940 N Suncoast Boulevard, Crystal River, FL 34429
sale
$3,999,000
|
Commercial-Other
Listed By CENTURY 21 J W Morton Real Estate, Inc.
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 7.34% cap rate, while maintaining minimal vacancy in the storage component.
Acreage, Cleared
Acreage, Cleared
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Property Features
- Age: 41-50 Years Old
- Building Area: 27600.00 SF
- Cooling: Central A/C
- Cross Docks: N
- Development ID: Not on List
- Exterior Description: Stucco
- Flooring: Laminate
- For Auction: N
- Heating - Fuel Type: Other
- Lot Size In Text: 102801 Sq. Ft.
- MLSID: 853211
- Parking Places: 100
- Price Upon Request: N
- Property Description: Acreage
- Roof: Asphalt / Fiberglass
- Sewer: Septic
- Sewer: Public
- Style: Other Style
- Sublease: N
- Tax Year: 2025
- Taxes: $24201.00
- Year Built: 1984
- Zoning: CH,GNC
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Elias Kirallah
CENTURY 21 J W Morton Real Estate, Inc.
Commercial Specialist
p:
352-726-6668
m:
352-400-2635
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