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940 Suncoast Boulevard
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PRICED AT ONLY: $2,400,000

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.

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  • MLS#: OM720955 ( Commercial Sale )
  • Street Address: 940 Suncoast Boulevard
  • Viewed: 17
  • Price: $2,400,000
  • Price sqft: $87
  • Waterfront: No
  • Year Built: 1984
  • Bldg sqft: 27600
  • Days On Market: 3
  • Acreage: 2.36 acres
  • Additional Information
  • Geolocation: 28.8756 / -82.5807
  • County: CITRUS
  • City: CRYSTAL RIVER
  • Zipcode: 34429
  • Provided by: CENTURY 21 J.W.MORTON R.E.
  • Contact: Elias Kirallah
  • 352-726-6668
  • mfrmls
  • DMCA Notice

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.
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Features
Building and Construction
  • Covered Spaces: 0.00
  • Flooring: Ceramic Tile, Concrete, Laminate
  • Living Area: 27600.00
  • Roof: Concrete
Property Information
  • Property Condition: Completed
Garage and Parking
  • Garage Spaces: 0.00
  • Open Parking Spaces: 0.00
  • Parking Features: Over 30 Spaces
Eco-Communities
  • Water Source: Public
Utilities
  • Carport Spaces: 0.00
  • Cooling: Central Air
  • Road Frontage Type: Highway, State Road
  • Sewer: Public Sewer, Septic Tank
Finance and Tax Information
  • Home Owners Association Fee: 0.00
  • Insurance Expense: 0.00
  • Net Operating Income: 218582.00
  • Other Expense: 0.00
  • Tax Year: 2025
Other Features
  • Country: US
  • 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
  • Area Major: 34429 - Crystal River
  • Parcel Number: 17E-18S-34-0000-44110
  • Views: 17
  • Zoning Code: GNC
Nearby Subdivisions
Crystal City Add   Knights Addition To C/r   Knights Add   Mayfair Garden Acres   Not On List   Watermans  
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