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    Renovated Retail Building in Island Lake Title is generated by Realmo AI

    660 E State Rd, Island Lake, IL 60042

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    Fully renovated retail building occupied by Emerald Dispensary.

    Type:Retail
    Property size:
    10,600 SF
    Added:
    Mar 11, 2026
    Days on Market:
    69
    Last Refresh:
    Mar 19 at 10:47 pm

    Property Features for 660 E State Rd

    General Information

    Standard status
    Active
    Size
    10,600 SF
    Property subtype
    Retail

    Building Details

    Year Built
    1999

    We can help!

    Listing Contact
    Karen Kulczycki-CCIM, SIOR

    Listing agent Karen Kulczycki-CCIM, SIOR License #IL #471-020279

    Listing office SVN | Chicago Commercial

    Listing date Mar 11, 2026

    Source Crexi

    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 SVN | Chicago Commercial

    HighLights

    • Fully renovated (2023) free‑standing retail building with designer‑grade finishes.
    • 100% occupied by Emerald Dispensary, featuring the award‑winning Northern Heights craft cannabis brand.
    • Located on an outlot with 203' of frontage on Route 176 (17,258 VPD) offering excellent visibility and high traffic.
    • Includes a members‑only lower‑level consumption lounge with a limited food menu and private entertainment rooms.
    • Located in the Village of Island Lake, approximately 42 miles northwest of Chicago, in a bustling area.
    • Part of the fully‑leased Westridge Shopping Center with a diverse mix of retailers.

    Overview

    Located in Island Lake, Illinois, approximately 42 miles northwest of Chicago, this property presents an investment opportunity in the northwest Chicago suburban market. The property is a fully renovated, free-standing retail building with 10,384 square feet. Modernized in 2023 with designer-grade finishes, a two-story mural, and updated mechanical systems, the building is 100% occupied by Emerald Dispensary, featuring the Northern Heights craft cannabis brand. The company retails premium cannabis products, concentrates, edibles, wellness products, and accessories for both medical and recreational consumers. A members-only lower-level consumption lounge offers a limited food menu and private entertainment rooms. The property has 203 feet of frontage on Route 176, with a traffic count of 17,258 vehicles per day. The property sits on an outlot of the fully-leased Westridge Shopping Center, which includes a diverse mix of retailers, including restaurants, dental, nail salon, pet supply store, and more. Nearby, the Village Park Plaza offers a diverse array of shopping and dining options, while Island Lake provides a serene backdrop. The location is less than 7 miles to the Cary Metra Station.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Emerald Dispensary & Lounge (Bike/Boat/Book/etc) Store

    Suggested Use

    Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Daycare Center Skin Care Clinic

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Island Lake
    County
    Lake
    State
    Illinois
    Longitude
    -88.1871948
    Latitude
    42.2688827

    Nearby Similar for Sale

    • $750,000
      4,943 SF

      Established Restaurant Investment Opportunity

      Well-maintained restaurant on a high-traffic corridor with strong cash flow.
      310 E State Road, Island Lake, IL 60042
      View Details
    • Contact for pricing
      10,384 SF

      Renovated Retail Building with Lounge

      Turn-key retail building with high-end dispensary and consumption lounge.
      660 E State Road, Island Lake, IL 60042
      View Details

    FAQs

    What type of property is this?
    Retail space - Fully renovated retail building occupied by Emerald Dispensary.
    Where is this retail space located?
    The property is located at 660 E State Rd Island Lake, IL.
    What are key features of this property?
    This property features: Fully renovated (2023) free‑standing retail building with designer‑grade finishes.; 100% occupied by Emerald Dispensary, featuring the award‑winning Northern Heights craft cannabis brand.; Located on an outlot with **203' of frontage on Route 176 (17,258 VPD)** offering excellent visibility and high traffic.
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Karen Kulczycki-CCIM, SIOR
    Real Estate License ID: IL #471-020279
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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