222 Phillip Morris Dr Salisbury, MD 21804-1923
- Banks
- 2,960 SF
- 0.96 lot acres
Current Use by Public Records
- M&T Bank / Bank
- M&T Bank ATM / Atm
- FedEx Drop Box / Mailing Service
Property Details for 222 Phillip Morris Dr
- Year built
- 1977
- Construction
- BRICK
- Lot size
- 0.96 lot acres
- Property size
- 2,960 SF
- Zone code
- LB
- Property type
- 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.
Value Estimation
-
AI approach
- CAP return
- Estimation
- Estimation
- $630,000
-
CAP approach
- CAP return
- Estimation
- 6%
- $575,000
- 6.5%
- $555,000
- 7%
- $590,000
-
Comparable approach
- Method
- Estimation
- Relative Method
- $600,000
- Geo Method
- $720,000
-
Alternative Use
- Use
- Estimation
- Distribution
- $570,000
- Retail
- $580,000
- Mixed-Use
- $605,000
- Hospitality
- $660,000
- Educational
- $510,000
- Residential Income
- $550,000
- Energy
- $520,000
- Income-Based Land
- $650,000
- Food Service
- $650,000
Location Insight
- Map
- Local Demand
- City
- Salisbury
- County
- Wicomico
- State
- Maryland
- Longitude
- -75.5556
- Latitude
- 38.3672
- CBSA code
- 41540
- CBSA name
- SALISBURY, MD-DE METROPOLITAN STATISTICAL AREA
