Philmore Commons Professional Office Complex

224 Phillip Morris Dr Salisbury, MD 21804

224 Phillip Morris Dr, Salisbury, MD, 21804
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FOR SALE
Property Type:
Multi Tenant Office
Amount:
$4,650,000
Last Verified:
May 28, 2025

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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.

Description

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.

Strategically located near Route 50, Philmore Commons provides convenient access to retail and major travel routes. This prime location enhances its appeal to businesses and professionals seeking a well-connected presence in Maryland's Eastern Shore market.


Year Built: 1980
Building Size: 40017sq ft
Building Class: B
Lot Size: 9.1 acres


Documents

SVN - Brochure (P)
SVN - 1 Page Flyer (P)
PLAT & Conceptual layout of additional land
Philmore CAM REC 2024.xls
Philmore Commons 2025 to 2026 Actual vs Pro Forma (2).xlsx

Map of 224 Phillip Morris Dr, Salisbury, MD, 21804

Presented by:
SVN | Miller Commercial Real Estate

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Andrew Ball


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Real Estate incentives range widely and have been overlooked by the Commercial Multiple Listing Services (MLS) for decades. Real estate incentives is a generic term used to group any number of programs, such as tax incentives, that are designated by an agency for a geographic area."

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"Incentives" are vital today and in the future because:

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