GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
511 W Main St, Carson City, 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 | $95,207 |
| Base rent $/SF | $33.74 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 04, 2028 |
| Year built | 1970 |
| Building SF | 2,822 |
| Land area (acres) | 0.61 |
| Pre G&A CFC | 0.39x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 0 | 9,484 |
| Households | 0 | 0 | 2,361 |
| Pop. density (/sq mi) | 0 | 0 | 121 |
| Avg HH income | — | — | $77,891 |
| Poverty rate | — | — | 10.9% |
| Bachelor's+ | — | — | 11.1% |
| Median home value | — | — | $160,200 |
| Median rent | — | — | $798 |
| Median age | — | — | 38 |
| Owner-occupied | — | — | 80.3% |
511 W Main St in Carson City, MI is a Marathon-branded convenience store and gas station operated by GPM Investments under a lease expiring September 30, 2028, leaving approximately 2.1 years of remaining term. The site carries a location grade of 27 out of 100, reflecting thin traffic counts, negligible close-in population density, and heavy local competition. This is a short-term income play with meaningful rollover risk in a secondary rural market.
Population data within one and three miles returns zero, indicating the property sits in an extremely sparse rural setting with essentially no immediate residential base. The five-mile trade area supports 9,484 residents at a density of only 121 people per square mile, with average household income of $77,891 and a poverty rate of 10.9 percent. The demographic foundation is too thin to anchor durable convenience retail demand.
Montcalm County carries a five-year population growth rate of roughly four percent, reaching 69,314 residents in 2024, which provides modest but real regional momentum. The local economy is limited, with 1,050 total establishments and 13,604 employees countywide, and the 5.0 percent unemployment rate sits slightly above national averages. The broader market does not offer the density or employment base typically associated with resilient net lease convenience store performance.
Daily traffic of 6,587 vehicles is well below the threshold institutional buyers expect for gas station viability, and a Walk Score of 42 confirms car-dependent access with no meaningful pedestrian or transit support. The site sits 0.01 miles from the nearest major road, providing adequate arterial visibility, but five competing gas stations within one mile represent a disproportionately saturated competitive set for this traffic volume.
1. The site faces five competing gas stations within one mile against a daily traffic count of only 6,587 vehicles, creating severe demand fragmentation. 2. Population density within both one and three miles registers at zero, leaving the operator with no proximate residential customer base to sustain inside sales. 3. The building was constructed in 1970 and measures 2,822 square feet, raising near-term capital expenditure concerns around environmental compliance, equipment age, and re-tenanting costs if the lease rolls.
With only 2.1 years of remaining term and a single two-year renewal option, a buyer is effectively acquiring a near-term rollover event at a current rent of $95,207 annually. No rent at expiration is disclosed, eliminating visibility into contractual escalation. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience store operator, provides credible institutional credit, but that guarantor quality does not offset the site's structural weakness if GPM elects not to renew in a subperforming rural location.
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