GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
5025 E Pickard St, Mount Pleasant, 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 | $158,678 |
| Base rent $/SF | $63.42 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Apr 04, 2029 |
| Year built | 1980 |
| Building SF | 2,502 |
| Land area (acres) | 7.37 |
| Pre G&A CFC | 3.62x (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 | 4,634 | 26,918 | 32,212 |
| Households | 2,015 | 10,285 | 12,630 |
| Pop. density (/sq mi) | 1,475 | 952 | 410 |
| Avg HH income | $80,781 | $57,977 | $60,060 |
| Poverty rate | 11.6% | 35.0% | 34.8% |
| Bachelor's+ | 38.8% | 39.1% | 41.3% |
| Median home value | $137,500 | $152,337 | $158,176 |
| Median rent | $1,039 | $893 | $899 |
| Median age | 44 | 28 | 28 |
| Owner-occupied | 74.2% | 34.1% | 34.5% |
This Marathon-branded convenience store and gas station, operated by GPM Investments under the Fas Mart banner, sits on East Pickard Street in Mount Pleasant, Michigan, a nonmetro university market with moderate traffic and a limited lease runway of 3.2 years. The site scores 58 out of 100 on location grade, reflecting adequate but not exceptional fundamentals. Investors should weigh a credible corporate guarantor against near-term rollover exposure and a high-poverty trade area.
The immediate one-mile ring shows 4,634 residents with average household income of $80,781, a relatively healthy figure, but the three-mile trade area tells a more challenging story with 35.0% poverty and median household income of $57,977. Owner occupancy at 34.1% and median home values of $152,337 within three miles indicate a renter-heavy, economically constrained customer base. Population growth across Isabella County is negligible at 0.9% from 2020 to 2024.
Mount Pleasant is a nonmetro market anchored by Central Michigan University, which drives daytime population swings and explains the 0.66 day-to-night ratio and elevated bachelor's degree attainment of 39.1%. County unemployment at 5.1% and modest total employment of 25,410 reflect limited economic depth. The university dependency creates seasonal demand volatility that net lease gas station investors should underwrite carefully.
The site fronts a major road with effectively zero setback at 0.02 miles, and AADT of 18,044 vehicles per day provides serviceable but not exceptional fuel demand. Walk Score of 41 confirms car dependency, which supports convenience store relevance, though six competing gas stations within one mile represent meaningful demand fragmentation. Twenty restaurants and fourteen retail destinations within one mile indicate adequate activity density.
FEMA designates the site Zone X, meaning minimal flood exposure, which is a clean environmental baseline. State-level crime data was not available for quantitative scoring. No material environmental flags were identified in the provided data, though the 1980 vintage building warrants UST and environmental review during due diligence given the age of the infrastructure.
With 3.2 years of remaining term and a single renewal option, a buyer faces a near-term rollover decision; the April 2029 notice date compresses the execution window considerably. Current rent of $158,678 annually, or $63.42 per square foot, is above typical market rates for this asset class in a nonmetro Michigan market, creating re-leasing risk if GPM elects not to renew. ARKO Corp., as a Nasdaq-listed, SEC-reporting parent operating roughly 3,500 sites, provides institutional-grade credit support, but investors should not treat that as a substitute for underwriting the site's standalone economics given the compressed term.
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