GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
88 N Morey Rd, Lake City, MI
| Tenant / d/b/a | Marathon |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Oct 09, 2007 |
| Lease expiration | Mar 31, 2027 |
| Remaining term | 0.6 yrs |
| Lease term (months) | — |
| Annual base rent | $41,891 |
| Base rent $/SF | $24.91 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Sep 02, 2026 |
| Year built | 1980 |
| Building SF | 1,682 |
| Land area (acres) | 0.74 |
| Pre G&A CFC | -1.10x (2024) |
| Lease status | SUBLEASED |
| Operating tenant | Marathon Gas |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 3,381 | 3,381 |
| Households | 0 | 1,342 | 1,342 |
| Pop. density (/sq mi) | 0 | 120 | 43 |
| Avg HH income | — | $97,507 | $97,507 |
| Poverty rate | — | 7.6% | 7.6% |
| Bachelor's+ | — | 25.2% | 25.2% |
| Median home value | — | $206,600 | $206,600 |
| Median rent | — | $739 | $739 |
| Median age | — | 50 | 50 |
| Owner-occupied | — | 84.1% | 84.1% |
This Marathon-branded convenience store at 88 N Morey Rd, Lake City, MI is a near-term rollover net lease asset with only 0.6 years of remaining term, minimal population density, and a location grade of 33 out of 100. The guarantor is GPM Investments, a subsidiary of publicly traded ARKO Corp., providing a nationally scaled credit backstop on an otherwise challenged rural site. The risk-return profile skews toward opportunistic buyers comfortable underwriting lease renewal or repositioning.
The immediate 1-mile trade area reports zero residential population, with meaningful density only beginning at the 3-mile ring, where 3,381 residents live at 120 people per square mile. Average household income of $97,507 and low poverty at 7.6% reflect a relatively stable rural base, though the thin density fundamentally constrains fuel and in-store demand. Population is essentially static at the 5-mile radius, offering no growth tailwind.
Missaukee County is a nonmetro, rural, metro-adjacent market with 15,239 residents and modest 1.1% population growth from 2020 to 2024. The county unemployment rate of 5.8% is above national norms, and the thin commercial base of 310 total establishments signals limited economic activity. This is a captive-demand rural market, not a growth corridor.
Traffic at 4,565 vehicles per day is low for a fuel site, and Walk Score of 43 confirms full car dependency with negligible pedestrian draw. Four competing gas stations within one mile dilute capture rates materially given the limited demand pool. Proximity of 0.08 miles to the nearest major road is a modest positive but insufficient to offset the site's structural deficiencies.
FEMA Flood Zone X indicates minimal flood exposure, and no crime data was available for independent state-level benchmarking. The site's rural positioning and thin employment base of 456 daytime jobs within one mile limit downside protection should the lease not renew. No additional environmental or geopolitical risk flags were identified in the available data set.
With only 0.6 years of term remaining and a renewal notice deadline of September 2, 2026, a buyer acquires near-immediate rollover risk rather than stabilized cash flow. Current rent of $41,891 annually represents $24.91 per square foot on a 1980-vintage building, and no rent-at-expiration figure is disclosed, leaving renewal economics unresolved. GPM Investments and ARKO Corp. provide institutional-grade credit with scale across 3,500 sites, but that credit quality does not eliminate the binary risk of non-renewal on a low-volume rural location.
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