GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
4616 Alpine Ave NW, Comstock Park, 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 | $114,248 |
| Base rent $/SF | $34.24 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Jun 04, 2027 |
| Year built | 1990 |
| Building SF | 3,337 |
| Land area (acres) | 0.51 |
| Pre G&A CFC | -0.75x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 8,718 | 27,892 | 98,909 |
| Households | 3,492 | 11,613 | 41,559 |
| Pop. density (/sq mi) | 2,775 | 986 | 1,259 |
| Avg HH income | $70,649 | $81,972 | $85,642 |
| Poverty rate | 11.6% | 9.5% | 13.4% |
| Bachelor's+ | 23.9% | 31.0% | 36.0% |
| Median home value | $210,023 | $226,473 | $236,447 |
| Median rent | $1,145 | $1,147 | $1,212 |
| Median age | 33 | 37 | 36 |
| Owner-occupied | 53.7% | 62.4% | 65.2% |
This Marathon/Fas Mart convenience store at 4616 Alpine Ave NW in Comstock Park, Michigan carries a location grade of 70/100 (Strong), anchored by solid traffic volume of 23,017 AADT and a growing Kent County metro market exceeding 673,000 residents. The investment appeal is moderated by a short remaining lease term of 1.5 years and meaningful near-term rollover risk that buyers must underwrite carefully.
The 1-mile population of 8,718 at a density of 2,775 per square mile provides a viable convenience customer base, with average household income rising to $85,642 at the 5-mile ring. Poverty rates are manageable at 9.5% within 3 miles, and a 62.4% owner-occupancy rate signals relative neighborhood stability.
Kent County is a legitimate Tier 1 metro with over 375,000 employees and 17,562 business establishments, supporting durable fuel and convenience demand. The Grand Rapids MSA has added roughly 14,500 residents since 2020, and a 4.2% unemployment rate reflects a healthy, functioning local economy.
Direct access to a major road corridor 0.02 miles away is a genuine operational asset, and 20 nearby restaurants within 1 mile support ancillary traffic patterns favorable to convenience retail. The Walk Score of 54 and Bike Score of 39 confirm auto-dependency, which is structurally appropriate for this use.
The site sits in FEMA Flood Zone X, presenting minimal environmental exposure. However, 6 competing gas stations within 1 mile represent meaningful competitive density that could pressure volume and complicate re-tenanting if the lease is not renewed. The daytime-to-nighttime population ratio of 0.14 signals limited employment density nearby, which constrains the weekday convenience customer base.
With only 1.5 years of lease term remaining and a renewal notice deadline of June 2027, a buyer acquires near-term rollover risk rather than durable income. Current rent of $114,248 annually ($34.24/SF) provides no visibility into where rent lands at renewal or re-lease, and the absence of a disclosed rent-at-expiration figure limits underwriting precision. GPM Investments/ARKO Corp. is a publicly traded, SEC-reporting operator of roughly 3,500 sites, offering institutional-grade credit transparency, but ARKO has faced margin compression and operational headwinds in recent years that warrant scrutiny. The one remaining renewal option provides optionality but no certainty, and pricing must reflect the probability-weighted cost of re-tenanting or operator transition.
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