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Exceptional Cash-Flowing Shopping Center 940 N Suncoast Blvd 27,600 SF 87% Leased Retail Building Crystal River, FL 34429 $4,175,000 ($151.27/SF) 5.98% Cap Rate



Investment Highlights
- 2.36 Acres Of Land
- 52 Units of Storage
- Zoned General Commercial
- 15 (17) Retail Spaces
Executive Summary
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
- Offering Memorandum
- Market Information
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
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
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.
Nearby Major Retailers
Property Taxes
| Parcel Number | 17E-18S-34-0000-44110 | Improvements Assessment | $1,038,980 |
| Land Assessment | $345,090 | Total Assessment | $1,384,070 |
Property Taxes
Presented by
Exceptional Cash-Flowing Shopping Center | 940 N Suncoast Blvd
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