GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
5025 E Pickard St, Mount Pleasant, 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 | $158,678 |
| Base rent $/SF | $63.42 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Apr 04, 2029 |
| Year built | 1980 |
| Building SF | 2,502 |
| Land area (acres) | 7.37 |
| Pre G&A CFC | 3.62x (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 | 4,634 | 26,918 | 32,212 |
| Households | 2,015 | 10,285 | 12,630 |
| Pop. density (/sq mi) | 1,475 | 952 | 410 |
| Avg HH income | $80,781 | $57,977 | $60,060 |
| Poverty rate | 11.6% | 35.0% | 34.8% |
| Bachelor's+ | 38.8% | 39.1% | 41.3% |
| Median home value | $137,500 | $152,337 | $158,176 |
| Median rent | $1,039 | $893 | $899 |
| Median age | 44 | 28 | 28 |
| Owner-occupied | 74.2% | 34.1% | 34.5% |
This Marathon/Fas Mart convenience store at 5025 E Pickard St, Mount Pleasant, MI presents a short-duration net lease investment backed by a publicly traded operator in a mid-sized nonmetro university market. The site earns a Location Grade of 58/100 (STRONG), supported by solid traffic exposure but tempered by meaningful competitive density and structurally elevated area poverty rates. Buyers are effectively underwriting a 3.4-year income stream with one renewal option and modest long-term repositioning risk.
The 1-mile trade area carries 4,634 residents at $80,781 average household income, though the 3-mile ring reveals a notably bifurcated market with 35.0% poverty and median home values of only $152,337, consistent with Central Michigan University's enrollment-driven population base. The 5-mile average household income of $60,060 and 34.8% poverty confirm that underlying consumer spending power is constrained beyond the immediate corridor.
Isabella County is a nonmetro, metro-adjacent market of approximately 65,000 residents with modest 0.9% population growth since 2020 and a 5.1% unemployment rate. The 1,411 total business establishments and 25,410 employees reflect a modest but stable local economy anchored largely by the university. Convenience and fuel retail depend heavily on CMU-driven and commuter traffic patterns rather than broad regional economic expansion.
The site sits 0.02 miles from a major road and captures 18,044 AADT, providing adequate fuel-drive traffic for this market tier. Walk Score of 41 confirms car dependency, which is appropriate for the format, though 6 competing gas stations within one mile and 3 within a half-mile represent meaningful share pressure. Twenty nearby restaurants within one mile support incidental convenience traffic but do not offset the competitive saturation at the pump level.
FEMA Flood Zone X designation confirms minimal environmental exposure at the site. State-level crime statistics were not available for independent scoring. No material physical or environmental risk flags were identified beyond the competitive and demographic concerns addressed separately.
With 3.4 years of remaining term at $158,678 annual base rent and a single renewal option requiring notice by April 2029, a buyer faces near-term rollover risk with limited contractual income visibility beyond 2029. Rent at expiration and renewal rate terms are undisclosed, creating pricing uncertainty at reset. The guarantor, GPM Investments as a subsidiary of Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 locations, provides meaningful institutional credit quality that partially offsets the short duration. Buyers should price accordingly for re-tenanting or renewal execution risk.
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