224 Phillip Morris DrSalisbury, MD 21804

Property Details for 224 Phillip Morris Dr

Year built

1980

Construction

BRICK

Lot size

8.12 AC

Property size (Sq ft)

36,807 SF

Zone code

LB

Property type

Office buildings

APN

05-108446

APU

5108446

Description

Philmore Commons offers 42,425 square feet of Class B office space in Salisbury, MD. This multi-tenant building, constructed in 1980, sits on a 9-acre lot and enjoys a highly visible location on US Route 50. Individual suites range from a minimum of 660 square feet to a maximum contiguous space of 6,152 square feet, with the entire 42,425 square feet currently vacant. The property is zoned for Light Business and Institutional use within Wicomico County. Amenities include a large private parking lot, an elevator, and high-speed internet access (Comcast). The landlord is open to negotiating tenant build-outs to create the ideal workspace, and free rent periods may be available. Multiple floor plans are available to accommodate a variety of business needs, making Philmore Commons an excellent opportunity for businesses seeking flexible and well-located office space in the heart of Salisbury. The building's prominent location on a major thoroughfare ensures high visibility and easy access for clients and employees. This is a rare opportunity to secure a significant amount of office space in a desirable location.

• CAP approach

  CAP return

  Valuation

  6%

  $7,168,230

  6.5%

  $6,616,830

  7%

  $6,144,200

• Comparable approach

  Method

  Valuation

  Relative Method

  $2,183,320

  Geo Method

  $2,315,530

• Alternative Use

  Use

  Valuation

  Industrial / Distribution

  $12,985,200

  Retail / Commercial

  $6,666,950

  Mixed-Use / Specialty

  $6,649,620

  Hospitality / Lodging

  $4,887,000

  Institutional / Educational

  $6,915,230

  Residential Income

  $8,090,820

  Multifamily

  $9,667,970

  Automotive / Energy

  $5,927,340

  Parking / Income-Based Land

  $2,039,090

  Restaurant / Food Service

  $3,472,270

  Healthcare / Senior Housing

  $6,812,450

Location Insight

City

Salisbury

County

Wicomico

State

Maryland

Latitude

38.3671

Longitude

-75.5564

CBSA code

41540

CBSA name

SALISBURY, MD-DE METROPOLITAN STATISTICAL AREA

Property Tax & Assessments

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