Two-Story Apartment Building with 21
For Sale
$4,400,000
224 Phillip Morris Drive, Salisbury, MD 21804
Two-story apartment building renovated in 2024 and zoned LBI, featuring 21 units and fully occupied living space.
Property Size40,017 SF
Price / SF$109.95
Days on Market453
Property Features for 224 Phillip Morris Drive
General Information
Standard status
Active
Size
40,017 SF
Property subtype
Commercial
Zoning
LBI
Occupancy
100%
Additional Details
Multifamily Units
21
Building Details
Year Built
1980
Year Renovated
2024
Buildings
1
Stories
2
Tenancy
Multi
Listing Agency:
SVN |Miller Commercial Real Estate
Listed By:
Andrew Ball
(301) 843-5100
Source:
Ournexthouse
Added: May 5, 2025
Changed: Jul 29
Last Checked: Jul 30 at 5:03PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of SVN |Miller Commercial Real Estate
Investment Insights
Based on property information with market context.
This two-story apartment building contains 21 units within a 40,017 SF structure. Built in 1980, the property was renovated in 2024 and is currently fully occupied. Zoned LBI, the offering also includes an additional +/- 3 acres of unimproved land and extra parking in the rear.
Recent building updates include HVAC system replacements completed within the last two years, along with roof work where approximately half of the roofs were redone within the last 18 months. The property uses gross leases, with approximately 83.83% of all expenses passed through as a tenant’s expense, leaving the remaining expense portion as an owner responsibility.
With a well-maintained profile and documented capital improvements, this apartment building is positioned for investors seeking a stabilized, expense-pass-through structure.
Recent building updates include HVAC system replacements completed within the last two years, along with roof work where approximately half of the roofs were redone within the last 18 months. The property uses gross leases, with approximately 83.83% of all expenses passed through as a tenant’s expense, leaving the remaining expense portion as an owner responsibility.
With a well-maintained profile and documented capital improvements, this apartment building is positioned for investors seeking a stabilized, expense-pass-through structure.
Key Highlights
- 40,017 SF two‑story apartment building with 21 units
- Renovated in 2024; currently fully occupied
- Zoned LBI and includes +/- 3 acres of unimproved land
Property Analytics
Current Use
Lease Details
21
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
461
Businesses Nearby
Explore this area
Business Placement
Demographics for 21804, MD
40,049
Population
16,736
Households
2.4
Avg Household Size
37
Median Age
28%
College-Educated
89%
High-School Grad
68.6 sq mi
ZIP Area
584
Density / Sq Mi
$68,882
Median Household Income
$35,902
Median Earnings
$1,343
Median Rent
$230,200
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Two-story apartment building renovated in 2024 and zoned LBI, featuring 21 units and fully occupied living space.
Where is this apartment building located?
The property is located at 224 Phillip Morris Drive Salisbury, MD.
What is the asking price?
The asking price for this property is $4,400,000.
What are key features of this property?
This property features: 40,017 SF two‑story apartment building with 21 units; Renovated in 2024; currently fully occupied; Zoned LBI and includes +/- 3 acres of unimproved land
