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    FOR LEASE
    Office buildings

    224 Phillip Morris Dr, Salisbury, MD 21804

    36,807 SF 8.12 ac lot Built 1980
    Entity Owned 2-yr Hold ~ Est. High Equity
    Property ID
    US40-1315110
    Property summary
    AI-generated overview

    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.

    Property profile
    Verified
    Property type Office buildings
    Use group OFFICE BUILDING
    Year built 1980
    Construction BRICK
    Total area 36,807 SF
    Lot 8.12 ac (353,584 SF)
    Zoning code LB
    APN 05-108446
    UPID US40-1315110
    Cap rate & NOI
    Priority signal for investors
    Implied cap rate, NOI & suggested price
    Cap rate vs submarket · NOI estimate · 3 price anchors
    Implied cap rate, NOI & suggested price
    Cap vs submarket · NOI estimate · 3 price anchors
    Current use
    Occupant on record · Public records
    • Passionate LightHouse of GOD Church
    • The Spence Realty Group Real Estate Agency
    • Dr. Kristen M Iman DC Alternative Medicine Practice
    • Jennifer Funaioli-Sheehan Pediatrician Physician
    • Dr. Curtis Harris Physician
    Value estimations
    Realmo proprietary · 4 methods
    AI Approach AI
    by Request
    CAP Approach CAP
    by Request
    Comparable Approach Comparable
    $4.46M
    Blend (final) Blend
    $3.36M
    Owner & transaction history
    224 LLC · 2 yrs held
    224 LLC
    since 2023
    Last sale
    $2.7M
    2 recorded transactions
    2024
    2023
    $2.7M
    Zoning & alternative use
    LB · Salisbury, MD
    Permitted uses
    Permitted uses
    Allowed · conditional · prohibited
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    More about this property
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