GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
308 S Nicolet St, Mackinaw City, 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 | $165,025 |
| Base rent $/SF | $47.33 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 04, 2028 |
| Year built | 1985 |
| Building SF | 3,487 |
| Land area (acres) | 1.42 |
| Pre G&A CFC | 7.48x (2024) |
| Lease status | Active |
Mackinaw City is a primary gateway to Mackinac Island; the site sits adjacent to the Shepler's ferry day-parking lot, with the Mackinac Bridge and Colonial Michilimackinac drawing heavy seasonal tourist traffic. Resident-population and annualized-AADT inputs materially understate in-season demand.
The location score above reflects resident-market real-estate fundamentals and does not incorporate seasonal or destination demand; consider this note alongside the store-level coverage (CFC) when assessing the asset.
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 0 | 0 |
| Households | 0 | 0 | 0 |
| Pop. density (/sq mi) | 0 | 0 | 0 |
| Avg HH income | — | — | — |
| Poverty rate | — | — | — |
| Bachelor's+ | — | — | — |
| Median home value | — | — | — |
| Median rent | — | — | — |
| Median age | — | — | — |
| Owner-occupied | — | — | — |
This Marathon/Fas Mart convenience store in Mackinaw City, Michigan scored 19 out of 100 on location grade, reflecting a structurally challenged site with negligible permanent population, high local unemployment, and limited daytime demand. The property offers 2.3 years of remaining lease term backed by a publicly traded guarantor, but near-term rollover risk and thin market fundamentals dominate the investment thesis.
Recorded population within 1-, 3-, and 5-mile radii is effectively zero, indicating the site serves a transient tourist and through-traffic base rather than a stable residential consumer pool. Cheboygan County's broader population of roughly 26,000 grew only 1.5 percent from 2020 to 2024, offering no meaningful organic demand growth to offset the absence of local density.
Mackinaw City is a seasonal tourism gateway at the northern tip of Michigan's Lower Peninsula, which explains the site's proximity to a major road corridor despite its zero measured residential density. Cheboygan County carries an 11.9 percent unemployment rate, well above national norms, and a thin economic base of 759 establishments and 4,556 total employees signals limited commercial resilience outside peak tourism months.
Daily traffic of only 1,332 vehicles is critically low for a gas station and convenience store format that typically requires volumes ten times higher to sustain viability. Two competing stations within half a mile compound the challenge, though the absence of dollar or discount store competition nearby is a modest offset. Walk and bike scores near 60 reflect a walkable tourist core, but that patronage is heavily seasonal.
FEMA flood zone classification is Zone X, presenting minimal environmental exposure. Crime data is unavailable at the state level for this analysis. With 10 EV charging stations already within 5 miles, longer-term fuel demand erosion is a structural concern for any buyer underwriting beyond the current lease term.
The lease expires September 30, 2028, leaving 2.3 years of term, with a renewal notice deadline of March 4, 2028 and only one of two options remaining. At $165,025 annual rent, rent at expiration is not disclosed, creating uncertainty around re-leasing economics. GPM Investments, a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 sites, provides meaningful corporate credit quality, but that strength diminishes quickly as the short remaining term shifts risk squarely to rollover execution in a functionally seasonal, low-traffic market.
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