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2119 Division St
Chicago, IL 60622
Pop Craft Studio (Wicker Park) · Retail Property For Sale
Investment Highlights
- The Property is Surrounded by a Dense Population of More than 515,000 Residents within a Three-Mile Radius, with Average Household Incomes Exceeding $
- Recent Renewal Signals Tenant Strength – Tenant exercised a 5-year option, reinforcing commitment to the location and concept
- Below Market Rent-Offering Investors the Opportunity to Capture Upside through Future Mark-to-Market Potential
- NNN Lease with 3% Annual Rent Escalations Providing Consistent Income Growth and a Hedge Against Inflation
- Experiential Retail Concept – Hands-on, group-driven model promotes repeat traffic and customer engagement
1 Unit Available
- Unit
- Unit Size
- Condo Use
- Price
- NOI
| Sale Type | Investment | Cap Rate | 8.50% |
| Sale Type | Investment |
| Cap Rate | 8.50% |
Sale Notes
Marcus & Millichap is pleased to present a single-tenant, net-leased commercial condominium occupied by Pop Craft Studio, located in Chicago’s highly desirable Wicker Park neighborhood. Notably, the adjacent property immediately to the east, Lit Café, is also available, presenting a potential assemblage or dual-acquisition opportunity.
The asset consists of a commercial condo unit within a mixed-use building operating under a condominium and easement structure that allocates shared systems and responsibilities. The tenant is responsible for all operating expenses, while landlord obligations are limited to structural items, largely managed at the building level and allocated on an approximate 18% basis, resulting in minimal ownership exposure.
The tenant recently exercised a five-year renewal option, demonstrating strong commitment to the location. The lease features 3% annual rent increases and includes two additional five-year options, providing stable income and long-term upside. Current rents are below market, offering investors the opportunity to capture upside through future mark-to-market potential.
The property benefits from a dense and affluent population of more than 515,000 residents within a three-mile radius, with average household incomes exceeding $182,000 within one mile.
Pop Craft Studio is an experiential retail concept offering hands-on workshops and group-based activities that drive repeat visitation and consistent foot traffic, supported by additional retail revenue streams.
This offering presents a NNN-style investment with limited landlord responsibilities in one of Chicago’s premier retail corridors.
The asset consists of a commercial condo unit within a mixed-use building operating under a condominium and easement structure that allocates shared systems and responsibilities. The tenant is responsible for all operating expenses, while landlord obligations are limited to structural items, largely managed at the building level and allocated on an approximate 18% basis, resulting in minimal ownership exposure.
The tenant recently exercised a five-year renewal option, demonstrating strong commitment to the location. The lease features 3% annual rent increases and includes two additional five-year options, providing stable income and long-term upside. Current rents are below market, offering investors the opportunity to capture upside through future mark-to-market potential.
The property benefits from a dense and affluent population of more than 515,000 residents within a three-mile radius, with average household incomes exceeding $182,000 within one mile.
Pop Craft Studio is an experiential retail concept offering hands-on workshops and group-based activities that drive repeat visitation and consistent foot traffic, supported by additional retail revenue streams.
This offering presents a NNN-style investment with limited landlord responsibilities in one of Chicago’s premier retail corridors.
| Unit | Unit Size | Condo Use | Price | NOI |
| Unit 2119 | 1,900 SF | Retail | Upon Request | $77,065.82 CAD |
Unit 2119
| Unit Size |
| 1,900 SF |
| Condo Use |
| Retail |
| Price |
| Upon Request |
| NOI |
| $77,065.82 CAD |
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Unit 2119
| Unit Size | 1,900 SF |
| Condo Use | Retail |
| Price | Upon Request |
| NOI | $77,065.82 CAD |
| Sale Type | Investment |
| Cap Rate | 8.50% |
| Sale Notes | |
| Marcus & Millichap is pleased to present a single-tenant, net-leased commercial condominium occupied by Pop Craft Studio, located in Chicago’s highly desirable Wicker Park neighborhood. Notably, the adjacent property immediately to the east, Lit Café, is also available, presenting a potential assemblage or dual-acquisition opportunity.<br> <br> The asset consists of a commercial condo unit within a mixed-use building operating under a condominium and easement structure that allocates shared systems and responsibilities. The tenant is responsible for all operating expenses, while landlord obligations are limited to structural items, largely managed at the building level and allocated on an approximate 18% basis, resulting in minimal ownership exposure.<br> <br> The tenant recently exercised a five-year renewal option, demonstrating strong commitment to the location. The lease features 3% annual rent increases and includes two additional five-year options, providing stable income and long-term upside. Current rents are below market, offering investors the opportunity to capture upside through future mark-to-market potential.<br> <br> The property benefits from a dense and affluent population of more than 515,000 residents within a three-mile radius, with average household incomes exceeding $182,000 within one mile.<br> <br> Pop Craft Studio is an experiential retail concept offering hands-on workshops and group-based activities that drive repeat visitation and consistent foot traffic, supported by additional retail revenue streams.<br> This offering presents a NNN-style investment with limited landlord responsibilities in one of Chicago’s premier retail corridors.</li></ul> |
Property Facts
The following property facts apply to the entire building. Details for individual condo units may vary and are listed in the unit information above.
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Matterport 3D Exterior
Matterport 3D Tour
Photos
Street View
Street
Map
