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 | 2.1 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/Fas Mart convenience store at 1622 S Mission St, Mount Pleasant, MI carries a location grade of STRONG (63/100) anchored by solid traffic counts of 24,311 vehicles per day and a walkable urban position on a primary corridor. With 2.1 years of lease term remaining and a single renewal option, the investment thesis is a near-term rollover play backed by GPM Investments, a subsidiary of publicly traded ARKO Corp. The asset presents moderate income certainty over a short window with meaningful re-leasing or repositioning risk at expiration.
The immediate 1-mile trade area holds 14,178 residents at a density of 4,513 per square mile, but a 49.6% poverty rate significantly constrains disposable income and fuel spending per capita. The 3-mile ring expands to 32,212 people with average household income rising to $60,060, partially reflecting the Central Michigan University student and staff population. Income and tenure metrics remain below national benchmarks, with owner occupancy at only 34.5% and median home values at $158,176.
Isabella County is a nonmetro, metro-adjacent market anchored by Central Michigan University, producing a Day/Night population ratio of 0.52 that signals heavy daytime draw but a transient residential base. County population growth is negligible at 0.9% from 2020 to 2024, and unemployment at 5.1% runs slightly above national norms. The market supports convenience retail but offers limited rent growth upside given its non-metropolitan classification.
The site scores well on accessibility, sitting 0.04 miles from a major road with a Walk Score of 77, supporting consistent drive-by capture. Twenty nearby restaurants and twenty retail destinations within one mile confirm a functional commercial corridor with genuine co-tenancy. Highway proximity and walkability are genuine site positives relative to typical suburban gas station locations.
1. Competitive saturation is acute, with 5 competing gas stations within 0.5 miles and 9 within 1.0 mile, directly pressuring fuel margin and customer retention. 2. The 49.6% poverty rate within one mile ranks among the highest seen in net lease convenience store trade areas, limiting in-store and fuel revenue potential. 3. Thirteen EV charging stations within 5 miles signal accelerating infrastructure buildout that introduces long-term fuel demand erosion risk in a market already under economic stress.
At $76,166 annual rent with 2.1 years remaining, the buyer acquires a short-duration income stream with rollover exposure materializing in late 2028. The notice deadline of March 2028 forces a leasing decision within roughly 24 months of acquisition. GPM Investments as guarantor, backed by ARKO Corp.'s scale of approximately 3,500 sites and Nasdaq-listed parent reporting, provides adequate but not investment-grade credit comfort. Buyers should underwrite renewal probability conservatively given competitive density and modest market fundamentals.
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