GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
325 E. Saginaw Street, Breckenridge, 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 | $51.15 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Jun 04, 2027 |
| Year built | 1980 |
| Building SF | 3,102 |
| Land area (acres) | 0.40 |
| Pre G&A CFC | 1.54x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 0 | 0 | 3,168 |
| Households | 0 | 0 | 1,252 |
| Pop. density (/sq mi) | 0 | 0 | 40 |
| Avg HH income | — | — | $82,522 |
| Poverty rate | — | — | 10.9% |
| Bachelor's+ | — | — | 17.1% |
| Median home value | — | — | $117,900 |
| Median rent | — | — | $749 |
| Median age | — | — | 42 |
| Owner-occupied | — | — | 80.1% |
This Marathon/Fas Mart convenience store at 325 E. Saginaw Street in Breckenridge, Michigan carries a location grade of 18/100, reflecting a structurally challenged site in a declining nonmetro Michigan county. With only 1.5 years of lease term remaining and a sparse demographic base, the investment thesis rests almost entirely on short-term income stability and renewal optionality rather than location fundamentals.
Meaningful population data is absent within 1 and 3 miles, with only 3,168 residents recorded at the 5-mile radius at a density of just 40 people per square mile. Average household income of $82,522 at 5 miles is adequate but covers a thin consumer base with a 10.9% poverty rate. Gratiot County has shed population from 41,687 to 41,372 between 2020 and 2024, signaling a modest but persistent demand headwind.
Gratiot County is classified as nonmetro-urban with 728 total business establishments and an unemployment rate of 5.4%, above typical healthy market thresholds. The county's retail and food-service ecosystem is limited, and the market lacks the density drivers that sustain strong convenience-store volumes over time. There is no evidence of meaningful economic catalysts that would reverse the area's trajectory.
Traffic of 8,397 vehicles per day is below the threshold most institutional buyers seek for fuel-dependent retail, and a Walk Score of 38 confirms full car dependency with limited organic foot traffic. Four competing gas stations exist within half a mile, creating meaningful price and volume pressure on this site. The daytime employment base of only 566 workers within one mile provides minimal captive customer demand.
FEMA flood risk is minimal at Zone X, which is a positive. Crime data is unavailable at the state level as reported, limiting full risk underwriting. The lone EV charging station within 5 miles offers limited near-term disruption risk, though longer-term fuel demand erosion in thin markets warrants monitoring.
With only 1.5 years remaining before the December 31, 2027 expiration, a buyer faces immediate rollover risk and must underwrite renewal probability rather than in-place term. The single remaining renewal option with a June 2027 notice deadline compresses the decision window considerably. Rent at expiration is not disclosed, preventing a clear cap-rate-on-renewal analysis. The guarantor, GPM Investments under ARKO Corp., is the sixth-largest U.S. convenience-store operator and a Nasdaq-listed, SEC-reporting entity, providing institutional-grade credit on an otherwise weak-location asset. The credit quality partially offsets site risk but does not eliminate re-tenanting exposure if GPM elects not to renew.
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