GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
493 E Main St, Farwell, MI
| Tenant / d/b/a | Marathon |
| 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 | $54.14 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Jun 04, 2027 |
| Year built | 1979 |
| Building SF | 2,931 |
| Land area (acres) | 0.72 |
| Pre G&A CFC | 1.93x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 0 | 4,156 |
| Households | 0 | 0 | 1,663 |
| Pop. density (/sq mi) | 0 | 0 | 53 |
| Avg HH income | — | — | $63,431 |
| Poverty rate | — | — | 24.7% |
| Bachelor's+ | — | — | 18.4% |
| Median home value | — | — | $128,000 |
| Median rent | — | — | $808 |
| Median age | — | — | 43 |
| Owner-occupied | — | — | 61.2% |
This Marathon/Fas Mart net lease asset at 493 E Main St, Farwell, MI scores 27 out of 100 on location grade, reflecting a deeply rural, low-density trade area with weak demographics and limited economic activity. With only 1.4 years of remaining term and a mid-term lease originated in 2007, the investment is fundamentally a near-term rollover play in a tertiary market. Buyers should underwrite this primarily as a credit and re-leasing story, not a location story.
The immediate 1- and 3-mile rings return zero population, indicating a data anomaly or extreme sparsity, while the 5-mile population reaches only 4,156 at a density of 53 per square mile. Average household income at the 5-mile level is $63,431, but a poverty rate of 24.7 percent signals material consumer stress. This is a thin demand base with limited upside for retail sales growth.
Clare County is a nonmetro, rural, metro-adjacent market with a 2024 population of approximately 31,400 and a 7.8 percent unemployment rate, well above national norms. The county supports only 600 total establishments and 6,724 employees, reflecting a modest and fragile local economy. Traffic at the site is 8,120 vehicles per day, which is functional but not compelling for a fuel and convenience format.
The site sits 0.01 miles from a major road, providing direct arterial exposure, and faces only two competing gas stations within a one-mile radius. However, a Walk Score of 36 confirms full car dependency, with minimal surrounding retail density and just 5 nearby restaurants within a mile. The physical building, built in 1979 at 2,931 square feet, is aging and may require capital investment upon lease expiration.
FEMA classifies the site as Zone X, presenting minimal flood exposure. State-level crime data was unavailable, limiting a full risk assessment. The 10 EV charging stations within 5 miles signal early but real displacement pressure on fuel demand in this corridor.
With 1.4 years of term remaining and a renewal notice deadline of June 2027, a buyer faces immediate rollover risk in a weak location. Current rent of $158,678 annually ($54.14 per square foot) is aggressive for this market, and no rent-at-expiration data is available to assess escalation. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator, provides meaningful credit support, but ARKO has faced margin pressure publicly. The single five-year renewal option provides limited long-term income visibility.
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