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sales rep | Brivity IDX

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224 Phillip Morris Dr , Salisbury, MD 21804
$4,400,000
Est. Payment: $23,418.65/mo
40017 Sqft
9.1 Acres
Status: active | Days on site: 519
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123MCR - 3256030,3255861
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House 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

Highlights

Listed by Andrew Ball , 4104223672 and Richard Tilghman , 4105432440 SVN/Miller Commercial Real Estate , 4105432440. Bright MLS

Property Type

Commercial Sale

Lot/Acreage
9.1

Year Built

1980

County

Wicomico

Area

Wicomico Southeast (23-04)

School District

Wicomico County Public Schools

Listing ID

MDWC2018130

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Interior Features

Air Cond:Heat Pump(s)
Fireplaces:
Water:Public

Exterior Features

Lot:Not New Construction,Horse Property: No,In City Limits
Garage Capacity:204
Zoning:LBI
Sewer:Public Sewer
Parking Features:Parking Lot,4+ Spaces,3+ Spaces,2+ Spaces,1+ Spaces
Principal Interest
$23,419
Taxes
$4,249

Home Price

$4,400,000

Loan Details

30 yrs
7%

Down Payment

20%
$880,000
All calculations are estimates and provided by Blueroof360. Today’s Rates provided by Blueroof360. Information and interactive calculators are made available to you only as self-help tools for your independent use and are not intended to provide investment or tax advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Monthly Price:
$23,418.65

Principal

Taxes

Principal Taxes HOA Total
Monthly $23,418.65 $4,248.92 $0.00 $27,667.56
Yearly $281,023.77 $50,987.00 $0.00 $332,010.77
Total $8,430,713.22 $1,529,610.00 $0.00 $9,960,323.22
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Chico Gordy
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Market insight data is pulled from the same city as the listing being viewed (Salisbury, MD).

The schools listed are within a 2-mile radius of the property; however, attendance is not guaranteed. Please contact the local school district to confirm zoning and enrollment options.

Information provided by Bright MLS, and is deemed reliable but not guaranteed accurate.

IDX service by Blueroof 360

Data last updated: 2026-11-13T21:11:33.000Z

© 2026 Bright MLS