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Investment Highlights

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

Executive Summary

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%

Data Room Click Here to Access

Financial Summary (Actual - 2025) Click Here to Access

Annual Annual Per SF
Gross Rental Income $99,999 $9.99
Other Income $99,999 $9.99
Vacancy Loss $99,999 $9.99
Effective Gross Income $99,999 $9.99
Taxes - -
Operating Expenses - -
Total Expenses $99,999 $9.99
Net Operating Income $99,999 $9.99

Financial Summary (Actual - 2025) Click Here to Access

Gross Rental Income
Annual $99,999
Annual Per SF $9.99
Other Income
Annual $99,999
Annual Per SF $9.99
Vacancy Loss
Annual $99,999
Annual Per SF $9.99
Effective Gross Income
Annual $99,999
Annual Per SF $9.99
Taxes
Annual -
Annual Per SF -
Operating Expenses
Annual -
Annual Per SF -
Total Expenses
Annual $99,999
Annual Per SF $9.99
Net Operating Income
Annual $99,999
Annual Per SF $9.99

Property Facts

Sale Type
Investment or Owner User
Property Type
Retail
Building Size
27,600 SF
Building Class
C
Year Built/Renovated
1984/2000
Price
$4,175,000
Price Per SF
$151.27
Cap Rate
5.98%
NOI
$249,740
Percent Leased
87%
Tenancy
Multiple
Building Height
1 Story
Building FAR
0.26
Lot Size
2.48 AC
Zoning
CH - HIGH INTENSITY COMMERCIAL
Parking
100 Spaces (3.62 Spaces per 1,000 SF Leased)
Frontage
400’ on Suncoast Blvd

Major Tenants Click Here to Access

  • Tenant
  • Industry
  • SF Occupied
  • Rent/SF
  • Lease End
  • Airdown
  • -
  • -
  • -
  • Jan 0000
Tenant Industry SF Occupied Rent/SF Lease End
Airdown - - - Jan 0000

Space Availability

  • Space
  • Size
  • Space Use
  • Position
  • Available
  • 1st Floor
  • 1,600 SF
  • Retail
  • In-Line
  • Now

Prime Medical Office | ±1,600 SF | US-19 Crystal River Located in the heart of Crystal River along US-19 with exposure to over 32,500 vehicles per day, this well-positioned medical office serves a surrounding trade area of approximately 27,500 residents spending more than $76 million annually on healthcare, with the majority of expenditures concentrated in physician services. The location provides strong patient demand and convenient regional access within a 15-minute drive time of Homosassa, Lecanto, Downtown Crystal River, and Kings Bay. This ±1,600 SF medical suite offers a functional layout including a reception area, five exam rooms, X-ray room, private office, breakroom, shared workspace/common area, and three ADA-compliant restrooms. The suite features a large glass storefront allowing abundant natural light into the lobby, workspace, and office areas, creating a welcoming environment for patients and staff alike. Interior improvements include durable tile flooring and built-in cabinetry, allowing for immediate occupancy with minimal build-out required. Located within South Square, a well-established neighborhood center comprised of 17 units with a long-standing tenant mix of medical, professional office, and retail businesses. The diverse tenant base creates strong daily traffic and a consistent client draw, providing additional visibility and walk-in potential. Neighboring the center is a strong concentration of national retailers and regional destinations, including Home Depot, along with the nearby Crystal River Airport, generating steady daily traffic in the immediate trade area. The property also benefits from the recent six-lane expansion of US-19, which now extends into Hernando County, significantly improving regional connectivity and increasing traffic flow along this primary commercial corridor.

Space Size Space Use Position Available
1st Floor 1,600 SF Retail In-Line Now

1st Floor

Size
1,600 SF
Space Use
Retail
Position
In-Line
Available
Now

1st Floor

Size 1,600 SF
Space Use Retail
Position In-Line
Available Now

Prime Medical Office | ±1,600 SF | US-19 Crystal River Located in the heart of Crystal River along US-19 with exposure to over 32,500 vehicles per day, this well-positioned medical office serves a surrounding trade area of approximately 27,500 residents spending more than $76 million annually on healthcare, with the majority of expenditures concentrated in physician services. The location provides strong patient demand and convenient regional access within a 15-minute drive time of Homosassa, Lecanto, Downtown Crystal River, and Kings Bay. This ±1,600 SF medical suite offers a functional layout including a reception area, five exam rooms, X-ray room, private office, breakroom, shared workspace/common area, and three ADA-compliant restrooms. The suite features a large glass storefront allowing abundant natural light into the lobby, workspace, and office areas, creating a welcoming environment for patients and staff alike. Interior improvements include durable tile flooring and built-in cabinetry, allowing for immediate occupancy with minimal build-out required. Located within South Square, a well-established neighborhood center comprised of 17 units with a long-standing tenant mix of medical, professional office, and retail businesses. The diverse tenant base creates strong daily traffic and a consistent client draw, providing additional visibility and walk-in potential. Neighboring the center is a strong concentration of national retailers and regional destinations, including Home Depot, along with the nearby Crystal River Airport, generating steady daily traffic in the immediate trade area. The property also benefits from the recent six-lane expansion of US-19, which now extends into Hernando County, significantly improving regional connectivity and increasing traffic flow along this primary commercial corridor.

Somewhat walkable
30/100
Exceptionally drivable
100/100
Somewhat bikeable
20/100

Nearby Major Retailers

Seacoast Bank
Anytime Fitness
Truist
Chili's Grill & Bar
Applebee's

Property Taxes

Property Taxes

Parcel Number
17E-18S-34-0000-44110
Land Assessment
$345,090
Improvements Assessment
$1,038,980
Total Assessment
$1,384,070
  • Listing ID: 39807323

  • Date on Market: 3/17/2026

  • Last Updated:

  • Address: 940 N Suncoast Blvd, Crystal River, FL 34429

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