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About the Listing 123MCR - 3256030,3255861
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
Listing Highlights for 224 Phillip Morris Dr
Status
Active
Days on Site
530
Property Type
Commercial Sale
MLS ®
MDWC2018130
Year Built
1980
Total Square Footage
40,017
Lot/Acreage
9.1
Interior Details
- Appliances:
- Air Cond: Heat Pump(s)
- Heating: Heat Pump(s)
- Fireplaces:
- Floor:
- Basement:
- Other:
- Water: Public
Exterior Details
- Lot Description: Not New Construction,Horse Property: No,In City Limits
- Garage Capacity: N/A
- Parking Spaces: 204
- Zoning: LBI
- Roof:
- Others:
- Sewer: Public Sewer
- Parking Features: Parking Lot,4+ Spaces,3+ Spaces,2+ Spaces,1+ Spaces
Financial Details
- Tax Amount: $50,987
- Taxes w/Assessments: N/A
- Tax/Property ID: N/A
- Tax Year: 2025
Payment Calculator
Monthly Payment
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Listing Location
Questions About..
224 Phillip Morris Dr Salisbury, MD 21804
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