224 PHILLIP MORRIS DR, Salisbury, MD 21804
224 PHILLIP MORRIS DR, Salisbury, MD 21804
224 PHILLIP MORRIS DR, Salisbury, MD 21804
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Kimmy Piscotty

Kimmy Piscotty

+1(717) 571-6198
Listed by Andrew Ball • SVN/Miller Commercial Real Estate
$4,400,000
Est. payment /mo
9.1 Acres Lot
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UPDATED:

Key Details

Property Type Commercial

Sub Type Office

Listing Status Active

Purchase Type For Sale

MLS Listing ID MDWC2018130

Year Built 1980

Annual Tax Amount $50,987

Tax Year 2025

Lot Size 9.100 Acres

Acres 9.1

Property Sub-Type Office

Source BRIGHT

Property Description

Explore an exceptional investment opportunity with this well maintained 40,017 SF, two-story building featuring 21 units. Renovated in 2024-2026, 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 with NOI of $398,640

- Listed under the recently appraised value!
- 40,017 SF 2 story 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.
- Cap rate of 9.06% at asking price

Location

State MD

County Wicomico

Area Wicomico Southeast (23-04)

Zoning LBI

Interior

Hot Water Electric

Heating Heat Pump(s)

Cooling Heat Pump(s)

Heat Source Electric

Exterior

Garage Spaces 204.0

Water Access N

Accessibility 32\"+ wide Doors, 36\"+ wide Halls

Total Parking Spaces 204

Garage N

Building

Sewer Public Sewer

Water Public

New Construction N

Schools

School District Wicomico County Public Schools

Others

Tax ID 2305108446

Ownership Fee Simple

Special Listing Condition Standard

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Bright MLS (BMLS)

NEARBY SCHOOLS & PROPERTIES

Kimmy Piscotty
Kimmy Piscotty

Agent RSRS362492

+1(717) 571-6198 | kpiscotty@soldincentralpa.com

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