$$11 Unit Shopping Plaza Built in 2007, 6.41 Cap Rate!$$

Shopping Center for Sale
Catylist Listing ID: 30777156
Property Subtypes: Community Center, Mixed Use, Neighborhood Center, Strip Center
Building Size (RSF): 14,000 SF
Gross Land Area: 1.51 Acres
Sale Price: $2,450,000
Unit Price: $175 PSF
Ceiling: 9 ft.
Property Use Type: Net Leased Investment (NNN), Investment
Usable Size (USF): 14,000 SF
Sale Terms: Cash to Seller
Cap Rate: 6.41%
Average Occupancy Rate: 83
Last Updated: 1/28/2022

Overview / Comments

Now offering the Shoppes of Crystal River! This is a 2007-built, 14,000 SF CBS building that includes a total of 11 units.​ The plaza is fronting SR 44 with 579' and N.​ Virginia Road with 151'.​ Property consists of 1.51 Acres zoned GNC (General Neighborhood Commercial) which includes 59 parking spaces.​ You can see that this location offers easy access and visibility with east/west-bound ingress and egress via SR 44 and additional cut via N.​ Virginia Road.​ Situated between major intersecting highways including the controlled intersections of SR 44/US Hwy 19 just 1.2 miles West (traffic counts of 54,000 TPD) and SR 44/CR 486 that is 1.1 miles East (traffic counts of 41,500 TPD).​ Tenants currently leased with the plaza comprises medical/professional office, retail, and beauty.​ Anchored by Quest Diagnostics, Shuayb Dental, Liberty Tax, and 220 BBQ.​ This tenant mix meets the needs of the 3-mile household population of 20,203.​ Currently the Shoppes of Crystal River offers an 82% occupancy, $157,130 NOI, and a true 6.42% Cap Rate with an upside Cap Rate potential of 7.96%.​ Citrus County is undergoing impactful area growth due to the newly expanded $135 million Suncoast Parkway that is servicing commuters between Citrus, Hernando, Pasco and Hillsborough counties.​ Crystal River Florida is encompassed by an area population of 22,440 that is 15% of the overall population in Citrus County as of 2021 at 149,600.​

Financials

Finance Data Year 2021
Real Estate Taxes - Annual($) $14,837 (Annual)
Tax Value Land $217,200
Tax Value Improvements $750,670
Assessed Value - Total($) $967,870 (Annual)
Potential Rental Income $255,965 (Annual)
Net Operating Income $157,130 (Annual)
Gross Operating Income $210,640 (Annual)
Actual or Proforma Year Actual

Additional Details

Nearest MSA: Homosassa Springs
County: Citrus
Taxing Authority: Citrus County
Tax ID/APN: 17E18S23 34411 00A0
Retail Clientele: General, Business
Property Located Between: Ocala and Tampa
Property Visibility: Excellent
Largest Nearby Street: US Highway 19
Feet of Frontage: 579
Traffic/Vehicle Count: 29,000
Highway Access: SR 44/W Gulf To Lake Highway
Airports: Inverness Regional, Tampa International, Orlando International Airport
Total Number of Buildings: 1
Number of Stories: 1
Property Condition: Excellent
Year Built: 2007
Year Renovated: 2021
Roof Type: Flat
Construction/Siding: Concrete
Parking Type: Surface
Total Parking Spaces: 59
Sprinklers: None
Heat Type: Electricity
Heat Source: Central
Air Conditioning: Other
Internet Access: Cable
Zoning Description: GNC-General Neighborhood Commercial
Lot Frontage: 579
Lot Depth: 151
Water Service: Municipal
Sewer Type: Municipal
Easements: Other
Easements Description: Cross access with the storage facility
Land Ownership: Fee Simple

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 2,177 13,057 19,009
Median Age: 54.86 52.79 53.52
Households: 930 5,754 8,406

Contact

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