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 | 9.9 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 convenience store at 14226 Ironwood Dr NW, Grand Rapids, MI operates under a long-term net lease running through June 2036, providing approximately 9.9 years of remaining term secured by GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp. The site scores 63 out of 100 on location grade, reflecting adequate but not exceptional fundamentals. The investment thesis rests primarily on lease duration and guarantor credit rather than dense urban trade-area dynamics.
The immediate one-mile ring reports zero population, signaling a rural or transitional edge-of-development setting with no meaningful residential demand driver at close range. The three-mile population of 4,391 at a low density of 155 per square mile is modest, though average household income of $102,788 and median home value of $323,800 indicate an affluent suburban cohort. The five-mile population of 34,424 at $103,696 average household income provides a broader, income-qualified customer base that partially offsets close-in density weakness.
Ottawa County is a growing, economically healthy market, with population expanding 3.1 percent from 2020 to 2024 and unemployment at a tight 4.0 percent. The Grand Rapids metro anchors regional economic activity, supporting stable consumer spending across the trade area. The county's 6,763 total establishments and 115,897 employees reflect a diversified local economy with consistent demand for fuel and convenience services.
With a Walk Score of 25, the site is fully car-dependent, which is operationally appropriate for a fuel and convenience format but limits any pedestrian-driven incremental demand. Zero competing gas stations within one mile is a material advantage, effectively granting the site local monopoly positioning for fuel. Traffic volume of 2,098 vehicles per day is low by conventional gas station underwriting standards.
FEMA Zone X designation confirms minimal flood exposure, removing environmental tail risk from the credit analysis. State-level violent and property crime data were unavailable, requiring buyers to conduct independent local crime diligence. Seven EV charging stations within five miles represent an emerging, measurable competitive pressure on long-term fuel volume.
With 9.9 years of remaining term and no rent-at-expiration or renewal option data disclosed, buyers face meaningful rollover uncertainty beyond 2036 and cannot model residual value with confidence. Annual base rent of $158,678 at $69.20 per square foot is the sole income anchor, and the absence of stated escalations or option terms limits underwriting precision. GPM Investments, guaranteed by ARKO Corp., provides investment-grade-adjacent credit as the sixth-largest U.S. convenience operator with roughly 3,500 sites, but ARKO's public financials warrant review given sector margin pressures.
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