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 | 3.4 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 Road Ranger / Fas Mart convenience store at 1052 Belvidere Rd, Belvidere, IL is a 4,272 SF net lease asset built in 2008, generating $282,112 in annual base rent with 3.4 years remaining on a lease guaranteed by GPM Investments / ARKO Corp. The site scores 54 out of 100 on location quality, reflecting modest traffic volume, elevated local competition, and below-average demographics. The investment case rests primarily on near-term income certainty from a publicly traded guarantor rather than on location fundamentals.
The one-mile population of 5,645 and average household income of $67,020 are modest, with a 13.9% poverty rate signaling limited consumer spending depth. The three-mile trade area expands to 20,740 residents at $72,790 average household income, though a 16.5% poverty rate and a bachelor's degree attainment of only 12.1% indicate a lower-income, blue-collar base. These figures are serviceable for a convenience format but do not represent a high-growth or affluent corridor.
Boone County is a stable but stagnant metro, with population essentially flat at 53,313 between 2020 and 2024 and an unemployment rate of 5.2%, above most Midwest peer markets. The county's 879 total establishments and limited retail density suggest a secondary commercial environment with constrained organic trade-area growth. There is no demographic tailwind here to support lease renewal at elevated rents.
Daily traffic of 2,200 vehicles is materially low for a gas station convenience format, which typically requires 10,000 or more AADT to sustain strong fuel and in-store volumes. The site faces eight competing gas stations within one mile, creating significant fuel margin pressure. A Walk Score of 43 confirms car dependency, and the absence of nearby discount store anchors limits ancillary trip capture.
FEMA Zone X designation indicates minimal flood exposure, which is a clean environmental baseline. State-level crime data was unavailable for direct scoring, which limits underwriting precision. No material physical or environmental red flags were identified beyond the competitive and traffic concerns already noted.
With 3.4 years of term remaining and a June 2029 renewal notice deadline, a buyer faces rollover risk within a relatively short hold window. Rent at expiration is undisclosed, removing visibility into re-leasing economics or renewal rent step logic. GPM Investments, as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 sites, provides investment-grade-adjacent credit quality that partially offsets weak location metrics. The single four-year renewal option offers limited long-term income protection, making this a near-term income play with re-tenanting or disposition execution risk at expiration.
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