Single-Tenant Net-Leased Retail
For Sale
Contact for pricing
Pending
2119 West Division Street, Chicago, IL 60622
Net-leased retail condominium in a mixed-use building with limited landlord structural responsibilities and a recent renewal.
Property Size1,900 SF
Days on Market158
Property Features for 2119 West Division Street
General Information
Standard status
Pending
Size
1,900 SF
Class
B
Property subtype
Retail
Zoning
B4-2
Occupancy
100%
Lease Type
NNN
Investment Type
Net Lease
Net Operating Income
$649,412
Building Details
Year Built
2006
Tenancy
Single
Listing Agency:
Marcus & Millichap - Chicago Downtown
Listed By:
Brian Parmacek · License #IL 475.132220
(224) 619-6808
Source:
Crexi
Added: May 18
Changed: Oct 10
Last Checked: Oct 20 at 8:22PM
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
Ask AI about this property
Review the available facts, identify missing information and prepare questions for the agent.
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.
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,286
Cap Rate
4.05%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$525,720
$525.7K
Cap Rate 7%
$375,514
$375.5K
Cap Rate 9%
$292,067
$292.1K
Market Conditions
NOI Build-Up for 1,900 SF
Gross rent
$41.0K $21.60/SF
− Vacancy
−$3.5K −$1.84/SF
EGI
$37.6K $19.76/SF
− OpEx
−$11.3K −$5.93/SF
NOI
$26.3K $13.83/SF
Area
Chicago, IL
Vacancy
8.50%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$525,720
Cap Rate 7%
$375,514
Cap Rate 9%
$292,067
Alternative Uses
Best Use
Retail
$375.5K
$328.6K – $438.1K
NOI $26,286 @ 7.0% cap · market cap 4.05%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$895.8K
$783.9K – $1.05M
NOI $62,709 @ 7.0% cap · market cap 9.66%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
5,215
Businesses Nearby
35k
Monthly Visits Nearby
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
Frequently Asked Questions
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 $649,412.
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.
