GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
14226 Ironwood Dr NW, Grand Rapids, MI
| Tenant / d/b/a | Marathon |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Oct 09, 2007 |
| Lease expiration | Jun 30, 2036 |
| Remaining term | 10.0 yrs |
| Lease term (months) | — |
| Annual base rent | $158,678 |
| Base rent $/SF | $69.20 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | |
| Notice date | |
| Year built | 1980 |
| Building SF | 2,293 |
| Land area (acres) | 1.73 |
| Pre G&A CFC | 5.12x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 4,391 | 34,424 |
| Households | 0 | 1,770 | 13,717 |
| Pop. density (/sq mi) | 0 | 155 | 438 |
| Avg HH income | — | $102,788 | $103,696 |
| Poverty rate | — | 6.8% | 6.5% |
| Bachelor's+ | — | 45.6% | 36.3% |
| Median home value | — | $323,800 | $273,351 |
| Median rent | — | $1,087 | $1,292 |
| Median age | — | 37 | 40 |
| Owner-occupied | — | 55.9% | 78.4% |
This Marathon-branded gas station and convenience store at 14226 Ironwood Dr NW, Grand Rapids, MI, is a single-tenant net lease asset operated by GPM Investments under the Fas Mart banner. The property earns a location grade of 63 out of 100, reflecting moderate-to-strong fundamentals anchored by zero direct fuel competition within one mile and a 10-year remaining lease term extending to June 2036.
The immediate one-mile trade area reports negligible resident population, signaling a largely pass-through or employment-driven demand base rather than a captive residential catchment. Expanding to three miles, population reaches 4,391 with average household income of $102,788, low poverty at 6.8%, and a bachelor's degree attainment rate of 45.6%, suggesting a stable, middle-to-upper-middle-class consumer base. The five-mile population of 34,424 at an average household income of $103,696 confirms a broadly healthy surrounding market.
Ottawa County is a legitimate growth market, with population expanding 3.1% from 2020 to 2024 and unemployment sitting at a tight 4.0%. The county supports over 115,000 employees across 6,763 establishments, providing a meaningful daytime demand driver despite thin walkable density immediately surrounding the site. The metro's 1M-plus population classification adds further macro stability.
Site traffic is the primary concern, with AADT of only 2,098 vehicles per day, which is materially below the threshold most institutional underwriters prefer for fuel retail viability. The walk score of 25 confirms full car dependency, and zero nearby restaurants within one mile limits any cross-shopping synergy. Proximity of 0.11 miles to a major road provides some access quality, and the complete absence of competing gas stations within one mile is a meaningful compensating factor.
FEMA flood designation is Zone X, indicating minimal flood exposure. State-level crime statistics were unavailable, limiting granular safety underwriting. No other material environmental or physical risk flags were identified from available data.
The 10-year remaining term to June 2036 provides durable income with no near-term rollover risk, a feature institutional buyers will price favorably. However, the lease provides no disclosed renewal options and no rent escalation data, meaning a buyer underwrites flat income with binary rollover exposure at expiration. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience-store operator with roughly 3,500 locations, provides investment-grade-adjacent credit quality and meaningful covenant depth. At $158,678 annual rent equating to $69.20 per square foot, the lease rate is above typical convenience-store market rents, which introduces re-tenanting risk if ARKO elects not to renew.
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