GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
111 S Cedar St, Kalkaska, MI
| Tenant / d/b/a | Next Door Store |
| 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 | $158,678 |
| Base rent $/SF | $71.70 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Jun 04, 2027 |
| Year built | 1985 |
| Building SF | 2,213 |
| Land area (acres) | 0.46 |
| Pre G&A CFC | 2.49x (2024) |
| Lease status | Active |
Kalkaska is a designated 'Trail Town' (ORV, snowmobile, and North Country Trail hub) and host of the long-running National Trout Festival, funneling Northwest-Michigan vacation traffic through town. Through-traffic and recreation demand are not captured by resident-market metrics.
The location score above reflects resident-market real-estate fundamentals and does not incorporate seasonal or destination demand; consider this note alongside the store-level coverage (CFC) when assessing the asset.
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 0 | 8,218 |
| Households | 0 | 0 | 3,300 |
| Pop. density (/sq mi) | 0 | 0 | 105 |
| Avg HH income | — | — | $68,127 |
| Poverty rate | — | — | 14.9% |
| Bachelor's+ | — | — | 17.1% |
| Median home value | — | — | $159,496 |
| Median rent | — | — | $710 |
| Median age | — | — | 40 |
| Owner-occupied | — | — | 81.7% |
This net lease convenience store and gas station at 111 S Cedar St, Kalkaska, MI is occupied by Next Door Store (Fas Mart), guaranteed by GPM Investments, LLC, a subsidiary of publicly traded ARKO Corp. The site carries a Location Grade of 40 out of 100, reflecting a rural, low-density trade area with modest traffic and meaningful competitive pressure. The asset offers near-term income certainty but presents material rollover risk given only 1.4 years of remaining term.
The immediate 1-mile and 3-mile rings show effectively no reportable population, underscoring the rural character of this market. Usable data emerges only at 5 miles, where 8,218 residents generate an average household income of $68,127 against a poverty rate of 14.9%, both below national benchmarks. The thin and geographically dispersed consumer base limits intrinsic real estate demand independent of tenant occupancy.
Kalkaska County is a small Metro market with a 2024 population of 18,618, up 3.8% since 2020, reflecting modest but positive growth. Unemployment of 6.7% runs above national averages, and the county's total employment base of 4,380 across 351 establishments signals a structurally limited local economy. The retail and food service sector is thin, with 64 retail and 28 food service establishments countywide.
Daily traffic of 14,713 vehicles and a 0.02-mile proximity to a major road provide adequate vehicular exposure for a convenience format. A Walk Score of 61 and 19 nearby restaurants within one mile suggest a functional, if modest, commercial node. However, seven competing gas stations within one mile represent a saturated fuel retail environment relative to the available customer base.
The site sits in FEMA Flood Zone X, indicating minimal natural hazard exposure. State-level crime statistics were not available for this analysis, limiting a full crime risk assessment. No additional environmental or structural red flags were identified in the data provided.
With only 1.4 years of remaining term expiring December 31, 2027, a buyer acquires this asset essentially as a near-term rollover play. The current rent of $158,678 annually at $71.70 per square foot is the only contractual income certainty, as rent at expiration is not disclosed, creating repricing ambiguity. One renewal option remains, with notice required by June 2027, but renewal is not guaranteed. GPM Investments as guarantor, backed by ARKO Corp.'s scale of approximately 3,500 sites and its Nasdaq-listed, SEC-reporting status, provides meaningful credit quality. However, that credit strength does not insulate against lease non-renewal at a below-average location.
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