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 | 3.2 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% |
629 S Mission St is a convenience store and gas station occupied by Next Door Store (Fas Mart/GPM Investments) in Mount Pleasant, Michigan, a nonmetro university town anchored by Central Michigan University. The site scores 63 out of 100 on location grade, reflecting solid traffic exposure and walkability offset by elevated competition density and high area poverty rates. With 3.2 years of lease term remaining and a corporate guarantor behind the rent, this offering suits a buyer comfortable with near-term rollover risk in exchange for a modestly priced income stream.
The immediate one-mile trade area carries a population of 12,083 at a density of 3,846 per square mile, but a 42.7 percent poverty rate and average household income of $53,259 signal a structurally constrained consumer base. The three-mile ring broadens to 32,212 residents with average household income of $60,060, partially reflecting the university population mix. High poverty and a 34.5 percent owner-occupancy rate limit organic demand growth for discretionary convenience spending.
Isabella County is classified as nonmetro urban with modest population growth of 0.9 percent from 2020 to 2024, reaching 65,072 residents. The county unemployment rate of 5.1 percent sits above typical metro benchmarks, and the local economy of 25,410 employees across 1,411 establishments reflects a small, university-dependent base. Retail depth is limited, with 228 retail establishments and 144 food service locations countywide.
The site benefits from 20,000 vehicles per day of traffic exposure and sits 0.03 miles from a major road, providing strong vehicular access and visibility. A Walk Score of 84 and 20 nearby restaurants and retail destinations within one mile indicate a dense, active corridor. These fundamentals support sustained convenience traffic from both commuters and the surrounding residential base.
The FEMA designation is Zone X, presenting minimal flood hazard. State-level violent and property crime data were not available for this analysis. No environmental or structural risk flags were identified in the provided data set, though the 1960 vintage building warrants physical due diligence attention.
The lease runs through October 2029, leaving 3.2 years of term, which compresses the income visibility window typical buyers require. Current rent of $59,028 annually at $13.44 per square foot is below market for similarly sized convenience assets, and no rent at expiration figure is provided, creating uncertainty around the renewal economics. The single remaining option with a notice date of April 2029 gives GPM meaningful leverage at rollover. GPM Investments is a subsidiary of ARKO Corp., a Nasdaq-listed operator of roughly 3,500 sites, providing an investment-grade-proximate guarantor, though ARKO has carried thin margins and meaningful debt load in recent reporting periods.
Full institutional offering memorandum with all 143 property briefs, maps, and tax analysis.
Download full OM (PDF)