GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
325 E. Saginaw Street, Breckenridge, 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 | $51.15 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Jun 04, 2027 |
| Year built | 1980 |
| Building SF | 3,102 |
| Land area (acres) | 0.40 |
| Pre G&A CFC | 1.54x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 0 | 3,168 |
| Households | 0 | 0 | 1,252 |
| Pop. density (/sq mi) | 0 | 0 | 40 |
| Avg HH income | — | — | $82,522 |
| Poverty rate | — | — | 10.9% |
| Bachelor's+ | — | — | 17.1% |
| Median home value | — | — | $117,900 |
| Median rent | — | — | $749 |
| Median age | — | — | 42 |
| Owner-occupied | — | — | 80.1% |
This Marathon-branded convenience store at 325 E. Saginaw Street in Breckenridge, Michigan carries a location grade of 20 out of 100, reflecting thin population density, modest traffic counts, and elevated local competition. The asset offers 1.4 years of remaining lease term with a single renewal option held by GPM Investments, a subsidiary of publicly traded ARKO Corp. Given the weak underlying location fundamentals, the investment thesis rests almost entirely on near-term income certainty rather than real estate quality.
Meaningful population data is absent within one and three miles, with only 3,168 residents captured at the five-mile radius at a sparse density of 40 people per square mile. Average household income of $82,522 at five miles is adequate but not compelling, and the data void at tighter radii signals a genuinely rural, low-density trade area. These metrics offer limited support for long-term retail demand at this location.
Gratiot County is a nonmetro, metro-adjacent market with a declining population base, falling from 41,687 in 2020 to 41,372 in 2024, a loss of 0.8 percent. County unemployment of 5.4 percent exceeds typical national benchmarks, and the total employment base of 10,796 workers across 728 establishments reflects a shallow local economy. Daytime employment within three miles is only 661 jobs, providing minimal captive customer demand for this site.
An AADT of 8,397 vehicles per day is low for a gas station net lease asset, and a Walk Score of 38 confirms the car-dependent character of the trade area. Four competing gas stations exist within half a mile, creating meaningful fuel price and convenience pressure. The site offers little locational differentiation to support sustained above-average sales volumes.
The property sits in FEMA Flood Zone X, presenting minimal environmental exposure. No elevated crime data flags were identified at the state level. The 1980 construction vintage on a 3,102-square-foot building introduces potential deferred capital expenditure risk if a new operator or tenant requires modernization post-lease.
With only 1.4 years remaining before the December 2027 expiration, a buyer faces near-term rollover risk in a subpar location. Current rent of $158,678 annually, or $51.15 per square foot, is aggressive for a low-traffic rural Michigan convenience store, creating real downside if GPM declines to exercise its single renewal option. The renewal notice deadline of June 2027 arrives quickly, and no rent at expiration figure is provided to benchmark renewal economics. GPM Investments as guarantor, backed by ARKO Corp., a Nasdaq-listed operator with roughly 3,500 sites, provides credible corporate credit through the existing term, but that credit quality does not offset the location's structural weaknesses if the tenant walks.
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