Address: 940 Suncoast Boulevard, Crystal River, FL 34429
Description
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 TampaSt. 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 by more than 23%, achieving an estimated 6.79% stabilized cap rate, while maintaining minimal vacancy in the storage component.
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 TampaSt. 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 by more than 23%, achieving an estimated 6.79% stabilized cap rate, while maintaining minimal vacancy in the storage component.
Legal Description: N 550 FT OF E1/2 OF E1/2 OF NW1/4 OF NW1/4 SEC 34-18-17 W OF W R/W OF US HWY 19 LESS N 150 FT DESC IN OR BK 856 PG 500 OR BK 2237 PG 1510 AND CROSS ACCESS EASE AGREE WITH PCL 44100 DESCR IN OR BK 2261 PG 2274 OR BK 2380 PG 268 OR BK 2452 PG 664
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