The island is likely to be far north or south, as it snows in the winter. Though appearing mildly un-populated, the island appears with many geological features, such as a large cliff, trees, gorges, deserts and lakes.
The island's entirety and shape has never been shown, however, in Journey Through Memory Lane (Part 1), a map simplifying the major locations of the island was displayed, possibly stating that the island is "C" shaped, due to a large indent, which almost halves the island (shown above; note: the map ignores bodies of water).
In Inanimate Insanity II, after OJ used his prize money to built a hotel, The Island now also contains Hotel OJ, unless the setting was changed. If the setting does not change, The Island is also home to Hotel OJ and Purgatory Mansion.