GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
5658 W Main St, Kalamazoo, MI
| Tenant / d/b/a | Marathon |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Oct 09, 2007 |
| Lease expiration | Dec 31, 2027 |
| Remaining term | 1.5 yrs |
| Lease term (months) | — |
| Annual base rent | $86,321 |
| Base rent $/SF | $68.02 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Jun 04, 2027 |
| Year built | 1982 |
| Building SF | 1,269 |
| Land area (acres) | 1.26 |
| Pre G&A CFC | 4.67x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 7,775 | 44,570 | 103,431 |
| Households | 4,044 | 19,257 | 43,924 |
| Pop. density (/sq mi) | 2,475 | 1,576 | 1,317 |
| Avg HH income | $67,603 | $68,998 | $79,535 |
| Poverty rate | 17.9% | 27.1% | 22.1% |
| Bachelor's+ | 45.0% | 45.2% | 43.2% |
| Median home value | $230,831 | $215,058 | $209,483 |
| Median rent | $1,108 | $1,087 | $1,131 |
| Median age | 30 | 29 | 32 |
| Owner-occupied | 25.0% | 32.1% | 47.0% |
This Marathon-branded convenience store and gas station at 5658 W Main St, Kalamazoo, MI carries an Excellent location grade of 74/100, supported by nearly 30,000 vehicles per day and direct proximity to a major arterial road. The asset is leased to GPM Investments under the Fas Mart banner with 1.5 years of term remaining, creating near-term rollover exposure that defines the core investment thesis. Buyers are effectively underwriting both a real estate position and a re-leasing or renewal event in a competitive Michigan fuel market.
The 3-mile trade area holds 44,570 residents with average household income of $68,998 and a median home value of $215,058, reflecting a stable working-class consumer base. Poverty rates are elevated at 27.1% within 3 miles and 22.1% within 5 miles, which pressures discretionary c-store spending but also reinforces fuel demand as a necessity purchase. Density of 1,576 persons per square mile at 3 miles is adequate but not exceptional for a fuel-anchored asset.
Kalamazoo County is a modest Metro market of roughly 265,000 residents with 1.1% population growth from 2020 to 2024 and a 4.4% unemployment rate, indicating a stable if slow-growth economic environment. The county supports 5,656 business establishments and over 113,000 employees, providing a consistent commuter and workforce fuel demand base. The presence of 47 EV charging stations within 5 miles is a longer-term structural watch item for fuel volume trends.
The site sits 0.03 miles from the nearest major road with 29,962 AADT, providing strong traffic capture fundamentals. A Walk Score of 50 and Bike Score of 42 reflect a car-dependent environment, which is appropriate and supportive for a fuel and convenience format. Twenty restaurants and 19 retail destinations within 1 mile confirm meaningful co-tenancy and daily-needs traffic generation nearby.
The property is in FEMA Flood Zone X, indicating minimal flood hazard with no material environmental exposure on that dimension. The 1982 construction year on a 1,269 SF building introduces potential capital expenditure risk if a new tenant requires facility upgrades at renewal. Two competing gas stations within 0.5 miles represent direct proximate competition for fuel volume share.
With only 1.5 years of remaining term and a June 2027 renewal notice deadline, a buyer acquires immediate lease rollover risk rather than stabilized cash flow. Current rent of $86,321 annually equates to $68.02 per square foot, and no rent-at-expiration data is provided, making forward income projection dependent on negotiated renewal terms. GPM Investments, a subsidiary of publicly traded ARKO Corp., the sixth-largest U.S. convenience-store operator with approximately 3,500 locations, offers meaningful credit quality, but ARKO has faced margin pressure publicly, and exercising one of its two renewal options is not guaranteed. Buyers should price in a re-tenanting or renegotiation scenario.
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