940 N Suncoast Blvd - Retail FOR SALE


Crystal River, FL 34429
$3,999,000 USD
352-400-2635
940 N Suncoast Blvd, Crystal River, FL for Sale
$3,999,000 USD
Retail - FOR SALE
1/24
null | 6.25% Cap Rate

940 N Suncoast Blvd
Crystal River, FL 34429


HIGHLIGHTS

  • 2.36 Acres Of Land
  • Zoned General Commercial
  • 52 Units of Storage
  • 15 (17) Retail Spaces

OVERVIEW

Exceptional Cash-Flowing Shopping Center Opportunity South Square is a prime neighborhood shopping center and storage facility featuring 15 retail (17 with splitting) units 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 7.29% stabilized cap rate, while maintaining minimal vacancy in the storage component. Actual Cash Flow Summary Potential Rental Income: $ 285,529 Less Vacancy: ($44,589) Effective Rental Income: $249,430.15 Other Income (Storage): $52,194.46 Gross Operating Income: $325,952.86 Expenses: $76,523.00 Net Operating Income: $ 249,430.15 Cap Rate: 5.98% Pro Forma Cash Flow Summary Potential Rental Income: $ 354,225.43 Less Vacancy: ($0) Effective Rental Income: $354,225.43 Other Income (Storage): $ 52,194.46 Gross Operating Income: $406,419.89 Expenses: $100,041.00 Net Operating Income: $ 306,379.17 Cap Rate: 7.34%

FOR SALE DETAILS

PRICE

$3,999,000 USD

PRICE/SF

$152 USD /SF

CAP RATE

6.25%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment Or Owner User

BUILDING DETAILS

PROPERTY NAME

Exceptional Cash-Flowing Shopping Center

PROPERTY TYPE

Retail

ADD'L SUBTYPES

Storefront, Storefront Retail/Office, Refrigeration/Cold Storage

TOTAL BUILDING SIZE

-

STORIES

1

YEAR BUILT

1984

SPRINKLERS

-

PARKING SPACES

100

LAND DETAILS

LAND ACRES

2.48 AC

LAND SF

108,029 SF

ZONING

CH

APN/PARCEL ID

17E-18S-34-0000-44110

ASK ABOUT THIS PROPERTY

Elias KirallahCentury 21 Commercial, Elias George KirallahMore Info
352-400-2635

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Elias KirallahCentury 21 Commercial, Elias George KirallahMore Info
352-400-2635

By clicking the button, you agree to Showcase's Terms of Use and Privacy Notice.