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 | 2.9 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 in Lakeview, Michigan is occupied by Next Door Store (Fas Mart brand), guaranteed by GPM Investments, LLC, a subsidiary of publicly traded ARKO Corp. The site earned an Average location grade of 43 out of 100, reflecting thin population density, modest traffic, and a rural market setting. At roughly 2.9 years of remaining term and $34,909 in annual base rent, this is a short-duration, income-stable play with limited upside and meaningful rollover exposure.
The immediate one-mile trade area returns no usable population data, and the three-mile ring supports only 3,308 residents at a sparse density of 117 people per square mile. Average household income of $73,750 is adequate but not strong, and a 13.8 percent poverty rate and 14.7 percent bachelor's attainment rate signal a working-class, rural consumer base with limited discretionary spending.
Montcalm County is classified as a metro county, though with 69,314 residents and modest population growth of 4.0 percent from 2020 to 2024, the local economy remains small-scale, supported by 1,050 total establishments and 13,604 employees. Unemployment at 5.0 percent runs slightly elevated, and the retail and food service base is thin. This is not a growth market, and the site's location 0.97 miles from the nearest major road limits its ability to capture transient demand.
Daily traffic of 7,745 vehicles is below average for a viable gas station trade and the walk score of 40 confirms heavy car dependency with limited organic foot traffic. Daytime employment within one mile is only 412 jobs, constraining the lunchtime and commuter customer segments that drive convenience store volume. The absence of competing gas stations within a half mile provides some local insulation, but the overall demand picture is thin.
1. Flood risk is minimal, as the site sits in FEMA Zone X with no material natural hazard exposure. 2. No EV charging infrastructure exists within five miles, which removes a near-term displacement risk but also reflects the limited investment activity in the surrounding area. 3. State-level crime data was unavailable, which prevents a complete risk assessment of the operating environment.
With 2.9 years remaining, a buyer faces rollover risk no later than mid-2029, and the single renewal option with a December 2028 notice deadline creates a near-term decision point that will define exit value. At $21.08 per square foot on a 1,656-square-foot building, rent is modest and no rent-at-expiration figure is disclosed, leaving renewal economics unquantified. GPM Investments and its ARKO Corp. parent provide meaningful credit quality as a publicly traded, SEC-reporting operator of approximately 3,500 locations, which partially offsets the thin market fundamentals and short duration. Buyers should underwrite this as a near-term rollover event rather than a long-term income hold.
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