Neighborhood Shopping Center and
For Sale
$3,999,000
940 N Suncoast Boulevard, Crystal River, FL 34429
Prime commercial property with retail and storage units for sale.
Property Size27,600 SF
Lot Size2.36 Acres
Price / SF$144.89
Days on Market138
Property Features for 940 N Suncoast Boulevard
General Information
Standard status
Active
Size
27,600 SF
Lot size
2.36 Acres
Building Details
Year Built
1984
Listing Agency:
CENTURY 21 J.W.MORTON R.E.
Listed By:
Elias Kirallah · License #BK3123414
(352) 400-2635
Source:
Chenoregroup
Added: Apr 24
Changed: Sep 8
Last Checked: Sep 8 at 4:08AM
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 R.E.
Investment Insights
Based on property information with market context.
South Square is a neighborhood shopping center and storage facility, featuring 15 retail units (potentially 17 with splitting) and 52 storage units. The property is situated on approximately 2.36 acres of commercial land with over 400 feet of frontage on US-19/98, which has an average annual daily traffic count of approximately 32,000 vehicles. The location is within the Tampa–St. Petersburg Metropolitan Statistical Area, the 18th largest metropolitan area in the United States. The center offers a mix of suite sizes ranging from 720 to 3,200 square feet and 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. There is potential for revenue enhancement 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 by 7.29% stabilized cap rate, while maintaining minimal vacancy in the storage component. The property has a bike score of 64, indicating it is bikeable, and a walk score of 32, indicating car dependence.
Key Highlights
- Prime commercial property in the Tampa–St. Petersburg MSA with high traffic frontage (±32,000 AADT).
- Versatile mix of 15 retail and 52 storage units providing diverse income streams.
- Opportunity to increase net operating income to a 7.29% stabilized cap rate.
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
Property Profile
Current Use
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
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 - Prime commercial property with retail and storage units for sale.
Where is this shopping center located?
The property is located at 940 N Suncoast Boulevard 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: Prime commercial property in the Tampa–St. Petersburg MSA with high traffic frontage (±32,000 AADT).; Versatile mix of 15 retail and 52 storage units providing diverse income streams.; Opportunity to increase net operating income to a 7.29% stabilized cap rate.
