GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
493 E Main St, Farwell, 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 | $158,678 |
| Base rent $/SF | $54.14 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Jun 04, 2027 |
| Year built | 1979 |
| Building SF | 2,931 |
| Land area (acres) | 0.72 |
| Pre G&A CFC | 1.93x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 0 | 4,156 |
| Households | 0 | 0 | 1,663 |
| Pop. density (/sq mi) | 0 | 0 | 53 |
| Avg HH income | — | — | $63,431 |
| Poverty rate | — | — | 24.7% |
| Bachelor's+ | — | — | 18.4% |
| Median home value | — | — | $128,000 |
| Median rent | — | — | $808 |
| Median age | — | — | 43 |
| Owner-occupied | — | — | 61.2% |
493 E Main St in Farwell, MI is a 2,931 SF Marathon-branded convenience store operated by GPM Investments under the Fas Mart banner, with only 1.5 years of lease term remaining through December 31, 2027. The site carries a weak location grade of 24/100, reflecting thin population density, elevated poverty rates, and limited trade area depth. This is a short-duration income play with meaningful rollover risk in a rural Michigan market.
The immediate 1- and 3-mile rings show no reportable population, with usable data only emerging at the 5-mile radius where just 4,156 residents live at a density of 53 per square mile. Average household income of $63,431 is modest, and a 24.7% poverty rate at 5 miles signals a structurally stressed consumer base. These are among the weakest demand fundamentals supportable for a net lease fuel and convenience asset.
Farwell sits in Clare County, a nonmetro rural market adjacent to a metro area, with modest population growth of 1.8% from 2020 to 2024 reaching 31,405 residents. The county unemployment rate of 7.8% meaningfully exceeds national averages, and the total employment base of 6,724 workers across 600 establishments reflects a thin local economy. Daytime employment within 3 miles is only 898 jobs, limiting the commuter and workforce traffic that sustains fuel and convenience volumes.
The site sits 0.01 miles from a major road with 8,120 vehicles per day, providing adequate arterial exposure for a rural location. However, a Walk Score of 36 confirms full car dependency, and nearby retail and restaurant counts of 9 and 5 within one mile indicate a sparse commercial environment. The presence of 10 EV charging stations within 5 miles introduces a modest but forward-looking demand erosion consideration.
The property carries a FEMA Zone X flood designation, indicating minimal physical hazard risk. No state-level crime data was available for independent assessment. No material environmental or structural flags were identified beyond the building's 1979 vintage.
With 1.5 years of term remaining and a renewal notice deadline of June 2027, a buyer acquires near-term rollover risk at closing. Current rent of $158,678 annually ($54.14/SF) has no disclosed rent-at-expiration comparator, making forward yield analysis dependent entirely on renewal execution. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 sites, provides institutional-grade credit support, but the weak site fundamentals reduce GPM's incentive to renew on aggressive terms. One renewal option remains, offering optionality but not certainty.
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