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    940 N Suncoast Blvd Crystal River, FL 34429

    View on Map
    Sponsored
    For Sale
    $4,200,000

    SINGLE_FAMILY - Crystal River, FL

    Type:Retail
    Property size:
    3,200 SF
    Lot size:
    2.36 Acres
    Days on Market:
    2
    Last Refresh:
    Mar 17 at 3:06 pm

    Property Features for 940 N Suncoast Blvd

    General Information

    Special listing conditions
    Standard
    Property type
    Residential
    Property subtype
    Retail
    TransactionType
    Standard
    Standard status
    Active
    Zoning
    GNC
    APN
    2278862
    Parking
    100
    Parking features
    Driveway, Parking Lot
    Exterior features
    PavedDriveway
    Size
    3,200 SF
    Lot size
    2.36 Acres

    Utilities

    Sewer type
    Septic Tank, Public Sewer
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1984
    Floors in Building
    1
    Flooring type
    Slate, Laminate
    Building materials
    Stucco
    Roof type
    Asphalt, Shingle

    We can help!

    Listing Contact
    Elias Kirallah
    Elias Kirallah

    Century21 J.W. Morton Real Estate, Inc (352) 726-6668

    Listing agent Elias Kirallah (352) 726-6668 License #3123414

    Listing date Mar 16, 2026

    MLS# 853211

    Copyright © 2026 REALTORS Association of Citrus County, Inc. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Learn more

    Property Insight Report

    Overview

    Neighborhood Shopping Center and Storage

    South Square is a neighborhood shopping center and storage facility. It features 15 retail units (potentially 17 with splitting) and 52 storage units, situated on approximately 2.36 acres. The property has over 400 feet of frontage along US-19/98, with an average annual daily traffic of approximately 32,000 vehicles. It is located within the Tampa-St. Petersburg metropolitan statistical area. The center offers a mix of suite sizes ranging from 720 to 3,200 square feet. It is occupied by a diverse tenant base, including medical and professional offices, retail businesses, beauty services, and other local tenants. The storage component includes 52 units, providing an additional income stream. Investors have the opportunity to enhance revenue by aligning below-market rental rates and implementing standard net-net-net expense recoveries for common area maintenance, insurance, and real estate taxes. Combined with rent adjustments and the leasing of two vacant retail units, a new owner has the potential to increase net operating income. The property is located in Crystal River, Florida, in Citrus County.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    A-AAA Self Storage Storage Facility

    Suggested Use

    Restaurant Real Estate Agency Law Firm Building Supply Dental Office Spa & Massage Center Big Box & Wholesale Store Auto Repair Shop Hair Salon Hotel & Motel

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Crystal River Plaza, South Square Plaza, Crystal River Shopping Center

    Location Insight

    • Map
    • Local Demand
    City
    Crystal River
    County
    Citrus
    State
    Florida
    Longitude
    -82.580732
    Latitude
    28.875586

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    FAQs

    What type of property is this?
    Shopping center - Retail and storage facility on 2.36 acres in Crystal River.
    Where is this shopping center located?
    The property is located at 940 N Suncoast Blvd Crystal River, FL.
    What is the asking price?
    The asking price for this property is $4,200,000.
    What are key features of this property?
    This property features: - Prime commercial property in the Tampa-St. Petersburg MSA with high traffic frontage (+/-32,000 AADT) on US-19/98.; - Diverse tenant base including medical, professional, retail, and beauty services, plus 52 storage units providing a complementary income stream.; - Opportunity to increase net operating income by over 23% through rental rate adjustments, expense recoveries, and leasing vacant units.
    (352) 400-2635
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    940 N Suncoast Blvd Crystal River, FL 34429
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    Crystal River, FL 34429
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    940 N Suncoast Blvd Crystal River, FL 34429
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    We can help!
    Listing Contact
    Elias Kirallah
    Elias Kirallah
    Real Estate License ID: 3123414
    (352) 400-2635 (352) 726-6668
    Learn more
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