home value | $230,831 | $215,058 | $209,483 |
| Median rent | $1,108 | $1,087 | $1,131 |
| Median age | 30 | 29 | 32 |
| Owner-occupied | 25.0% | 32.1% | 47.0% |
This Marathon-branded convenience store at 5658 W Main St, Kalamazoo, MI is a 1,269 SF net lease asset operated by GPM Investments under the Fas Mart banner, sitting on 1.26 acres with direct access to a high-traffic arterial corridor logging 29,962 AADT. The location earned an Excellent grade of 74/100, supported by strong regional population density and a well-established commercial corridor. With only 1.4 years of remaining term, the near-term lease rollover dominates the investment thesis.
The immediate 1-mile trade area holds 7,775 residents at 2,475 per square mile with average household income of $67,603, a functional if modestly constrained consumer base. The 3-mile ring expands to 44,570 residents but carries a 27.1% poverty rate and 32.1% owner-occupancy, signaling a renter-heavy, price-sensitive population. The 5-mile population of 103,431 with average household income of $79,535 provides adequate depth for a fuel and convenience format.
Kalamazoo County is a mid-tier metro with 264,780 residents, 1.1% population growth from 2020 to 2024, and an unemployment rate of 4.4%, reflecting a stable if unspectacular regional economy. The county supports 5,656 business establishments and 113,731 employees, providing a steady base of commuter and daytime fuel demand. Daytime employment of 20,356 workers within 3 miles and a day/night population ratio of 0.59 confirm the site captures meaningful commuter traffic patterns.
The site sits 0.03 miles from a major road with a Walk Score of 50 and 20 restaurants and 19 retail destinations within 1 mile, confirming an active commercial node. Competition is limited, with only 2 gas stations within both the 0.5-mile and 1.0-mile radii, reducing direct fuel price pressure. The 47 EV charging stations within 5 miles is a structural watch item for long-term fuel volume trends.
The primary risk is lease rollover, with expiration on December 31, 2027, leaving a buyer with approximately 1.4 years of contracted income and a critical renewal notice deadline of June 4, 2027. The 3-mile poverty rate of 27.1% and low owner-occupancy of 32.1% indicate a demographically challenged trade area that may temper operator enthusiasm for renewal at current rent levels. ARKO Corp., the publicly traded parent of GPM Investments, has faced documented financial pressures, and its credit profile warrants scrutiny in underwriting.
With 1.4 years of term remaining, this is effectively a near-term rollover play. The current rent of $86,321 annually at $68.02 per SF provides a reference point, but rent at expiration is unspecified, limiting visibility into reset risk. The single remaining renewal option with a June 2027 notice date compresses the buyer's decision window considerably. GPM Investments as guarantor carries the backing of ARKO Corp., a publicly traded operator of roughly 3,500 sites, though ARKO's financial performance has been inconsistent, making this a sub-investment-grade credit consideration rather than a core credit anchor.
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