GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
5330 E State St, Rockford, IL
| Tenant / d/b/a | Road Ranger |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Dec 28, 2009 |
| Lease expiration | Dec 31, 2029 |
| Remaining term | 3.4 yrs |
| Lease term (months) | — |
| Annual base rent | $167,287 |
| Base rent $/SF | $89.75 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/4 |
| Notice date | Jun 05, 2029 |
| Year built | 1996 |
| Building SF | 1,864 |
| Land area (acres) | 1.66 |
| Pre G&A CFC | 0.34x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 7,541 | 75,540 | 164,007 |
| Households | 3,029 | 30,786 | 69,127 |
| Pop. density (/sq mi) | 2,400 | 2,672 | 2,088 |
| Avg HH income | $84,644 | $85,272 | $76,970 |
| Poverty rate | 19.8% | 12.7% | 19.0% |
| Bachelor's+ | 29.8% | 29.1% | 25.1% |
| Median home value | $166,212 | $144,479 | $132,751 |
| Median rent | $995 | $1,034 | $1,030 |
| Median age | 44 | 41 | 39 |
| Owner-occupied | 50.4% | 67.4% | 58.5% |
This Road Ranger / Fas Mart convenience store at 5330 E State St, Rockford, IL is a net lease asset backed by a publicly traded guarantor with roughly 3.4 years of term remaining. The site earns a location grade of 63 out of 100, reflecting a functional but unexceptional trade area in a slowly declining mid-size Illinois metro. Buyers should underwrite this as a near-term rollover play with modest upside dependent on renewal execution.
The 3-mile population of 75,540 at an average household income of $85,272 is adequate for a convenience store format, though the 1-mile poverty rate of 19.8% signals a price-sensitive consumer base. Population in Winnebago County declined 0.4% from 2020 to 2024, indicating limited organic demand growth. The daytime employment base of nearly 39,000 workers within 3 miles provides a reliable commuter-driven traffic source.
Rockford sits in the 250K-to-1M metro tier with a 4.7% unemployment rate and a modest retail and food service establishment count. The county's flat-to-declining population trajectory tempers long-term rent growth expectations and limits re-tenanting optionality if the lease is not renewed. This is a stable but low-growth market that supports income preservation rather than appreciation.
Site traffic is light at 2,100 vehicles per day, which is a meaningful underperformance for a gas station format that typically relies on high-volume pass-through exposure. Proximity of 0.01 miles to a major road is a positive, and the Walk Score of 61 indicates some pedestrian accessibility, but six competing stations within one mile create a competitive environment. The 25 EV charging stations within 5 miles is an emerging displacement risk worth monitoring.
1. Low AADT of 2,100 vehicles per day materially constrains fuel volume and in-store traffic potential relative to institutional gas station benchmarks. 2. Six competing gas stations within one mile create direct pricing and volume pressure in an already thin-margin format. 3. Winnebago County population has declined 0.4% since 2020, reducing confidence in rental rate recovery or re-tenanting on favorable terms at rollover.
With 3.4 years of remaining term and a single four-year renewal option, a buyer is acquiring near-term rollover risk. The current rent of $167,287 annually at $89.75 per square foot is the known income stream through December 2029, but no rent at expiration data is provided, making it impossible to assess whether renewal economics will be accretive. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience store operator with roughly 3,500 sites, provides meaningful credit depth. That said, ARKO has publicly signaled rationalization of underperforming locations, so renewal is not automatic. Buyers should price renewal probability into their underwriting and require a yield premium to compensate for rollover and re-tenanting exposure.
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