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 7.74% stabilized cap rate, while maintaining minimal vacancy in the storage component.?
Centrally located within Citrus County, the property sits within a 15-minute drive of Lecanto, Downtown Crystal River, Homosassa, and Inverness, providing access to a daytime population exceeding 68,000.? The surrounding area reflects a median household income of approximately $54,525 and a median age of 57, with predominantly owner-occupied households.? Consumer spending trends reinforce demand fundamentals, including more than $102 million in annual medical expenditures within the trade area, highlighting strong support for healthcare, medical services, and wellness-oriented uses.?
The area is characterized by a mature and financially stable demographic profile, with projected income growth and a high concentration of owner-occupied housing reinforcing long-term consumer stability and investment security.? Regional connectivity is enhanced by direct access to the newly expanded Suncoast Parkway (SR 589), a significant state infrastructure investment that improves mobility and places the property approximately 55 minutes from Tampa International Airport.?
From a market perspective, the property benefits from its location within Citrus County, a region experiencing steady population growth and increasing commercial demand.? The county currently supports a population of approximately 153,600 residents, with long-term planning capacity for approximately 350,000 residents under the county’s Land Development Code.? Continued residential expansion, infrastructure investment, and regional economic development are driving increased demand for healthcare, service, and retail facilities throughout the county.?