Building Details

Year Renovated 2023

Listing Agency: SVN | Chicago - Corporate Show Phone

Listed By: Karen Kulczycki, CCIM Show Phone

Source: Moodyscre

Added: Apr 28 Changed: Oct 25 Last Checked: Nov 1 at 9:02AM

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Investment Insights

Based on property information with market context.

Class A retail building totaling 10,384 SF, redesigned in 2023 for a high-end, turn-key dispensary & consumption lounge concept. The interior features designer-grade finishes, a kitchen, elevator service, offices, and a breakroom kitchenette. The tenant-ready setup includes 4 restrooms, DID, and storage, supported by an upgraded HVAC system.

The property is located at 660 E State Rd in Island Lake, IL, with high visibility on RT 176 and 203' of frontage. On-site parking is included for customer and staff convenience.

Designed for an operator seeking a retail layout with dedicated back-of-house support, the building combines showroom-style finishes with practical service and amenities for day-to-day use.

Key Highlights

• 10,384 SF Class A retail building redesigned in 2023
• High‑end, turn‑key dispensary & consumption lounge setup
• 203' frontage on RT 176 with high visibility

Financial Insights

Estimated NOI and Cap Rate

NOI / Yr

$106,197

Cap Rate

3.12%

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,123,940 $2.1M

Cap Rate 7%

$1,517,100 $1.5M

Cap Rate 9%

$1,179,967 $1.2M

Is this asking price fair?

Market Conditions

NOI Build-Up for 10,384 SF

Gross rent

$155.8K $15.00/SF

− Vacancy

−$4.0K −$0.39/SF

EGI

$151.7K $14.61/SF

− OpEx

−$45.5K −$4.38/SF

NOI

$106.2K $10.23/SF

Area

Lake County, IL

Vacancy

2.60%

Lease Rate

$15.00 /SF/Yr

Expense Ratio

30.00%

Simulate Cap Rate and NOI

Suggested Prices Based on Cap Rates

Cap Rate 5%

$2,123,940

Cap Rate 7%

$1,517,100

Cap Rate 9%

$1,179,967

Alternative Uses

Best Use

Retail

$1.52M

$1.33M – $1.77M (±1% cap)

NOI $106,197 @ 7.0% cap · market cap 3.12%

Second Best

—

—

no second resolved use

Theoretical Best

Office A

$3.59M

$3.14M – $4.18M (±1% cap)

NOI $250,959 @ 7.0% cap · market cap 7.38%

Zoning and permitted uses should be independently verified with authorities. How Realmo checks its estimates

Property Analytics

Who owns this building? See the owner, sales and loan history

Open Analytics

Current Use

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

Suggested Use

Top Pick Hair Salon Law Firm Electrical Service Pharmacy Grocery & Convenience Store Dental Office

Score = modeled unmet demand for each use within ~1 mi (higher = bigger opportunity). Zoning and permitted uses should be independently verified with local authorities.

Location Intelligence

Trade Area within ½ mile

165

Businesses Nearby

10k

Monthly Visits Nearby

Explore this area Business Placement

Foot Traffic Nearby

Shops & Services 100%

BP Shops & Services

5,098 visits/mo 0.5 miles

Dollar General Shops & Services

4,841 visits/mo 0.1 miles

Demographics for 60042, IL

8,433

Population

3,263

Households

2.6

Avg Household Size

41

Median Age

27%

College-Educated

91%

High-School Grad

4.6 sq mi

ZIP Area

1,833

Density / Sq Mi

$94,613

Median Household Income

$46,306

Median Earnings

$1,826

Median Rent

$244,000

Median Home Value

Market

Vacancy Rate% for Retail in Midwest region

8% 2020

7.3% 2021

6.5% 2022

6% 2023

5.7% 2024

6.3% 2025

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Frequently Asked Questions

What type of property is this?

Retail space - Class A retail building redesigned in 2023 with an elevator, offices, and a high-visibility RT 176 location with parking.

Where is this retail space located?

The property is located at 660 E State Rd Island Lake, IL.

What is the asking price?

The asking price for this property is $3,400,000.

What are key features of this property?

This property features: 10,384 SF Class A retail building redesigned in 2023; High‑end, turn‑key dispensary & consumption lounge setup; 203' frontage on RT 176 with high visibility