GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
4415 Lake Michigan Dr NW, Walker, MI
| Tenant / d/b/a | Marathon |
| 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 | $212,629 |
| Base rent $/SF | $63.79 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Apr 04, 2029 |
| Year built | 1980 |
| Building SF | 3,333 |
| Land area (acres) | 0.39 |
| Pre G&A CFC | 1.60x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 5,478 | 27,635 | 99,916 |
| Households | 2,224 | 11,091 | 39,869 |
| Pop. density (/sq mi) | 1,744 | 977 | 1,272 |
| Avg HH income | $85,846 | $101,256 | $90,714 |
| Poverty rate | 8.7% | 6.3% | 11.6% |
| Bachelor's+ | 28.9% | 35.2% | 34.7% |
| Median home value | $250,500 | $256,774 | $238,590 |
| Median rent | $1,235 | $1,322 | $1,205 |
| Median age | 37 | 38 | 35 |
| Owner-occupied | 82.7% | 78.8% | 64.9% |
This Marathon/Fas Mart convenience store in Walker, Michigan occupies a high-visibility position on Lake Michigan Drive NW, 0.02 miles from a major road corridor with 18,236 vehicles passing daily. The site earned a location grade of 63 out of 100, reflecting a solid but not exceptional suburban trade area within the Grand Rapids metro. The asset offers near-term net lease income backed by a publicly traded operator, though the short remaining term demands careful underwriting of rollover risk.
The immediate one-mile population of 5,478 is modest, but the three-mile ring expands to 27,635 residents with an average household income of $101,256 and a strong 78.8% owner-occupancy rate. The five-mile population of nearly 100,000 provides meaningful demand depth for fuel and convenience retail. Poverty rates are contained at 6.3% within three miles, and the 35.2% bachelor's degree attainment signals a stable, middle-to-upper-middle-class customer base.
Kent County is a genuine growth market, adding roughly 14,500 residents between 2020 and 2024 and anchored by a metro exceeding one million in population. Unemployment of 4.2% is near equilibrium, and the county's 375,548 employees across 17,562 establishments reflect a diversified economic base. This underpins consistent convenience retail demand at the site level.
The site benefits from direct major-road access and a walk score of 67, supported by 20 nearby restaurants and 14 retail destinations within one mile. However, six competing gas stations within one mile, including three within a half mile, represent meaningful competitive pressure on fuel margin and customer capture. The daytime-to-nighttime population ratio of 0.51 indicates a predominantly residential rather than employment-driven trade area.
The FEMA designation is Zone X, indicating minimal flood hazard, which removes a material physical risk. State-level crime data was unavailable, limiting a full safety assessment. The presence of 22 EV charging stations within five miles reflects early but real long-term structural risk to fuel volume.
With only 3.2 years of remaining term expiring October 2029 and a single renewal option with a notice deadline of April 2029, a buyer faces near-term rollover exposure. Current rent of $212,629 annually at $63.79 per square foot on a 1980-vintage building is a meaningful figure to defend at renewal. Rent at expiration is unstated, removing visibility into escalation. GPM Investments, LLC, as guarantor, carries the weight of ARKO Corp., a Nasdaq-listed, SEC-reporting operator of approximately 3,500 sites, which provides institutional-grade credit support for the remaining term. Buyers should price the rollover risk explicitly and stress-test re-leasing assumptions against competitive supply.
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