GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
1324 W High St, Mount Pleasant, MI
| Tenant / d/b/a | Marathon |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Oct 09, 2007 |
| Lease expiration | Dec 31, 2027 |
| Remaining term | 1.4 yrs |
| Lease term (months) | — |
| Annual base rent | $168,199 |
| Base rent $/SF | $55.88 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Jun 04, 2027 |
| Year built | 1980 |
| Building SF | 3,010 |
| Land area (acres) | 1.32 |
| Pre G&A CFC | 2.00x (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 | 8,384 | 32,212 | 32,212 |
| Households | 2,670 | 12,630 | 12,630 |
| Pop. density (/sq mi) | 2,669 | 1,139 | 410 |
| Avg HH income | $47,371 | $60,060 | $60,060 |
| Poverty rate | 45.3% | 34.8% | 34.8% |
| Bachelor's+ | 46.4% | 41.3% | 41.3% |
| Median home value | $135,059 | $158,176 | $158,176 |
| Median rent | $870 | $899 | $899 |
| Median age | 22 | 28 | 28 |
| Owner-occupied | 24.0% | 34.5% | 34.5% |
This Marathon/Fas Mart (GPM Investments) net lease convenience store at 1324 W High St, Mount Pleasant, MI earned a location grade of 61/100 (Strong), anchored by a Central Michigan University-driven population base and solid daytime employment density. With only 1.4 years of remaining term, the investment thesis is primarily a near-term rollover/renewal play rather than a long-duration income story.
The immediate trade area is dense but economically stressed, with a 45.3% poverty rate within one mile and an average household income of just $47,371. The three-mile ring broadens to 32,212 residents with a 34.8% poverty rate and 41.3% bachelor-degree attainment, reflecting the university's distorting effect on income and education metrics. These demographics are consistent with a value-convenience fuel and snack customer, not an affluent suburban profile.
Isabella County is a nonmetro, university-anchored market with modest population growth of 0.9% from 2020 to 2024 and a 5.1% unemployment rate slightly above national norms. The local retail and food-service base of 372 combined establishments signals adequate but not robust consumer demand. Market fundamentals support continued gas/convenience use but limit upside rent growth at renewal.
The site sits 0.03 miles from a major road with AADT of 11,823 vehicles per day, providing functional but not exceptional traffic exposure. Three competing gas stations exist within one mile, creating moderate supply pressure. A Walk Score of 40 confirms auto-dependent access, which is appropriate for the use but limits alternative retail repositioning value.
Flood risk is minimal at FEMA Zone X. No state-level crime data was available for this brief, which limits a full security assessment. The 13 EV charging stations within five miles are a nascent but growing competitive threat to long-term fuel volume.
The lease expires December 31, 2027, leaving a buyer with 1.4 years of contractual income at $168,199 annually ($55.88/SF). Rent at expiration is not disclosed, creating uncertainty around renewal economics. The single remaining renewal option, with a notice deadline of June 4, 2027, means a buyer must immediately engage on renewal strategy. GPM Investments, LLC is a subsidiary of ARKO Corp. (Nasdaq: ARKO), the sixth-largest U.S. convenience operator with approximately 3,500 sites, providing a creditworthy, publicly traded guarantor — but near-term rollover risk dominates the risk/return calculus.
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