Shopping Center with Retail and Storage
For Sale
Contact for pricing
928 N Suncoast Blvd, Crystal River, FL 34429
Well-maintained shopping center with retail suites and 52 storage units on US-19/98 frontage.
Property Size27,600 SF
Lot Size2.36 Acres
Price / SF$144.89
Days on Market54
Property Features for 928 N Suncoast Blvd
General Information
Standard status
Active
Size
27,600 SF
Lot size
2.36 Acres
Property subtype
RETAIL
Site & Location
Traffic Count
32,000 vehicles/day
Highway Access
Yes
Road Access
Yes
Additional Details
Self-Storage Units
52
Building Details
Tenancy
Multi
Listing Agency:
CENTURY 21 J W Morton Real Estate, Inc.
(352) 726-6668
Listed By:
Elias George Kirallah · License #3123414
(352) 400-2635
Source:
Moodyscre
Added: Jul 23
Changed: Aug 15
Last Checked: Sep 13 at 9:02AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of CENTURY 21 J W Morton Real Estate, Inc.
Investment Insights
Based on property information with market context.
South Square is a neighborhood shopping center and self-storage facility offering 15 retail units (17 with splitting) and 52 storage units on approximately 2.36 acres. The retail component provides suite sizes ranging from 720 SF to 3,200 SF, and the center is described as well-maintained with a tenant mix that includes medical and professional offices, retail businesses, and beauty services, among other long-standing local tenants.
The property has over 400 feet of frontage along US-19/98, with 32,000 AADT, within the Tampa-St. Petersburg MSA. The storage component is positioned as a complementary income stream alongside the retail suites.
A new owner can pursue rent and recovery standardization using NNN expense recoveries for CAM, insurance, and real estate taxes, where the remarks indicate these are currently limited. The remarks also note two vacant retail units and modest rent adjustments, with potential to increase net operating income to a 7.34% cap rate while maintaining minimal vacancy in the storage component.
The property has over 400 feet of frontage along US-19/98, with 32,000 AADT, within the Tampa-St. Petersburg MSA. The storage component is positioned as a complementary income stream alongside the retail suites.
A new owner can pursue rent and recovery standardization using NNN expense recoveries for CAM, insurance, and real estate taxes, where the remarks indicate these are currently limited. The remarks also note two vacant retail units and modest rent adjustments, with potential to increase net operating income to a 7.34% cap rate while maintaining minimal vacancy in the storage component.
Key Highlights
- Approximately 2.36 acres housing 15 retail units (17 with splitting) and 52 storage units
- Over 400 feet of frontage on US‑19/98 with 32,000 AADT
- Retail suite sizes range from 720 SF to 3,200 SF
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$265,167
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
6.63%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,303,340
$5.3M
Cap Rate 7%
$3,788,100
$3.8M
Cap Rate 9%
$2,946,300
$2.9M
Market Conditions
NOI Build-Up for 27,600 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$414.0K $15.00/SF
− Vacancy
−$35.2K −$1.28/SF
EGI
$378.8K $13.73/SF
− OpEx
−$113.6K −$4.12/SF
NOI
$265.2K $9.61/SF
Area
Citrus County, FL
Vacancy
8.50%
Lease Rate
$15.00 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$5,303,340
Cap Rate 7%
$3,788,100
Cap Rate 9%
$2,946,300
Alternative Uses
Best Use
Retail
$3.79M
$3.31M – $4.42M
NOI $265,167 @ 7.0% cap · market cap 6.63%
Second Best
Self Storage
$3.35M
$2.93M – $3.91M
NOI $234,622 @ 7.0% cap · market cap 5.87%
Theoretical Best
Specialty Retail
$6.20M
$5.43M – $7.24M
NOI $434,116 @ 7.0% cap · market cap 10.86%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
32,000 VPD
Traffic count
Multi-tenant
Tenancy
Yes
Highway access
Yes
Paved road access
Location Intelligence
Trade Area within ½ mile
394
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 34429, FL
8,837
Population
5,458
Households
1.6
Avg Household Size
60
Median Age
25%
College-Educated
90%
High-School Grad
41.4 sq mi
ZIP Area
213
Density / Sq Mi
$57,716
Median Household Income
$36,577
Median Earnings
$1,070
Median Rent
$220,300
Median Home Value
Market
Vacancy Rate% for Industrial in South region
Questions? Ask Rey
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Similar Off Market Nearby
- Crystal River Plaza — 408 N Suncoast Blvd, Crystal River, FL 34429
- South Square Plaza — 918 N Suncoast Blvd, Crystal River, FL 34429
- Crystal River Shopping Center — SE US Hwy 19, Crystal River, FL 34429
Frequently Asked Questions
What type of property is this?
Shopping center - Well-maintained shopping center with retail suites and 52 storage units on US-19/98 frontage.
Where is this shopping center located?
The property is located at 928 N Suncoast Blvd Crystal River, FL.
What is the asking price?
The asking price for this property is $3,999,000.
What are key features of this property?
This property features: Approximately 2.36 acres housing 15 retail units (17 with splitting) and 52 storage units; Over 400 feet of frontage on US‑19/98 with 32,000 AADT; Retail suite sizes range from 720 SF to 3,200 SF
