GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
629 S Mission St, Mount Pleasant, MI
| Tenant / d/b/a | Next Door Store |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Oct 09, 2007 |
| Lease expiration | Oct 31, 2029 |
| Remaining term | 3.4 yrs |
| Lease term (months) | — |
| Annual base rent | $59,028 |
| Base rent $/SF | $13.44 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Apr 04, 2029 |
| Year built | 1960 |
| Building SF | 4,392 |
| Land area (acres) | 0.53 |
| Pre G&A CFC | -0.39x (2024) |
| Lease status | Active |
Mount Pleasant is home to Central Michigan University (~15,000 students) and the Soaring Eagle Casino & Resort — Michigan's largest gaming floor, whose concert series alone draws 13,000+ per show. Student and destination demand supplement the resident base.
The location score above reflects resident-market real-estate fundamentals and does not incorporate seasonal or destination demand; consider this note alongside the store-level coverage (CFC) when assessing the asset.
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 12,083 | 32,212 | 32,212 |
| Households | 4,064 | 12,630 | 12,630 |
| Pop. density (/sq mi) | 3,846 | 1,139 | 410 |
| Avg HH income | $53,259 | $60,060 | $60,060 |
| Poverty rate | 42.7% | 34.8% | 34.8% |
| Bachelor's+ | 46.2% | 41.3% | 41.3% |
| Median home value | $162,713 | $158,176 | $158,176 |
| Median rent | $857 | $899 | $899 |
| Median age | 24 | 28 | 28 |
| Owner-occupied | 25.0% | 34.5% | 34.5% |
Located at 629 S Mission St in Mount Pleasant, MI, this 4,392 SF convenience store and gas station is leased to Next Door Store (Fas Mart), operated by GPM Investments, a subsidiary of publicly traded ARKO Corp. The site scores 63/100 on location grade, reflecting adequate but not exceptional fundamentals anchored by a university-influenced trade area with notable demographic headwinds. With 3.4 years of remaining term and a single renewal option, the investment thesis hinges on near-term rollover risk offset by a creditworthy institutional guarantor.
The 1-mile population of 12,083 at a density of 3,846 per square mile reflects a walkable, urban core, but a 42.7% poverty rate within one mile is a material concern for convenience retail spending. Average household income of $53,259 within one mile and $60,060 within three miles trails national benchmarks, limiting per-visit basket size. The 41.3% bachelor's degree attainment and 34.5% homeownership rate at three miles are consistent with a college-dominated market, likely Central Michigan University.
Isabella County is a nonmetro urban county with modest population growth of 0.9% from 2020 to 2024 and an unemployment rate of 5.1%, slightly above the national average. The local economy supports 25,410 employees across 1,411 establishments, with a meaningful food service and retail base. Daytime employment density of 9,695 jobs within one mile generates a workday captive audience, though the day-to-night ratio of 0.80 suggests a largely transient rather than residential customer base.
The site benefits from 20,000 vehicles per day, a Walk Score of 84, and proximity within 0.03 miles of a major road, supporting strong drive-by visibility. However, nine competing gas stations within one mile, including five within half a mile, represent significant competitive saturation that pressures fuel margin and customer capture rates. Proximity to 20 restaurants and 20 retail outlets within one mile adds convenience ecosystem density but also elevates cross-traffic competition.
Environmental and physical risk is low, with the site situated in FEMA Flood Zone X. No crime data was available for independent state-level benchmarking. The 1960 construction year introduces potential deferred capital expenditure exposure at lease renewal negotiation.
With 3.4 years of remaining term expiring October 2029, a buyer faces rollover risk within a typical hold period. Current rent of $59,028 annually at $13.44 per square foot is below prevailing c-store market rates, and no contractual rent escalation to expiration is disclosed, meaning flat income through 2029. The single remaining renewal option with a notice date of April 2029 creates binary event risk. GPM Investments as guarantor, backed by ARKO Corp.'s Nasdaq-listed balance sheet and roughly 3,500-site national platform, provides meaningful credit quality that partially offsets the short duration.
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