940 N SUNCOAST BLVD Crystal River, FL 34429
UPDATED:
Key Details
Property Type Commercial
Sub Type Retail
Listing Status Active
Purchase Type For Sale
Square Footage 27,600 sqft
Price per Sqft $152
Subdivision Crystal Crest Add Unrec
MLS Listing ID OM720955
Construction Status Completed
HOA Y/N No
Year Built 1984
Annual Tax Amount $24,200
Lot Size 2.360 Acres
Acres 2.36
Lot Dimensions 400x300
Property Sub-Type Retail
Source Stellar MLS
New Construction false
Property Description
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 by more than 23%, achieving an estimated 6.79% stabilized cap rate, while maintaining minimal vacancy in the storage component.
Location
State FL
County Citrus
Community Crystal Crest Add Unrec
Area 34429 - Crystal River
Zoning GNC
Interior
Cooling Central Air
Flooring Ceramic Tile, Concrete, Laminate
Exterior
Parking Features Over 30 Spaces
Roof Type Concrete
Building
Story 1
Foundation Slab
Lot Size Range 2 to less than 5
Sewer Public Sewer, Septic Tank
Water Public
Structure Type Block
New Construction false
Construction Status Completed
Others
Ownership Corporation
Acceptable Financing Cash, Conventional
Listing Terms Cash, Conventional
Special Listing Condition None
Virtual Tour https://www.propertypanorama.com/instaview/stellar/OM720955
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