940 N Suncoast BLVD, CRYSTALRIVER FL 34429, Crystal River, FL, 34429
$3,800,000
Commercial Sale
Lot Size
102,652 Sqft
South Square is a prime neighborhood shopping center and storage facility featuring 15 retail units (17 with splitting) and 52 storage units situated on approximately 2.36 acres of prime commercial property with over 400 feet of frontage along US-19/98 (±32,000 AADT) within the Tampa–St. Petersburg MSA, the 18th largest metropolitan area in the United States. This well-maintained center offers a versatile mix of suite sizes ranging from 720 SF to 3,200 SF and is occupied by a diverse tenant base including medical and professional offices, retail businesses, beauty services, and other long-standing local tenants. The storage component includes 52 units, providing an additional and complementary income stream. With significant room for growth, investors have the opportunity to enhance revenue by aligning below-market rental rates and implementing standard NNN expense recoveries for CAM, insurance, and real estate taxes, which are currently limited. Combined with modest rent adjustments and the leasing of two vacant retail units, a new owner has the potential to increase net operating income to a 7.74% cap rate, while maintaining minimal vacancy in the storage component.
Property Details
Property Features Property Features
MLS ID: MFRCC853211 Year Built: 1984
Business Type: Strip Center Construction Materials: Stucco, Block
Cooling: Central Air County Or Parish: Citrus
Flooring: Laminate, Slate Foundation Details: Slab
Listing Agreement: Exclusive Right To Sell Listing Terms: Cash, Conventional
Lot Features: Cleared, Wooded Occupant Type: Owner
Parking Features: Driveway, Parking Pad, Open Possession: Close Of Escrow
Property Sub Type: Retail Property Type: Commercial Sale
Road Frontage Type: State Road, Other Road Surface Type: Paved
Roof: Shingle Sewer: Septic Tank, Public Sewer
Showing Requirements: Appointment Only, Call Listing Agent Standard Status: Active
State Or Province: FL Water Source: Public
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