222 Phillip Morris DrSalisbury, MD 21804

Property Details for 222 Phillip Morris Dr

Year built

1977

Construction

BRICK

Lot size

0.96 AC

Property size (Sq ft)

2,960 SF

Zone code

LB

Property type

Retail properties

Property subtype

Banks

APN

05-108454

APU

5108454

Description

This exceptional investment opportunity encompasses two commercial buildings totaling approximately 43,000 square feet, strategically located on Phillip Morris Drive in Salisbury, Maryland, offering excellent visibility from Route 50. The property consists of two buildings: a larger 40,017+ square foot, two-story office building situated on a 1.06-acre lot, and a smaller 2,960+ square foot building on a 0.96-acre lot. The larger building boasts a current gross annual scheduled rent of $360,008.40, while the smaller building generates $42,210 annually. Tenants include a mix of medical offices with regional and national presence, such as Hanger Prosthetics, Second Chance Behavioral, Smiley Therapeutics, and M&T Bank. The property features ample parking (approximately 133 spaces total), an elevator in the larger building, and a two-lane drive-thru at the smaller building. The larger building fronts US Route 50, while the smaller building enjoys easy access to Route 50/13 and Ocean Gateway. The site includes approximately 3 acres of land with development potential, and renderings are available for an additional 60,000+ square feet of construction. The property is zoned LB1 (Light Business and Industrial District), allowing for a variety of uses while protecting neighboring residential areas. Significant upside potential exists, with projections for substantial rent increases in the second year, leading to a considerable boost in cash flow. Detailed financial information, including a full rent roll and leases, is available upon request. This is a rare opportunity to acquire a well-occupied, income-producing property with significant expansion possibilities in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $747,713

  6.5%

  $690,197

  7%

  $640,897

• Comparable approach

  Method

  Valuation

  Relative Method

  $442,466

  Geo Method

  $469,258

• Alternative Use

  Use

  Valuation

  Residential

  $582,207

  Hospitality

  $533,298

  Educational

  $443,698

  Medical

  $458,957

  Retail

  $690,197

Location Insight

City

Salisbury

County

Wicomico

State

Maryland

Latitude

38.3672

Longitude

-75.5556

CBSA code

41540

CBSA name

SALISBURY, MD-DE METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

FAQs

How do I add a non-forward facing team member such as a broker coordinator or broker aide to a listing in order to ensure they get notifications on the property?

Please email our support team at [email protected] and they will add the team member.

How do I access a private listing?

Please contact the broker directly with the information provided on the listing. Once the broker approves your credentials he will make the information public to you.

How can I contact the broker?

We strongly encourage to message the broker through our portal by clicking on the “Envelope” icon next to the brokers photo on the property page. We’ve found brokers response time is much quicker via our messaging portal than phone as brokers are always on the go.

How do I unsubscribe from emails?

At the footer of each email you will find links to Reduce Email Frequency, Adjust Email Settings or Unsubscribe altogether. If you choose to Unsubscribe and are still receiving emails please reach out to us at [email protected].