GPM Disposition PortfolioLocation Intelligence & Lease Summary
GPM Disposition PortfolioLocation Intelligence & Lease Summary
2001 Garfield Rd N, Traverse City, MI
| Tenant / d/b/a | Marathon |
| Guarantor | Fas Mart (GPM Investments) |
| Lease commencement | Oct 09, 2007 |
| Lease expiration | Sep 30, 2028 |
| Remaining term | 2.3 yrs |
| Lease term (months) | — |
| Annual base rent | $83,307 |
| Base rent $/SF | $31.70 |
| Rent at expiration | — |
| Expiration rent $/SF | — |
| Renewal options | 1/2 |
| Notice date | Mar 04, 2028 |
| Year built | 1990 |
| Building SF | 2,628 |
| Land area (acres) | 1.55 |
| Pre G&A CFC | 2.02x (2024) |
| Lease status | Active |
Traverse City is Northwest Michigan's tourism capital — wineries, Lake Michigan beaches, and the National Cherry Festival drive heavy visitor volume on top of 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 | 2,797 | 15,944 | 38,959 |
| Households | 1,374 | 7,806 | 17,532 |
| Pop. density (/sq mi) | 890 | 564 | 496 |
| Avg HH income | $44,085 | $74,081 | $88,789 |
| Poverty rate | 28.3% | 15.3% | 11.0% |
| Bachelor's+ | 19.8% | 31.3% | 38.3% |
| Median home value | $174,600 | $195,478 | $279,911 |
| Median rent | $982 | $1,261 | $1,285 |
| Median age | 44 | 40 | 43 |
| Owner-occupied | 52.6% | 54.8% | 65.0% |
This Marathon-branded convenience store in Traverse City, Michigan is a mid-term net lease asset with 2.3 years of remaining term, operated by GPM Investments under the Fas Mart banner. The property sits on a 1.55-acre parcel along a corridor generating approximately 17,856 vehicles per day, serving a trade area with a 5-mile population approaching 39,000. The location earns a STRONG grade of 57/100, reflecting adequate but not exceptional site fundamentals.
The immediate 1-mile ring is constrained, with only 2,797 residents, a 28.3% poverty rate, and average household income of $44,085, limiting in-store basket size. The trade area improves materially at 3 miles, where average household income rises to $74,081 and poverty drops to 15.3% across nearly 16,000 residents. The 5-mile population of 38,959 and average income of $88,789 reflect Traverse City's broader affluence, anchoring longer-range demand.
Grand Traverse County is a stable, small metro with modest population growth of 1.3% from 2020 to 2024 and a 4.3% unemployment rate in line with healthy regional labor conditions. The county supports 3,500 establishments and nearly 46,000 employees, providing a functional daytime demand base. Traverse City's tourism-driven economy introduces seasonal volume patterns that can benefit fuel and convenience traffic but create off-season variability.
The site is car-dependent with a Walk Score of 26, consistent with a suburban arterial convenience format. Nearby amenity density is thin, with only 3 restaurants and 4 retail locations within 1 mile, reducing cross-traffic opportunity. The 2.49-mile distance from a major highway limits interstate capture but the 17,856 AADT on the local corridor provides workable daily throughput.
Flood risk is minimal under FEMA Zone X. Two competing gas stations within 0.5 miles create direct price and volume pressure at the site level. The 36 EV charging stations within 5 miles represent an above-average electrification footprint for a market this size, signaling emerging fuel demand displacement risk.
With only 2.3 years of remaining term and a renewal notice date of March 2028, a buyer acquires near-term rollover exposure rather than stabilized cash flow. There is no disclosed rent at expiration or escalation structure, limiting underwriting clarity on a go-forward basis. GPM Investments, backed by Nasdaq-listed ARKO Corp., the sixth-largest U.S. convenience operator with roughly 3,500 sites, provides institutional-grade credit support, which partially offsets the short-term lease risk. The single renewal option provides modest optionality but does not eliminate the re-tenanting or re-pricing risk a buyer must underwrite at acquisition.
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