GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
1052 Belvidere Rd, Belvidere, IL
| Tenant / d/b/a | Road Ranger |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Dec 28, 2009 |
| Lease expiration | Dec 31, 2029 |
| Remaining term | 3.5 yrs |
| Lease term (months) | — |
| Annual base rent | $282,112 |
| Base rent $/SF | $66.04 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/4 |
| Notice date | Jun 05, 2029 |
| Year built | 2008 |
| Building SF | 4,272 |
| Land area (acres) | 1.30 |
| Pre G&A CFC | 0.00x (2023) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 5,645 | 20,740 | 32,664 |
| Households | 2,400 | 8,249 | 12,504 |
| Pop. density (/sq mi) | 1,797 | 734 | 416 |
| Avg HH income | $67,020 | $72,790 | $85,247 |
| Poverty rate | 13.9% | 16.5% | 14.5% |
| Bachelor's+ | 17.6% | 12.1% | 16.1% |
| Median home value | $160,200 | $147,142 | $183,785 |
| Median rent | $906 | $1,001 | $1,129 |
| Median age | 38 | 39 | 41 |
| Owner-occupied | 69.1% | 69.9% | 78.3% |
This net lease convenience store and gas station at 1052 Belvidere Rd is occupied by Road Ranger/Fas Mart under a GPM Investments/ARKO Corp. guarantee, with 3.5 years of term remaining through December 2029. The location grades out at 54 out of 100, reflecting a car-dependent suburban corridor with moderate demographics and meaningful competitive density. The investment thesis rests almost entirely on credit quality and near-term income stability rather than location fundamentals.
The immediate trade area supports a 1-mile population of 5,645 with average household income of $67,020, rising modestly to $85,247 at 5 miles. Poverty rates of 13.9 to 16.5 percent across radii and a median home value of $147,142 at 3 miles point to a lower-middle-income consumer base with limited discretionary spending depth. Educational attainment is constrained at 12.1 percent bachelor's degree or higher within 3 miles, consistent with a working-class suburban profile.
Boone County is a sub-metro market of roughly 53,300 residents that has posted essentially flat population growth from 2020 to 2024. Unemployment sits at 5.2 percent against a modest commercial base of 879 total establishments. There is no meaningful tailwind from population expansion or employment growth to drive incremental fuel or convenience demand.
Traffic exposure is low at 2,200 vehicles per day despite proximity of 0.04 miles to the nearest major road. Eight competing gas stations within 1 mile represent a congested competitive environment that pressures both volume and margin. The Walk Score of 43 confirms pure automobile dependence with no meaningful pedestrian or transit capture.
Flood exposure is minimal under FEMA Zone X designation. Crime statistics were not available at the state level for this analysis. No material environmental or zoning flags were identified in the provided data set.
With 3.5 years of remaining term and a single four-year renewal option, a buyer faces rollover risk beginning in mid-2029, requiring notice by June 5, 2029. No rent escalation to expiration is disclosed, meaning the current $282,112 annual rent at $66.04 per square foot is essentially flat income with no embedded growth. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience store operator with approximately 3,500 locations, provides meaningful institutional credit support. However, the short remaining term compresses the duration of that credit benefit and demands buyer conviction on either renewal execution or re-tenanting in a secondary market with limited alternative use demand.
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