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$ 2,500,000
Est. payment | /mo
36,807 SqFt
$ 2,500,000
Est. payment | /mo
36,807 SqFt
Key Details
Property Type Commercial
Sub Type Office
Listing Status Active
Purchase Type For Sale
Square Footage 36,807 sqft
Price per Sqft $67
MLS Listing ID MDWC2017100
Originating Board BRIGHT
Year Built 1980
Annual Tax Amount $50,987
Tax Year 2024
Lot Size 8.117 Acres
Acres 8.12
Lot Dimensions 0.00 x 0.00
Property Sub-Type Office
Property Description
List price to be opening bid at online only auction. Online auction to be conducted on Auctioneers website. Bidding Begins Wednesday, March 26th & ends Monday, March 31, 2025 at 12:00PM. Exclusive Investment Opportunity with Exceptional Growth Potential off Rt. 50 in Salisbury! The Philmore Commons Medical Complex offers a prime real estate investment, featuring a 40,017+/- SF, two-story office building situated on a 1.06+/- acre lot, plus an additional 3+/- acres of unimproved land at the rear of the property. Tenancy: Mostly medical offices with regional and national tenants, including
• Hanger Prosthetics • Second Chance Behavioral • Smiley Therapeutics. Current Net Monthly Rent of $31,358.41. Current Net Annual Scheduled Rent of $360,000.00+/-. Gross Rent Annual Projected Income: $500,000+/- per year. Additional Development Potential: 3 acres of land available for development, with renderings available for an additional 60,000+ sq ft of space. Year 2 Upside: Significant potential for rent increases in the second year, providing a substantial boost to cash flow. Approximately half the roofs have been redone within the past 18 months and most HVAC systems have been replaced within the last 2 years. 224 Phillip Morris Drive: Improved by a 40,017 +/- SF 2-story office building on a 1.06 +/- acre lot. Recently appraised at $5,000,000 ** see document section (Full rent roll and leases in the document section).Features include • Large parking lot (Approximately 111 spaces) • Elevator • Fronts U.S 50. This investment presents a rare opportunity with both immediate cash flow and long-term growth potential. The property is zoned LB1, Light business and Industrial District: "The purpose of the light business and institutional district is to recognize that lands located along major limited access highways running through Salisbury are exposed to large volumes of traffic and high degrees of visibility and to provide for their development while protecting adjoining residential areas. These lands are generally located between the major highways and parallel streets which border adjoining residential areas. Access to these lands is obtainable only from access roads to the major highways and streets bordering the residential areas. Because of their location and exposure to the highways, these lands are unlikely to develop as residential and are subject to pressure for development with uses that benefit from the high degree of visibility and volumes of traffic. To provide for development of these lands and to afford some protection to adjoining residential areas, the uses permitted in this district are those which may benefit from this exposure but which primarily do not generate continuous heavy volumes of traffic, noise, dust or odor, do not primarily have late evening or weekend hours and do not have the detrimental effects that intensive commercial development may have on the property values of nearby residential neighborhoods. Those uses which may generate noise, odor and have evening or weekend hours are encouraged to locate adjacent to the major access highways at the intersection of access roads to be as far from neighboring residential areas as possible. The following uses, standards and area regulations have been developed based upon this purpose, which is in accord with findings and recommendations of the city's adopted land use element of the metro core comprehensive plan."
• Hanger Prosthetics • Second Chance Behavioral • Smiley Therapeutics. Current Net Monthly Rent of $31,358.41. Current Net Annual Scheduled Rent of $360,000.00+/-. Gross Rent Annual Projected Income: $500,000+/- per year. Additional Development Potential: 3 acres of land available for development, with renderings available for an additional 60,000+ sq ft of space. Year 2 Upside: Significant potential for rent increases in the second year, providing a substantial boost to cash flow. Approximately half the roofs have been redone within the past 18 months and most HVAC systems have been replaced within the last 2 years. 224 Phillip Morris Drive: Improved by a 40,017 +/- SF 2-story office building on a 1.06 +/- acre lot. Recently appraised at $5,000,000 ** see document section (Full rent roll and leases in the document section).Features include • Large parking lot (Approximately 111 spaces) • Elevator • Fronts U.S 50. This investment presents a rare opportunity with both immediate cash flow and long-term growth potential. The property is zoned LB1, Light business and Industrial District: "The purpose of the light business and institutional district is to recognize that lands located along major limited access highways running through Salisbury are exposed to large volumes of traffic and high degrees of visibility and to provide for their development while protecting adjoining residential areas. These lands are generally located between the major highways and parallel streets which border adjoining residential areas. Access to these lands is obtainable only from access roads to the major highways and streets bordering the residential areas. Because of their location and exposure to the highways, these lands are unlikely to develop as residential and are subject to pressure for development with uses that benefit from the high degree of visibility and volumes of traffic. To provide for development of these lands and to afford some protection to adjoining residential areas, the uses permitted in this district are those which may benefit from this exposure but which primarily do not generate continuous heavy volumes of traffic, noise, dust or odor, do not primarily have late evening or weekend hours and do not have the detrimental effects that intensive commercial development may have on the property values of nearby residential neighborhoods. Those uses which may generate noise, odor and have evening or weekend hours are encouraged to locate adjacent to the major access highways at the intersection of access roads to be as far from neighboring residential areas as possible. The following uses, standards and area regulations have been developed based upon this purpose, which is in accord with findings and recommendations of the city's adopted land use element of the metro core comprehensive plan."
Location
State MD
County Wicomico
Area Wicomico Southeast (23-04)
Zoning LB
Interior
Hot Water Other
Heating Other
Cooling Central A/C
Heat Source Other
Exterior
Garage Spaces 111.0
Water Access N
Accessibility None
Total Parking Spaces 111
Garage N
Building
Sewer Other
Water Public
New Construction N
Schools
School District Wicomico County Public Schools
Others
Tax ID 2305108446
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Auction
Listed by Larry E Cooper • Alex Cooper Auctioneers, Inc.
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
1765 Greensboro Station Place Suite 900, McLean, VA, 22102, United States