GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
303 West Houghton, Prudenville, MI
| Tenant / d/b/a | Marathon |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Oct 09, 2007 |
| Lease expiration | Oct 31, 2029 |
| Remaining term | 3.4 yrs |
| Lease term (months) | — |
| Annual base rent | $48,238 |
| Base rent $/SF | $22.59 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Apr 04, 2029 |
| Year built | 1980 |
| Building SF | 2,135 |
| Land area (acres) | 1.05 |
| Pre G&A CFC | 9.96x (2024) |
| Lease status | Active |
Houghton Lake — Michigan's largest inland lake — anchors this market, driving year-round recreation (boating, fishing, ORV and snowmobile trails) plus Tip-Up-Town USA, the state's largest winter carnival. Demand is heavily seasonal/destination-driven and is not reflected in resident-population 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 | 4,334 | 7,277 |
| Households | 0 | 2,096 | 3,416 |
| Pop. density (/sq mi) | 0 | 153 | 93 |
| Avg HH income | — | $59,638 | $63,759 |
| Poverty rate | — | 23.8% | 19.2% |
| Bachelor's+ | — | 18.4% | 18.4% |
| Median home value | — | $106,684 | $120,607 |
| Median rent | — | $791 | $805 |
| Median age | — | 56 | 54 |
| Owner-occupied | — | 76.7% | 81.3% |
303 West Houghton is a Marathon-branded convenience store operated by GPM Investments (ARKO Corp.) in Prudenville, Michigan, a small nonmetro community in Roscommon County. The site scores 33 out of 100 on location grade, reflecting thin population density, a weak daytime employment base, and limited trade area depth. The investment proposition rests almost entirely on near-term income certainty and guarantor credit quality rather than location fundamentals.
The immediate one-mile ring reports zero resident population, and the three-mile trade area supports only 4,334 residents at 153 persons per square mile, well below thresholds typically associated with durable convenience retail demand. Average household income of $59,638 and a 23.8% poverty rate at three miles signal constrained consumer spending capacity. The five-mile population of 7,277 at 93 persons per square mile does not materially improve the demand picture.
Roscommon County is a nonmetro, non-adjacent county with a 2024 population of 23,932 and a 9.8% unemployment rate, both indicators of a structurally challenged local economy. The county supports only 4,081 total employees across 547 establishments, limiting organic traffic and spending growth. Modest population growth of 2.0% since 2020 provides minimal tailwind.
AADT of 12,744 vehicles per day is serviceable for a rural convenience location, and zero competing gas stations within half a mile offers some near-term captive demand. However, a Walk Score of 17 and only 241 daytime jobs within one mile confirm that this site is wholly car-dependent with a shallow employment-driven customer base.
The property sits in FEMA Flood Zone X, indicating minimal flood exposure, which is a clean structural positive. No state-level crime data were available for independent benchmarking. The 1980 vintage building at 2,135 square feet raises deferred capital expenditure concerns at lease rollover.
With 3.4 years of remaining term expiring October 2029 and a single renewal option requiring notice by April 2029, a buyer faces near-term rollover risk in a demonstrably weak location. Annual base rent of $48,238 at $22.59 per square foot provides modest current income, but no rent escalations at expiration are disclosed, limiting upside. GPM Investments, backed by publicly traded ARKO Corp., the sixth-largest U.S. convenience operator, provides meaningful credit support during the in-place term, but that credit quality does not resolve re-tenanting or re-leasing risk in a low-density nonmetro market if renewal does not occur.
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