224 Phillip Morris Dr, Salisbury, MD 21804

Property Description

Explore an exceptional investment opportunity with this well maintained 40,017 SF, two-story building featuring 21 units. Renovated in 2024-2026, 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 with NOI of $398,640 - Listed under the recently appraised value! - 40,017 SF 2 story 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. - Cap rate of 9.06% at asking price