940 N Suncoast Boulevard, Crystal River, FL 34429
- $3,999,000
- 27,600
- SqFt
- List Price
- $3,999,000
- Status
- Active
- Days on Market
- 134
- Price Change
- ▼ $176,000 1779748112
- MLS#
- OM720955
- Property Style
- Retail
- Year Built
- 1984
- Living Area
- 27,600
- Lot Size
- 102,652
- Acres
- 2.36
- Total Acreage
- 2 to less than 5
- Legal Subdivision Name
- Crystal Crest Add Unrec
- Development Name
- South Square
- MLS Area Major
- Crystal River
Property 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 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 by 7.34% stabilized cap rate, while maintaining minimal vacancy in the storage component.
Additional Information
- Taxes Annual
- $24200
- Annual Gross Income
- 325952
- Community Features
- No Deed Restriction
- Zoning
- CH
- Floor
- Ceramic Tile, Concrete, Laminate
- Air Conditioning
- Central Air
- Exterior Construction
- Block
- Roof
- Concrete
- Foundation
- Slab
- Pool
- No Pool
- Garage Features
- Over 30 Spaces
- Flood Zone Code
- AE, X
- Parcel ID
- 17E-18S-34-0000-44110
- 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
Listing courtesy of CENTURY 21 J.W.MORTON R.E.. 352-726-6668
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