GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
5354 Michigan 61, Standish, MI
| Tenant / d/b/a | Marathon |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Oct 09, 2007 |
| Lease expiration | Sep 30, 2032 |
| Remaining term | 6.0 yrs |
| Lease term (months) | — |
| Annual base rent | $33,640 |
| Base rent $/SF | $24.48 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/1 |
| Notice date | Mar 04, 2032 |
| Year built | 1960 |
| Building SF | 1,374 |
| Land area (acres) | 0.82 |
| Pre G&A CFC | 3.94x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 0 | 3,940 |
| Households | 0 | 0 | 1,614 |
| Pop. density (/sq mi) | 0 | 0 | 50 |
| Avg HH income | — | — | $69,066 |
| Poverty rate | — | — | 13.6% |
| Bachelor's+ | — | — | 15.3% |
| Median home value | — | — | $115,800 |
| Median rent | — | — | $689 |
| Median age | — | — | 44 |
| Owner-occupied | — | — | 74.4% |
This Marathon-branded convenience store in Standish, Michigan is a rural net lease asset with a weak location grade of 34 out of 100, anchored by a lease running through September 2032 with approximately 6.0 years of remaining term. The guarantor is GPM Investments, a subsidiary of publicly traded ARKO Corp., the sixth-largest U.S. convenience store operator. The investment case rests almost entirely on lease credit and income certainty rather than location fundamentals.
The immediate trade area is exceptionally thin, with zero population recorded within one and three miles and only 3,940 residents within five miles at a density of 50 per square mile. Average household income at the five-mile radius is $69,066, which is modest, and the poverty rate of 13.6% indicates limited consumer spending power. These demographics offer no cushion if the tenant vacates at lease expiration.
Arenac County is a nonmetro rural market with just 15,087 residents and population growth of only 0.5% over four years. Unemployment stands at 8.0%, meaningfully above national norms, and the county's 341 total business establishments signal a thin economic base. Demand drivers for this location are structurally limited with no meaningful growth catalyst on the horizon.
Traffic at the site is critically low at 916 vehicles per day, a figure that falls well below the threshold typically required to support a viable fuel and convenience operation. The Walk Score of 10 reflects a fully auto-dependent environment with no restaurants within one mile and minimal surrounding retail. Two competing gas stations exist within half a mile, compressing the site's ability to capture even the limited passing traffic.
FEMA designates the site as Zone X, meaning minimal flood exposure, which removes one environmental concern. Crime statistics are not available at the state level for this analysis. No other material environmental or physical risk factors were identified from available data.
With 6.0 years of term remaining at $33,640 in annual base rent and no rent escalation disclosed at expiration, a buyer accepts flat income through 2032 with a single one-year renewal option requiring notice by March 2032. ARKO Corp.'s public reporting status and scale provide a degree of credit transparency, but the company has faced margin pressure in recent periods. At lease rollover, re-tenanting or renewal negotiation will occur against a weak location backdrop with virtually no population density to attract alternative operators.
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