Pop Craft Studio — Sale in Chicago, IL

  • Price: Contact for price
  • Listing type: For sale
  • Asset type: Retail Business
  • Location: Chicago, IL 60622

Photos

Pop Craft Studio — Sale in Chicago, IL, photo 1 of 4
Pop Craft Studio — Sale in Chicago, IL, photo 2 of 4
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Pop Craft Studio — Sale in Chicago, IL, photo 4 of 4

Investment Figures

Cap rate
8.50%

Derived from the asking price and operating figures published for this listing. Informational only — not an appraisal, valuation or financial advice. Verify independently before relying on any figure.

Description

Marcus & Millichap is pleased to present a single-tenant, net-leased commercial condominium occupied by Pop Craft Studio in Chicago’s highly desirable Wicker Park neighborhood. Notably, the adjacent property to the east, Lit Café, is also available, presenting a potential 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 9% basis, resulting in minimal ownership exposure. The tenant recently exercised a five-year renewal option, demonstrating strong commitment to the location. The lease features Three percent 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 Triple-Net-style investment with limited landlord responsibilities in one of Chicago’s premier retail corridors. 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 $182,000 within One Mile • Single-Tenant Net-Leased Investment – Pop Craft Studio Occupies the Space on a Triple-Net Lease with Minimal Landlord Responsibilities • Recent Renewal Signals Tenan

Market Context

This retail in Chicago, IL is listed for sale. It is offered at an approximate 8.5% capitalization rate, a key benchmark for income-producing retail assets. Compare it against other retail listings for sale in Chicago, IL — view the full market.

As of Q4 2025, the Chicago retail market showed a 5.1% vacancy rate, average asking rents near $19.00/SF/yr, rents up 2.4% year over year, and cap rates around 7.9%. Source: multiple brokerage reports, Q4 2025.

Its 8.5% asking cap rate is above the Chicago retail market average of about 7.9%, implying a higher yield (and typically more risk or upside) than comparable assets. Rising rents point to a competitive market where well-priced, well-located assets trade quickly.

Retail market FAQ

What is the typical cap rate for retail in Chicago?
About 7.9% as of Q4 2025, per multiple brokerage reports.
Is the Chicago retail market tightening or softening?
Vacancy is around 5.1%, with asking rents rising year over year (Q4 2025).

Estimated Price per SF

$56.15/SF – $408.36/SF

Mid: $170.15/SF

About 8 in 10 recent recorded sales fell within a range this wide around the estimate. An automated estimate, not an appraisal.

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