GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
428 S McEwan St, Clare, MI
| Tenant / d/b/a | Marathon |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Oct 09, 2007 |
| Lease expiration | Sep 30, 2028 |
| Remaining term | 2.1 yrs |
| Lease term (months) | — |
| Annual base rent | $111,075 |
| Base rent $/SF | $49.02 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 04, 2028 |
| Year built | 1980 |
| Building SF | 2,266 |
| Land area (acres) | 1.66 |
| Pre G&A CFC | 3.18x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 4,156 | 4,156 |
| Households | 0 | 1,663 | 1,663 |
| Pop. density (/sq mi) | 0 | 147 | 53 |
| Avg HH income | — | $63,431 | $63,431 |
| Poverty rate | — | 24.7% | 24.7% |
| Bachelor's+ | — | 18.4% | 18.4% |
| Median home value | — | $128,000 | $128,000 |
| Median rent | — | $808 | $808 |
| Median age | — | 43 | 43 |
| Owner-occupied | — | 61.2% | 61.2% |
428 S McEwan St, Clare, MI is a 2,266 SF Marathon-branded convenience store operated by GPM Investments under the Fas Mart banner, situated on 1.66 acres with 2.1 years of remaining lease term. The site earned a location grade of 42 out of 100, reflecting thin local population density, elevated poverty rates, and modest traffic counts. This is a short-duration, secondary-market net lease play requiring a buyer to underwrite both rollover risk and a challenged submarket.
The 3-mile trade area supports just 4,156 residents at a density of 147 per square mile, with average household income of $63,431 and a poverty rate of 24.7%, well above national norms. Median home values of $128,000 and median rents of $808 signal a low-wealth consumer base with limited discretionary spending. Population is essentially flat at the 3-mile and 5-mile rings, indicating no near-term growth catalyst.
Clare County sits within a nonmetro, metro-adjacent classification, with the broader Isabella County recording modest population growth of 0.9% from 2020 to 2024. Unemployment at 5.1% runs above recent national averages, and the local economic base of 25,410 employees across 1,411 establishments is limited in scale. The market offers minimal demand-side tailwinds for a net lease investor.
Traffic at 7,816 vehicles per day is below the threshold preferred for institutional convenience store underwriting, and the Walk Score of 47 confirms heavy car dependency with limited ambient foot traffic. Thirteen nearby restaurants and 11 retail tenants within one mile provide modest co-tenancy, though five competing gas stations within one mile create meaningful competitive pressure. The site is 0.02 miles from a major road, which is a functional positive but insufficient to offset thin demand drivers.
The FEMA flood designation is Zone X, indicating minimal flood hazard and no material environmental exposure on that front. Crime data at the state level was unavailable, limiting a full risk assessment. Eleven EV charging stations within five miles introduce a longer-term demand displacement risk for fuel volumes.
With only 2.1 years of remaining term and a renewal notice deadline of March 2028, a buyer faces near-term rollover risk in a secondary market where re-leasing or re-tenanting options are limited. Current rent of $111,075 at $49.02 per square foot is the only contractual income certainty, as no rent-at-expiration figure is disclosed. GPM Investments, guaranteed by publicly traded ARKO Corp., the sixth-largest U.S. convenience store operator, provides meaningful credit support, but ARKO has faced documented profitability pressures. The single renewal option partially mitigates rollover risk but does not eliminate it, and buyers should price this as a near-term repositioning or rollover scenario rather than a long-duration income hold.
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