Investment Overview

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.