Street-Level Coffee Shop
For Sale
$804,705
2113 W Division St, Chicago, IL 60622
Leased café and bakery condominium with a triple-net structure and limited landlord obligations.
Property Size1,800 SF
Price / SF$447.06
Days on Market71
Property Features for 2113 W Division St
General Information
Standard status
Active
Size
1,800 SF
Property subtype
Restaurant
Occupancy
100%
Lease Type
NNN
Additional Details
Floor
Ground
Cap Rate
8.5%
Amenities
Recently executed lease with three percent annual rent increases, providing consistent income growth and an inflation hedge
True triple-net structure with landlord obligations limited to foundation, structural concrete floors, and exterior walls
Situated along Division Street near Milwaukee Avenue, one of Chicago's most active retail corridors with strong foot and vehicle traffic
Over 527,000 residents within a three mile radius and approximately $182,000 average household income within a one mile
One of Chicago's Most Trendy Neighborhoods with Extremely High Foot Traffic
Building Details
Building Size
1,800 SF
Tenancy
Single
Listing Agency:
Marcus & Millichap - Chicago Downtown
(312) 624-7010
Listed By:
Brian Parmacek · License #License(s): IL: 475.132220
(312) 624-7010
Source:
Marcusmillichap
Added: Jun 22
Changed: Aug 29
Last Checked: Aug 30 at 1:14PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Marcus & Millichap - Chicago Downtown
Investment Insights
Based on property information with market context.
This street-level retail condominium at 2113 W Division St comprises approximately 1,800 square feet and is occupied by Lit Café, a coffee and bakery concept. The business offers hemp-infused beverages and protein-focused baked goods within the storefront. The lease is structured on a triple-net basis, with landlord obligations limited to 9 percent of the foundation, structural concrete floors, and exterior walls; the tenant reimburses its pro rata share of operating expenses.
The lease has a new five-year initial term, two additional five-year renewal options, and 3 percent annual rent escalations. The property is positioned along Division Street near Milwaukee Avenue in Chicago’s Wicker Park neighborhood, with foot and vehicle traffic serving the surrounding retail corridors. More than 527,000 residents are located within a three-mile radius. Pop Craft Studio, in the adjacent western property, is also available for parties considering a combined acquisition.
The lease has a new five-year initial term, two additional five-year renewal options, and 3 percent annual rent escalations. The property is positioned along Division Street near Milwaukee Avenue in Chicago’s Wicker Park neighborhood, with foot and vehicle traffic serving the surrounding retail corridors. More than 527,000 residents are located within a three-mile radius. Pop Craft Studio, in the adjacent western property, is also available for parties considering a combined acquisition.
Key Highlights
- Approximately 1,800 square feet of street‑level retail condominium space
- Occupied by Lit Café, a coffee and protein‑focused bakery concept
- Triple‑net lease with landlord responsibilities limited to 9 percent of specified structural components
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$33,502
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.16%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$670,040
$670.0K
Cap Rate 7%
$478,600
$478.6K
Cap Rate 9%
$372,244
$372.2K
Market Conditions
NOI Build-Up for 1,800 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$47.5K $26.40/SF
− Vacancy
−$2.9K −$1.58/SF
EGI
$44.7K $24.82/SF
− OpEx
−$11.2K −$6.20/SF
NOI
$33.5K $18.61/SF
Area
Chicago, IL
Vacancy
6.00%
Lease Rate
$26.40 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$670,040
Cap Rate 7%
$478,600
Cap Rate 9%
$372,244
Alternative Uses
Best Use
Specialty Retail
$478.6K
$418.8K – $558.4K
NOI $33,502 @ 7.0% cap · market cap 4.16%
Second Best
Retail
$355.8K
$311.3K – $415.1K
NOI $24,903 @ 7.0% cap · market cap 3.09%
Theoretical Best
Office A
$848.7K
$742.6K – $990.2K
NOI $59,409 @ 7.0% cap · market cap 7.38%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Single-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
5,215
Businesses Nearby
35k
Monthly Visits Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Shops & Services 65%
Dining 35%
PNC Bank
Shops & Services
5,186 visits/mo
0.5 miles
Shell
Shops & Services
4,751 visits/mo
0.3 miles
Fifth Third Bank & ATM
Shops & Services
4,649 visits/mo
0.5 miles
Yolk
Dining
3,984 visits/mo
0.5 miles
BP
Shops & Services
3,743 visits/mo
0.4 miles
Demographics for 60622, IL
55,075
Population
27,630
Households
2
Avg Household Size
33
Median Age
73%
College-Educated
94%
High-School Grad
2.5 sq mi
ZIP Area
22,030
Density / Sq Mi
$124,852
Median Household Income
$76,180
Median Earnings
$1,932
Median Rent
$622,900
Median Home Value
Market
Vacancy Rate% for Retail in Chicago, IL
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Coffee shop - Leased café and bakery condominium with a triple-net structure and limited landlord obligations.
Where is this coffee shop located?
The property is located at 2113 W Division St Chicago, IL.
What is the asking price?
The asking price for this property is $804,705.
What are key features of this property?
This property features: Approximately 1,800 square feet of street‑level retail condominium space; Occupied by Lit Café, a coffee and protein‑focused bakery concept; Triple‑net lease with landlord responsibilities limited to 9 percent of specified structural components
