GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
1324 W High St, Mount Pleasant, 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 | $168,199 |
| Base rent $/SF | $55.88 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Jun 04, 2027 |
| Year built | 1980 |
| Building SF | 3,010 |
| Land area (acres) | 1.32 |
| Pre G&A CFC | 2.00x (2024) |
| Lease status | Active |
Mount Pleasant is home to Central Michigan University (~15,000 students) and the Soaring Eagle Casino & Resort — Michigan's largest gaming floor, whose concert series alone draws 13,000+ per show. Student and destination demand supplement the resident base.
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 | 8,384 | 32,212 | 32,212 |
| Households | 2,670 | 12,630 | 12,630 |
| Pop. density (/sq mi) | 2,669 | 1,139 | 410 |
| Avg HH income | $47,371 | $60,060 | $60,060 |
| Poverty rate | 45.3% | 34.8% | 34.8% |
| Bachelor's+ | 46.4% | 41.3% | 41.3% |
| Median home value | $135,059 | $158,176 | $158,176 |
| Median rent | $870 | $899 | $899 |
| Median age | 22 | 28 | 28 |
| Owner-occupied | 24.0% | 34.5% | 34.5% |
This Marathon-branded convenience store at 1324 W High St, Mount Pleasant, MI is a mid-term net lease asset operated by GPM Investments under the Fas Mart banner, with 1.5 years of remaining term and a single renewal option. The site scores 61 out of 100 on location grade, reflecting adequate but not exceptional fundamentals. The investment thesis rests almost entirely on near-term lease rollover execution and the credit quality of the guarantor rather than location superiority.
The immediate trade area carries meaningful demographic headwinds, with a 45.3% poverty rate within one mile and average household income of just $47,371. The three-mile ring broadens slightly to $60,060 average household income, tempered by 34.8% poverty and only 34.5% homeownership, consistent with a transient, student-influenced population tied to Central Michigan University. These metrics indicate a value-oriented consumer base that supports convenience retail but limits upside pricing power.
Isabella County is a nonmetro, university-anchored market with modest population growth of 0.9% from 2020 to 2024 and an unemployment rate of 5.1%, slightly above national averages. The local economy supports 1,411 establishments and 25,410 employees, providing a functional but not robust commercial base. The university presence stabilizes demand but also introduces seasonal population fluctuations that affect convenience store throughput.
The site sits 0.03 miles from the nearest major road with AADT of 11,823 vehicles per day, which is functional but below the threshold typically associated with top-tier fuel locations. Walk Score of 40 confirms car dependency, and three competing gas stations within one mile introduce meaningful volume dilution risk. Daytime employment density of 4,672 jobs within one mile provides a modest captive customer base.
FEMA Zone X designation confirms minimal flood exposure, which is a clean environmental baseline. State-level crime data was not available for this analysis, representing a gap in the risk profile. With 13 EV charging stations within five miles, the site faces an emerging but not yet acute secular demand risk from electrification trends.
With only 1.5 years of remaining term and a notice deadline of June 2027, a buyer is acquiring near-term rollover risk rather than stable cash flow duration. Rent at expiration data is unavailable, making market rent reset assumptions speculative. GPM Investments, as 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 that guarantor strength cannot offset the structural brevity of the lease. The single renewal option offers limited long-term hold visibility.
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