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 | 2.3 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, Michigan is a Marathon-branded convenience store operated by GPM Investments under the Fas Mart banner, offering 2.3 years of remaining lease term on a 2,822 SF building built in 1970. The site scores a 24 out of 100 on location grade, reflecting thin population density, limited daytime employment, and meaningful competitive pressure from five gas stations within one mile. This is a near-term rollover play with modest real estate fundamentals and a creditworthy but leveraged guarantor.
Population is effectively zero within one and three miles of the site, with the five-mile radius reaching only 9,484 residents at a sparse 121 persons per square mile. Average household income at the five-mile level is $77,891 with a 10.9 percent poverty rate, suggesting modest but not severely distressed consumer spending capacity. These thin demographics offer little cushion if the tenant vacates and re-leasing to an alternative operator becomes necessary.
Carson City sits in Montcalm County, which posted 4.0 percent population growth from 2020 to 2024, reaching 69,314 residents, a positive but modest trend for a rural county. The county unemployment rate of 5.0 percent runs slightly above recent national averages, and the total employment base of 13,604 workers across 1,050 establishments indicates a limited local economy. The broader market does not provide meaningful tailwinds for retail fuel demand growth.
The site carries a Walk Score of 42 and a Bike Score of 41, consistent with its car-dependent rural character, and proximity of 0.01 miles to the nearest major road is a functional positive. However, six competing gas stations within one mile represent severe competitive density relative to daily traffic of only 6,587 vehicles, constraining fuel volume and inside sales potential. Twelve nearby retail locations and six restaurants within one mile provide limited ancillary traffic benefit given the sparse residential base.
Flood exposure is minimal at FEMA Zone X. No material crime data is available for state-level benchmarking. Physical obsolescence is a latent concern given the 1970 construction vintage.
With only 2.3 years remaining, a buyer faces near-term rollover risk with a renewal notice deadline of March 2028 and just one unexercised option remaining. No rent escalation data is provided, limiting visibility into lease economics at expiration. GPM Investments as guarantor, backed by publicly traded ARKO Corp., provides institutional-grade credit, but that credit does not offset the location's weak real estate fundamentals if the tenant elects not to renew.
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