GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
4616 Alpine Ave NW, Comstock Park, 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 | $114,248 |
| Base rent $/SF | $34.24 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Jun 04, 2027 |
| Year built | 1990 |
| Building SF | 3,337 |
| Land area (acres) | 0.51 |
| Pre G&A CFC | -0.75x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 8,718 | 27,892 | 98,909 |
| Households | 3,492 | 11,613 | 41,559 |
| Pop. density (/sq mi) | 2,775 | 986 | 1,259 |
| Avg HH income | $70,649 | $81,972 | $85,642 |
| Poverty rate | 11.6% | 9.5% | 13.4% |
| Bachelor's+ | 23.9% | 31.0% | 36.0% |
| Median home value | $210,023 | $226,473 | $236,447 |
| Median rent | $1,145 | $1,147 | $1,212 |
| Median age | 33 | 37 | 36 |
| Owner-occupied | 53.7% | 62.4% | 65.2% |
This Marathon-branded convenience store and gas station in Comstock Park, Michigan is a mid-term net lease asset with 1.4 years of remaining term, guaranteed by GPM Investments under ARKO Corp., the sixth-largest U.S. convenience-store operator. The site earns a location grade of 70 out of 100, supported by solid suburban traffic and a growing Kent County metro. Near-term lease rollover is the dominant underwriting consideration for any buyer.
The immediate one-mile trade area holds 8,718 residents at an average household income of $70,649, rising to $81,972 at three miles with a 62.4 percent homeownership rate that signals stable, repeat-customer demand. The five-mile population of nearly 99,000 provides meaningful market depth. Poverty rates are manageable at 9.5 to 13.4 percent across radii, posing no material demand drag.
Kent County is a legitimate major metro, growing from 658,524 to 673,002 residents between 2020 and 2024, with 375,548 employees across 17,562 establishments and a 4.2 percent unemployment rate. The local retail and food-service base is well-developed, supporting convenience retail fundamentals. Suburban Comstock Park benefits from proximity to Grand Rapids without the density-related site constraints of an urban core.
The site sits 0.02 miles from a major road and captures 23,017 vehicles per day, which is a functional threshold for a convenience-store format. A Walk Score of 54 confirms auto-dependent access, consistent with the gas station use. Twenty nearby restaurants within one mile indicate a commercially active corridor.
Lease expiration on December 31, 2027 creates near-certain rollover risk, and the absence of rent-at-expiration data removes any basis for projecting renewal economics. Six competing gas stations within one mile and three within a half mile create meaningful competitive density that could pressure renewal terms or tenant retention. Twenty-two EV charging stations within five miles represent a structural headwind to long-term fuel volume assumptions.
With only 1.4 years of term remaining, this is fundamentally a rollover story. The notice date of June 4, 2027 means a buyer has limited runway before needing renewal clarity. Current rent of $114,248 annually, or $34.24 per square foot, on a 1990-vintage building provides a near-term income floor, but without disclosed rent-at-expiration data, upside or downside at renewal is unquantifiable. GPM Investments and ARKO Corp. offer credible institutional-grade credit as a publicly traded, SEC-reporting entity operating roughly 3,500 sites, which reduces near-term default risk but does not resolve the rollover question. Buyers should price this as a value-add or repositioning opportunity, not a long-term passive income hold.
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