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Property profile & analytics
OFF-MARKET
Estimated value
$745,000
Retail space
217 State Rd, Island Lake, IL 60042-9551
Entity Owned
Free & Clear
Property ID
US28-5349100
Property summary
AI-generated overview
This exceptional 4,708 square foot retail property, located at 217 E State Rd and 217 W State Rd, Island Lake, IL 60042, presents a unique investment opportunity. Built in 2016, this single-story building boasts a desirable B1 Commercial zoning, making it suitable for a variety of uses. Previously occupied by an auto dealership, the property features two large overhead doors ideal for accommodating larger vehicles, extra-high ceilings, sealed five-inch concrete floors, and triple basin drains. Its prime location on busy Route 176 sees over 20,000 cars daily, ensuring high visibility and accessibility. The property's clean and attractive design also lends itself to conversion for other business, office, or retail uses. Abundant parking is available. The current month-to-month tenant may consider a leaseback arrangement. The asking price is $869,000, with owner financing potentially available. The lease expires November 20, 2024. This property offers a compelling blend of functionality, location, and potential, making it an attractive investment prospect.
Property profile
Verified
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Year built
1961
Construction
BRICK
Total area
16,486 SF
Lot
1.47 ac (64,033 SF)
APN
09-21-300-008
UPID
US28-5349100
Cap rate & NOI
Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors
Implied cap rate, NOI & suggested price
Cap vs submarket · NOI estimate · 3 price anchors
Current use
Occupant on record · Public records
-
First Community-Congregational Church
-
Deals on Wheels Car Dealership
-
Mission of America Inc Charitable Organization Social Service Agency
Value estimations
Realmo proprietary · 4 methods
AI Approach
AI
$500k
CAP Approach
CAP
by Request
Comparable Approach
Comparable
$627k
Blend (final)
Blend
$745k
Owner & transaction history
MARTCO PROPERTIES
MARTCO PROPERTIES
Zoning & alternative use
Permitted uses
Permitted uses
Allowed · conditional · prohibited
Cap rate
Implied · in-place · derived from last sale + estimated NOI
Implied Cap rate
#1
Implied · in-place · NOI ÷ last sale
In-place · derived from last sale + estimated NOI
Cap rate, NOI & submarket benchmark
Implied cap rate vs Island Lake submarket · NOI estimate · Typical band, median & reading
Implied cap rate, NOI & submarket benchmark
Cap vs Island Lake submarket · NOI estimate · typical band, median & reading
Refine your cap rate
8-question underwriting flow
1.
Property current status — Going-In vs Stabilized
2.
Price for denominator — asking / offer / market
3.
Leasing status & lease structure (NNN / Gross)
4.
Tenant risk profile & vacancy assumption
5.
Upload T12 / rent roll / OM (optional)
Refine in 60 seconds, get exact suggested price
T12 upload · Submarket benchmarks · Sensitivity grid
Suggested price · 3 cap rate anchors
Income approach @ 5% / 7% / 9% — aggressive / typical / conservative
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · Implied $/SF per anchor · Sensitivity grid
Suggested price at 5% / 7% / 9% cap
Aggressive / typical / conservative · implied $/SF · sensitivity
Value
AI, CAP & Alternative Use estimations · Realmo proprietary blendValue Estimations
Based on Realmo’s proprietary methodology
AI Approach
Method
Estimation
Statistic approach
by Request
ML approach
$500,000
CAP Approach
CAP Return
Estimation
6%
by Request
6.5%
by Request
7%
by Request
Blend value · Realmo final
$745k
Range $671k – $820k · ±10%
Realmo estimate · informational only.
These numbers are calculated by our models from public records and may not reflect actual market value.
Not an appraisal.
Verify with a licensed appraiser before transacting. Realmo accepts no liability for divergence from real-world outcomes.
View the full estimation — every method, every assumption
Confidence drivers & risk notes · Custom comparable set · Free for first 3 / day
Full estimation methodology
Every method · every assumption · confidence drivers
Price per SF
Sale + rent benchmarks
Subject property
$45 / SF
Submarket sale & rent benchmarks
Median sale $/SF · Asking & closed rent · Submarket vacancy
Submarket sale & rent benchmarks
Median sale $/SF · asking & closed rent · submarket vacancy
Property tax & assessments
Tax year 2023Property tax & assessments
Tax year 2023
Tax billed
$21,902
Tax year 2023
Assessed value
$242,295
Assessed 2023
Previous assessed
$226,063
+7.2% YoY
Effective rate
9.04%
On assessed value
Assessed land
$167,947
Assessed improvement
$74,348
Land market value
$503,891
Improvement market value
$223,066
Total market value
$726,957
Applied tax rate
13,003.0000
Comparables
6 recent transactions · within 1.5 miComparable in this city
6 recent transactions
Comparable in this City
Similar Nearby for Sale
Similar Nearby for Lease
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
Recent comparable sales
Sale price & $/SF · sale date & distance · adjustments
Property description
Physical attributes from public recordsBuilding & lot
Public records
Property type
Retail space
Use group
RETAIL STORES (PERSONAL SERVICES)
Status
Off-Market
Year built
1961
Construction
BRICK
Heating
NONE
Total area
16,486 SF
Lot
1.47 ac (64,033 SF)
APN
09-21-300-008
UPID
US28-5349100
Jurisdiction
LAKE
Metro division
LAKE COUNTY-KENOSHA COUNTY, IL-WI METROPOLITAN DIVISION
Zoning & alternative use
Zoning · permitted uses
Permitted & conditional uses
Allowed uses · Special-permit conditions · Prohibited uses
Permitted & conditional uses
Allowed · special-permit conditions · prohibited
Building & site characteristics
From public records
Year built
1961
Construction
BRICK
Heating
NONE
Lot
1.47 ac
Current owner
From public records · entity-resolved
MARTCO PROPERTIES
Individual
Free & Clear · 0 yrs held
Mailing address
PO BOX 307, ISLAND LAKE, IL 60042-0307
Ownership since
—
Owner contacts — direct phone, email, and related entities
Decision-maker phone · Verified email · Related entities & filings
Owner contacts
Email · phone · related entities
Sales History
No recorded transactions
No recorded transactions found for this property.
Coming soon
Costs & Benchmarks
Operating expenses, capex projections, utility benchmarks, and submarket comparables — all in one view.
Coming soon
Risks
Flood, climate, environmental, title, and tenant-concentration risk — surfaced with mitigations and source citations.
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