Single-Tenant Net-Leased Retail
2119 West Division Street Chicago, IL 60622
2119 West Division Street, Chicago, IL, 60622
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For Sale
Contact for pricing
Net-leased retail condominium in a mixed-use building with limited landlord structural responsibilities and a recent renewal.
Property Size1,900 SF
Price / SF$374.87
Days on Market67
Property Features for 2119 West Division Street
General Information
- Standard status
- Active
- Size
- 1,900 SF
- Property subtype
- Retail
Building Details
- Year Built
- 2006
Listing agency
Marcus & Millichap - Chicago Downtown
(224) 619-6808
Listed by
Brian Parmacek · License #IL 475.132220
Source
Crexi
Added: May 18 Updated: Jul 23 at 12:05AM Checked: Jul 23 at 12:05AM
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 single-tenant, net-leased commercial condominium is located within a mixed-use building operating under a condominium and easement structure. The unit is occupied by Pop Craft Studio. Tenant responsibilities include all operating expenses, while landlord obligations are limited primarily to structural items, largely managed at the building level and allocated on an approximate 18% basis.
The tenant recently exercised a five-year renewal option. The lease includes 3% annual rent increases and two additional five-year options, supporting a long-term hold strategy.
The tenant’s business is an experiential retail concept focused on hands-on workshops and group-based activities, complemented by additional retail revenue streams. The surrounding area is described as having more than 515,000 residents within three miles and average household income exceeding $182,000 within one mile, positioning the property in a high-income retail corridor.
The tenant recently exercised a five-year renewal option. The lease includes 3% annual rent increases and two additional five-year options, supporting a long-term hold strategy.
The tenant’s business is an experiential retail concept focused on hands-on workshops and group-based activities, complemented by additional retail revenue streams. The surrounding area is described as having more than 515,000 residents within three miles and average household income exceeding $182,000 within one mile, positioning the property in a high-income retail corridor.
Key Highlights
- Single‑tenant net‑leased commercial condominium in a mixed‑use building; tenant pays all operating expenses.
- Landlord obligations are limited to structural items, largely handled at the building level and allocated on an approximate 18% basis.
- Tenant Pop Craft Studio recently exercised a five‑year renewal option; lease includes 3% annual rent increases.
Local Financial Insights For Retail
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $41.0k | $21.60 |
| − Vacancy | −$3.5k | −$1.84 |
| EGI | $37.6k | $19.76 |
| − OpEx | −$11.3k | −$5.93 |
| NOI | $26.3k | $13.83 |
1,900 SF · lease $21.60/SF/yr · vacancy 8.50% · expense 30.00%
Alternative Uses
Best Use
Retail
$375.5K
$328.6K – $438.1K
NOI $26,286 @ 7.0% cap · market cap 3.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$895.8K
$783.9K – $1.05M
NOI $62,709 @ 7.0% cap · market cap 8.80%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Location Intelligence
Current Use by Public Records
New Moon Jewelry
(Bike/Boat/Book/etc) Store
Pop Craft Studio ...
(Bike/Boat/Book/etc) Store
Similar For Sale Nearby
FAQs
What type of property is this?
NNN property - Net-leased retail condominium in a mixed-use building with limited landlord structural responsibilities and a recent renewal.
Where is this nnn property located?
The property is located at 2119 West Division Street Chicago, IL.
What is the asking price?
The asking price for this property is $712,260.
What are key features of this property?
This property features: Single‑tenant net‑leased commercial condominium in a mixed‑use building; tenant pays all operating expenses.; Landlord obligations are limited to structural items, largely handled at the building level and allocated on an approximate 18% basis.; Tenant Pop Craft Studio recently exercised a five‑year renewal option; lease includes 3% annual rent increases.
