GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
428 S McEwan St, Clare, MI
| Tenant / d/b/a | Marathon |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Oct 09, 2007 |
| Lease expiration | Sep 30, 2028 |
| Remaining term | 2.3 yrs |
| Lease term (months) | — |
| Annual base rent | $111,075 |
| Base rent $/SF | $49.02 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 04, 2028 |
| Year built | 1980 |
| Building SF | 2,266 |
| Land area (acres) | 1.66 |
| Pre G&A CFC | 3.18x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 4,156 | 4,156 |
| Households | 0 | 1,663 | 1,663 |
| Pop. density (/sq mi) | 0 | 147 | 53 |
| Avg HH income | — | $63,431 | $63,431 |
| Poverty rate | — | 24.7% | 24.7% |
| Bachelor's+ | — | 18.4% | 18.4% |
| Median home value | — | $128,000 | $128,000 |
| Median rent | — | $808 | $808 |
| Median age | — | 43 | 43 |
| Owner-occupied | — | 61.2% | 61.2% |
428 S McEwan St is a Marathon-branded convenience store operated by GPM Investments (ARKO Corp.) in Clare, Michigan, a small nonmetro market with modest fundamentals. The site scores 42 out of 100 on location grade, reflecting thin density, elevated poverty, and meaningful near-term lease rollover risk. This offering suits buyers focused on tenant credit and income certainty over the short remaining term rather than location quality or long-term residual value.
The trade area is sparsely populated, with just 4,156 residents within three miles at a density of 147 per square mile. Average household income of $63,431 and a poverty rate of 24.7% within three miles indicate a price-sensitive consumer base with limited upside. Population growth at the county level is negligible at 0.9% from 2020 to 2024.
Clare sits in a nonmetro, metro-adjacent county with 65,072 residents and an unemployment rate of 5.1%, modestly above national norms. The local economy supports 25,410 jobs across 1,411 establishments, with limited retail depth. The market does not offer meaningful demand drivers that would compel a tenant to pay above-market rents at renewal.
Traffic at 7,816 vehicles per day is below average for a viable fuel and convenience operation, and the car-dependent Walk Score of 47 confirms limited pedestrian demand. Five competing gas stations within one mile create meaningful fuel margin pressure. Proximity of 0.02 miles to a major road is a modest positive, but overall site quality is constrained.
Flood exposure is minimal under FEMA Zone X. There are 11 EV charging stations within five miles, a figure that, while not yet disruptive, signals accelerating infrastructure buildout in the area. No additional environmental or crime data was available to assess.
With only 2.3 years of remaining term, a buyer faces near-term rollover risk and a critical renewal decision notice date of March 2028. Rent at expiration is not disclosed, creating uncertainty around re-pricing. GPM Investments, backed by publicly traded ARKO Corp., the sixth-largest U.S. convenience-store operator, provides institutional-grade lease credit that partially offsets site-level concerns. The one remaining renewal option offers limited long-term income extension, making exit strategy dependent on tenant behavior in a below-average market.
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