GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
804 Spring St, Petoskey, MI
| Tenant / d/b/a | Next Door Store |
| 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 | $177,720 |
| Base rent $/SF | $59.06 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Apr 04, 2029 |
| Year built | 2000 |
| Building SF | 3,009 |
| Land area (acres) | 0.47 |
| Pre G&A CFC | 3.90x (2024) |
| Lease status | Active |
Petoskey is a Little Traverse Bay resort community (Bay Harbor, historic Gaslight District) with strong seasonal tourism demand that supplements the local market.
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 | 0 | 14,414 | 17,229 |
| Households | 0 | 6,246 | 7,476 |
| Pop. density (/sq mi) | 0 | 510 | 219 |
| Avg HH income | — | $111,053 | $112,022 |
| Poverty rate | — | 9.0% | 8.7% |
| Bachelor's+ | — | 48.5% | 48.2% |
| Median home value | — | $330,507 | $331,421 |
| Median rent | — | $965 | $975 |
| Median age | — | 45 | 47 |
| Owner-occupied | — | 65.9% | 68.8% |
804 Spring St is a 3,009 SF convenience store and gas station net leased to Next Door Store (Fas Mart / GPM Investments) in Petoskey, Michigan, a small northern Michigan resort community. The site carries a location grade of 59 out of 100, reflecting adequate but not exceptional fundamentals. With 3.2 years of remaining term and a corporate guaranty from a publicly traded operator, this offering suits buyers seeking near-term income with manageable rollover exposure rather than long-duration stability.
The immediate one-mile ring shows no reported population, consistent with a commercial corridor location rather than a dense residential node. The three-mile trade area supports 14,414 residents with average household income of $111,053 and median home values of $330,507, indicating an affluent small-market consumer base. The five-mile population of 17,229 at a density of only 219 per square mile confirms this is a low-density, drive-to market dependent on regional traffic rather than walkable demand.
Emmet County is classified nonmetro with a population base of roughly 34,000 that has modestly declined 0.5 percent since 2020. The 6.9 percent unemployment rate is elevated relative to national benchmarks, and the county's 1,544 total business establishments signal a limited local economy anchored largely by tourism, retail, and food service. Petoskey's seasonal resort character can create meaningful revenue volatility for fuel and convenience operators across calendar quarters.
The site sits 0.01 miles from a major road and captures 25,611 vehicles per day, providing solid traffic exposure for a convenience format. A Walk Score of 63 confirms some ambient pedestrian activity within the commercial corridor. Twenty restaurants and eighteen retail destinations within one mile indicate a functioning commercial node, though five competing gas stations within half a mile represent meaningful fuel margin pressure.
The area faces minimal physical risk with FEMA Zone X flood designation. Specific state-level crime statistics were not available for this analysis. The principal risk concentrations are economic and competitive rather than environmental or public safety related.
The lease expires October 2029, leaving a buyer approximately 3.2 years of contractual income at $177,720 annually before facing a rollover decision. There is one remaining renewal option with a notice deadline of April 2029, creating near-term negotiation urgency. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 locations, provides institutional-grade credit support, but ARKO has faced margin pressure publicly, and buyers should underwrite renewal probability conservatively given the competitive site dynamics.
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