Heather Jaxheimer-Mills
SQUARE FEET27,600
MLS#OM720955
STATUSActive
PROPERTY TYPECommercial - Retail
SUBDIVISIONCRYSTAL CREST
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 more than 23%, achieving an estimated 6.79% stabilized cap rate, while maintaining minimal vacancy in the storage component.
Property Features
Property Type: Commercial - Retail
Cooling: Central Air
Lot Size: 2.36 Acres
Roof Type: Concrete
Stories: 1.0
Taxes: $24,200
Year Built: 1984
Feature Descriptions
Days on Site: 24
Directions: From Downtown Crystal River, head Southeast on US Highway 98 for 2.2 Miles and you should reach your destination on the right side of the street.
Exterior: Block
Flood Zone Code: AE
Flooring: Ceramic Tile, Concrete, Laminate
Foundation: Slab
Home Warranty Y/N: No
Listing Terms: Cash, Conventional
Lot Dimensions: 2.36
Ownership: Corporation
Parking: Over 30 Spaces
Parking Notes: Over 30 Spaces
Property Attached Y/N: No
Property Sub-Type: Retail
Sewer: Public Sewer, Septic Tank
Showing Instructions: Appointment Only, Call Listing Agent
Special Sale Provisions: None
Units: 67
Vegetation: Wooded
Water: Public
Water Access Y/N: No
Zoning: GNC
Listed By / Shown By
Listed By
Agency Name: CENTURY 21 J.W.MORTON R.E.
Agency Contact: 352-726-6668
Shown By
Agent Name: Heather Jaxheimer-Mills
Agent Phone: Cell: (813) 335-8080
Agency Title: Florida Executive Realty
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940 N Suncoast Boulevard | MLS# OM720955
This commercial property located at 940 N Suncoast Boulevard, Crystal River, FL 34429 is currently listed for sale with an asking price of $4,200,000. Search Crystal River real estate on www.jaxteamtampa.com today.