GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
4415 Lake Michigan Dr NW, Walker, MI
| Tenant / d/b/a | Marathon |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Oct 09, 2007 |
| Lease expiration | Oct 31, 2029 |
| Remaining term | 3.4 yrs |
| Lease term (months) | — |
| Annual base rent | $212,629 |
| Base rent $/SF | $63.79 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Apr 04, 2029 |
| Year built | 1980 |
| Building SF | 3,333 |
| Land area (acres) | 0.39 |
| Pre G&A CFC | 1.60x (2024) |
| Lease status | Active |
| Metric | 1 mi | 3 mi | 5 mi |
|---|---|---|---|
| Population | 5,478 | 27,635 | 99,916 |
| Households | 2,224 | 11,091 | 39,869 |
| Pop. density (/sq mi) | 1,744 | 977 | 1,272 |
| Avg HH income | $85,846 | $101,256 | $90,714 |
| Poverty rate | 8.7% | 6.3% | 11.6% |
| Bachelor's+ | 28.9% | 35.2% | 34.7% |
| Median home value | $250,500 | $256,774 | $238,590 |
| Median rent | $1,235 | $1,322 | $1,205 |
| Median age | 37 | 38 | 35 |
| Owner-occupied | 82.7% | 78.8% | 64.9% |
This Marathon/Fas Mart (GPM Investments) net lease convenience store in Walker, Michigan offers 3.4 years of remaining term with a single renewal option, situated on a high-traffic suburban corridor immediately adjacent to a major road in the Grand Rapids metro. The property earned a location grade of 63/100 (Strong), supported by solid regional demographics and a publicly traded guarantor, though near-term lease rollover and a competitive fueling environment present meaningful underwriting considerations.
The 3-mile trade area holds 27,635 residents with average household income of $101,256, owner occupancy of 78.8%, and a poverty rate of just 6.3%, reflecting a stable, middle-to-upper-middle-class suburban base. The 5-mile population expands to nearly 100,000, providing meaningful aggregate demand for convenience retail and fuel.
Walker sits within the Grand Rapids MSA, a metro exceeding one million residents with Kent County growing 2.2% from 2020 to 2024 and unemployment at a manageable 4.2%. The local economy supports 375,548 jobs across 17,562 establishments, underpinning durable consumer spending on everyday convenience goods and fuel.
The site fronts a major road corridor with 18,236 vehicles per day and sits 0.02 miles from the nearest major road, delivering strong vehicular exposure. A Walk Score of 67 and 20 nearby restaurants within one mile confirm an active retail node, though daytime employment density within one mile is modest at 2,802 jobs.
Environmental and physical risk is limited, with the site classified in FEMA Flood Zone X, indicating minimal flood hazard. The 1980 construction vintage introduces potential capital expenditure exposure for deferred maintenance or infrastructure upgrades not typically covered under tenant lease obligations. Twenty-two EV charging stations within five miles signal accelerating electrification of the local transportation market, a long-term structural headwind for fuel volume.
With 3.4 years remaining and a notice-to-renew deadline of April 2029, a buyer assumes near-term rollover risk and must underwrite the probability that GPM exercises its one remaining renewal option. Current rent of $212,629 ($63.79/SF) is above typical market for a 3,333 SF 1980-vintage convenience store, and no rent-at-expiration data is disclosed, creating uncertainty around re-leasing economics if the tenant does not renew. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience store operator with roughly 3,500 locations, provides institutional-grade credit quality, partially offsetting rollover risk.
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