Single-Tenant Net-Leased Retail
For Sale
Contact for pricing
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
Price / SF$341.80
Days on Market88
Property Features for 2119 West Division Street
General Information
Standard status
Active
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
(224) 619-6808
Listed By:
Brian Parmacek · License #IL 475.132220
Source:
Crexi
Added: May 18
Changed: Aug 7
Last Checked: Aug 12 at 2:36PM
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.
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
$26,286
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
4.05%
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%
$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
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
$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 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%
$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.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
6,066
Businesses Nearby
326k
Monthly Visits Nearby
Explore this area
Business Placement
Foot Traffic Nearby
Dining 53%
Groceries 20%
Home Improvements & Furnishings 10%
Apparel 9%
Jewel-Osco
Groceries
65,395 visits/mo
0.4 miles
McDonald's
Dining
38,181 visits/mo
0.5 miles
Lowe's
Home Improvements & Furnishings
31,134 visits/mo
0.5 miles
Wendy's
Dining
29,664 visits/mo
0.4 miles
Popeyes Louisiana Kitchen
Dining
11,777 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?
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.
