GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
804 Spring St, Petoskey, MI
| Tenant / d/b/a | Next Door Store |
| 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 | $177,720 |
| Base rent $/SF | $59.06 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Apr 04, 2029 |
| Year built | 2000 |
| Building SF | 3,009 |
| Land area (acres) | 0.47 |
| Pre G&A CFC | 3.90x (2024) |
| Lease status | Active |
Petoskey is a Little Traverse Bay resort community (Bay Harbor, historic Gaslight District) with strong seasonal tourism demand that supplements the local market.
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 | 14,414 | 17,229 |
| Households | 0 | 6,246 | 7,476 |
| Pop. density (/sq mi) | 0 | 510 | 219 |
| Avg HH income | — | $111,053 | $112,022 |
| Poverty rate | — | 9.0% | 8.7% |
| Bachelor's+ | — | 48.5% | 48.2% |
| Median home value | — | $330,507 | $331,421 |
| Median rent | — | $965 | $975 |
| Median age | — | 45 | 47 |
| Owner-occupied | — | 65.9% | 68.8% |
804 Spring St is a 3,009 SF convenience store occupied by Next Door Store (Fas Mart / GPM Investments) on a site generating 25,611 vehicles per day adjacent to a major road in Petoskey, Michigan. With 3.4 years of remaining term, a corporate guarantor backed by publicly traded ARKO Corp., and a trade area averaging $111,053 in household income, the asset presents modest near-term income security with meaningful rollover exposure on the horizon.
The immediate one-mile ring shows no reportable residential population, indicating the site draws primarily from drive-by traffic and the broader Petoskey trade area rather than a walkable residential base. The three-mile ring captures 14,414 residents with average household income of $111,053, a 48.5% bachelor's degree attainment rate, and a median home value of $330,507, reflecting an affluent, educated small-city consumer base. Poverty at 9.0% and owner occupancy at 65.9% round out a demographically stable, if modestly sized, catchment.
Petoskey sits in nonmetro Emmet County, which recorded a slight population decline of 0.5% from 2020 to 2024 and carries a 6.9% unemployment rate, both modest headwinds for long-term demand growth. The county's 1,544 establishments and 15,681 employees suggest a functional but small local economy with limited institutional investment depth.
The site's 0.01-mile proximity to a major road and 25,611 AADT support strong fuel and convenience traffic capture. A Walk Score of 63 and 20 nearby restaurants within one mile indicate a functional commercial corridor, though the Bike Score of 43 is unremarkable. Twelve EV charging stations within five miles signal a gradually evolving competitive energy landscape.
Five competing gas stations within a half mile represent a dense competitive cluster that pressures fuel margins and customer retention. Emmet County's nonmetro, non-adjacent classification limits the upside from population-driven demand growth. FEMA Zone X designation confirms minimal flood risk, leaving competitive and lease-rollover risk as the primary concerns.
With 3.4 years remaining and a single renewal option requiring notice by April 2029, a buyer faces a near-term lease event in a secondary market. Current rent of $177,720 ($59.06/SF) is above typical convenience store averages, and the absence of disclosed rent at expiration introduces repricing uncertainty. GPM Investments as guarantor, backed by ARKO Corp.'s scale of approximately 3,500 sites and Nasdaq-listed reporting, provides meaningful but not investment-grade credit quality.
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