GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
496 W Main St, Mecosta, 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 | $44,430 |
| Base rent $/SF | $20.67 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Jun 04, 2027 |
| Year built | 1980 |
| Building SF | 2,149 |
| Land area (acres) | 0.33 |
| Pre G&A CFC | -1.32x (2023) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 3,170 | 9,226 |
| Households | 0 | 1,624 | 4,371 |
| Pop. density (/sq mi) | 0 | 112 | 117 |
| Avg HH income | — | $61,325 | $69,569 |
| Poverty rate | — | 14.5% | 13.9% |
| Bachelor's+ | — | 21.9% | 22.4% |
| Median home value | — | $181,500 | $185,798 |
| Median rent | — | $912 | $731 |
| Median age | — | 58 | 56 |
| Owner-occupied | — | 85.1% | 86.6% |
496 W Main St in Mecosta, Michigan is a 2,149 SF Marathon-branded convenience store operated by GPM Investments under the Fas Mart banner, situated in a rural nonmetro market with a Location Grade of 37 out of 100. With only 1.5 years of lease term remaining, this offering functions primarily as a near-term rollover play rather than a stabilized income asset. The combination of thin demographics, low traffic counts, and a FEMA high-risk flood designation materially constrains the buyer universe.
The immediate one-mile trade area records zero population, reflecting a sparse rural setting with no meaningful residential base at the doorstep. The three-mile ring holds 3,170 residents at a density of just 112 per square mile, with average household income of $61,325 and a poverty rate of 14.5 percent. These figures fall well below thresholds typically required to support a healthy convenience-store volume.
Mecosta County is a nonmetro, metro-adjacent market with modest population growth of 3.8 percent from 2020 to 2024, reaching approximately 41,947 residents. An unemployment rate of 6.9 percent and a limited commercial base of 731 total establishments signals a thin local economy with constrained consumer spending capacity. Daytime employment density within one mile totals only 26 jobs, providing negligible captive demand for fuel and in-store sales.
The site sits immediately adjacent to a major road, which is a functional positive, but AADT of only 2,226 vehicles per day is critically low for a gas station and convenience store format. A Walk Score of 10 and a single nearby restaurant within one mile confirm a deeply auto-dependent, low-activity corridor. One direct competitor within a half mile further pressures unit economics.
The property sits in FEMA Flood Zone A, a high-risk designation carrying a one percent annual chance of flooding, which elevates insurance costs and may complicate financing. The 1980 construction vintage on a 0.33-acre parcel raises deferred maintenance and environmental compliance concerns typical of legacy fuel sites. Short remaining lease term of 1.5 years introduces immediate re-tenanting or renewal execution risk.
With lease expiration set for December 31, 2027 and only one of two renewal options potentially remaining, a buyer acquires minimal contractual income protection at $44,430 annually. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator, provides a credible institutional guarantor, but that credit quality does not offset the structural rollover risk embedded in this short-term lease. A buyer must underwrite renewal probability against a weak location, and the absence of stated rent at expiration limits yield visibility.
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