224 Phillip Morris Dr - Medical FOR SALE


Salisbury, MD 21804
$4,650,000 USD
410-543-2440
224 Phillip Morris Dr, Salisbury, MD for Sale
$4,650,000 USD
Medical - FOR SALE
1/25
null | 7.78% Cap Rate

224 Phillip Morris Dr
Salisbury, MD 21804


HIGHLIGHTS

  • Listed under the recently appraised value!
  • 40,017 SF 2 story building with 21 units, regional and national tenants.
  • Additional +/- 3 Acres of unimproved land with additional parking in the rear.
  • Approximately 1/2 of the roofs have been redone in the last 18 months and most HVAC systems replaced in the last two years.
  • 83.83% of all expenses are passed through as a tenant's expense.
  • Professional management fees are included in the expenses.

OVERVIEW

Explore an exceptional investment opportunity with this well maintained 40,017 SF, two-story building featuring 21 units. Renovated in 2024, the property boasts a prime location on Maryland's Eastern Shore and is fully occupied with a mix of regional and national tenants. Zoned LBI, this offering includes an additional +/- 3 Acres of unimproved land with extra parking. Listed under the recently appraised value, and with substantial recent updates including HVAC systems and roofs, this property presents a compelling value proposition. With approximately 83.83% of all expenses being passed through as a tenant's expense, the remaining expense would be owner's expense due to the gross leases. This property offers a solid and attractive income-generating opportunity for investors.

FOR SALE DETAILS

PRICE

$4,650,000 USD

PRICE/SF

$116 USD /SF

CAP RATE

7.78%

% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Philmore Commons

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

C

YEAR BUILT

1980

SPRINKLERS

-

PARKING SPACES

100

LAND DETAILS

LAND ACRES

9.1 AC

LAND SF

396,396 SF

ZONING

LB

APN/PARCEL ID

05-108446

ASK ABOUT THIS PROPERTY

Andrew BallSVN | Miller Commercial Real EstateMore Info
410-543-2440

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Andrew BallSVN | Miller Commercial Real EstateMore Info
410-543-2440

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.