GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
1622 S Mission St, Mount Pleasant, 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 | $76,166 |
| Base rent $/SF | $22.80 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 04, 2028 |
| Year built | 1975 |
| Building SF | 3,341 |
| Land area (acres) | 0.56 |
| Pre G&A CFC | 3.37x (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 | 14,178 | 32,212 | 32,212 |
| Households | 4,592 | 12,630 | 12,630 |
| Pop. density (/sq mi) | 4,513 | 1,139 | 410 |
| Avg HH income | $50,741 | $60,060 | $60,060 |
| Poverty rate | 49.6% | 34.8% | 34.8% |
| Bachelor's+ | 48.2% | 41.3% | 41.3% |
| Median home value | $168,750 | $158,176 | $158,176 |
| Median rent | $870 | $899 | $899 |
| Median age | 23 | 28 | 28 |
| Owner-occupied | 17.7% | 34.5% | 34.5% |
This Marathon-branded gas station and convenience store at 1622 S Mission St, Mount Pleasant, MI operates under a GPM Investments / ARKO Corp. lease expiring September 2028, offering 2.3 years of remaining term with one renewal option. The site scores 63/100 on location grade, reflecting adequate traffic and walkability offset by heavy competition and a high-poverty trade area. The asset suits a value-add or opportunistic buyer comfortable with near-term rollover risk rather than a core income investor seeking long-duration security.
The 1-mile population of 14,178 carries a 49.6% poverty rate and average household income of $50,741, consistent with a university-adjacent market where student demographics suppress purchasing power metrics. The 3-mile ring expands to 32,212 residents with average household income rising to $60,060, though median home values of $158,176 and 34.5% owner-occupancy indicate a largely renter-dependent, transient base. Elevated educational attainment (41.3% bachelor's or higher at 3 miles) points to Central Michigan University's influence on the local population profile.
Isabella County is classified as nonmetro urban, population-stable at roughly 65,000 with modest 0.9% growth from 2020 to 2024, and unemployment of 5.1% slightly above national benchmarks. The local economy supports 25,410 jobs across 1,411 establishments, with meaningful food service and retail density that indicates routine consumer traffic but limited economic dynamism. The market is fundamentally a single-anchor university town, which tempers long-term rent growth expectations for convenience retail.
Traffic exposure is solid at 24,311 AADT with highway proximity of 0.04 miles, and a Walk Score of 77 confirms strong pedestrian accessibility within an active commercial corridor. The 1-mile daytime employment base of 7,304 workers supports fuel and convenience demand during commute and midday hours. Twenty nearby restaurants and 20 retail establishments within one mile indicate a dense, active immediate trade area.
The competitive environment is notably challenging, with 5 competing gas stations within half a mile and 9 within one mile, creating significant fuel price pressure and volume risk. High poverty rates, 49.6% at 1 mile and 34.8% at 3 miles, constrain inside-store spending and limit merchandise revenue upside. Thirteen EV charging stations within 5 miles represent a growing structural headwind to long-term fuel demand at this location.
With only 2.3 years of remaining term and a March 2028 notice deadline for the single remaining renewal option, a buyer faces near-term rollover risk before stabilization. Current rent of $76,166 annually at $22.80 per square foot provides no visibility into post-expiration economics, as rent at expiration is not disclosed. GPM Investments, backed by publicly traded ARKO Corp., the sixth-largest U.S. convenience operator, provides meaningful credit quality, but the short duration limits the premium that institutional buyers can assign to that guarantee.
Full institutional offering memorandum with all 48 briefs, maps, and tax analysis.
Download full OM (PDF)