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$4,400,000

  • For Sale
  • Active
  • Commercial Institutional
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Explore an exceptional investment opportunity with this well maintained 40,017 SF, two-story building featuring 21 units. Renovated in 2024, 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. - 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.

Full Property Details for 224 Phillip Morris Dr

General

  • Price: $4,400,000
  • Taxes: $50,987 (2025)
  • Status: Active
  • Type: Commercial Institutional
  • Source: BrightMLSMidAtlantic
  • MLS ID: MDWC2018130
  • Updated: 12/17/2025
  • Added to Site: 236 day(s) ago

Business

  • Business Type: Flex, Institutional, Medical, Professional, Other

Parking

  • Total Spaces: 204
  • Parking Type: Parking Lot

Location

  • Area: Wicomico Southeast (23-04)
  • County: WICOMICO
  • Driving Directions: Strategically located near Route 50, Philmore Commons provides convenient access to retail and major travel routes. This prime location enhances its appeal to businesses and professionals seeking a well-connected presence in Maryland's Eastern Shore market.
  • City Limits: Yes

Heating & Cooling

  • Cooling Type: Heat Pump(s)
  • Cooling Fuel: Electric
  • Heating Type: Heat Pump(s)
  • Heating Fuel: Electric
  • Water Heater: Electric

Utilities

  • Sewer: Public Sewer
  • Water: Public

Structural Information

  • Construction: Combination
  • Building Size: 40017
  • Year Built: 1980
  • Year Built Source: Estimated

Unit Information

  • # Tenants: Multiple

Lot Features

  • Lot Size (Acres): 9.1
  • Lot Size (Sq. Ft.): 396,396
  • Lot Size Source: Estimated
  • Zoning: LBI

Financial Considerations

  • Price Per Sq. Ft.: $109.95
  • Assessment Year: 2025
  • City/TownTax: $26,445
  • City/TownTax Freq: Annually
  • County Tax: $21,675
  • County Tax Freq: Annually
  • Tax w/Assessment: $2
  • Tax Amount: $50,987
  • Tax Year: 2025

Disclosures and Reports

  • Ownership: Fee Simple
  • Investment: Yes

Listed by SVN/Miller Commercial Real Estate, Andrew Ball and SVN/Miller Commercial Real Estate, Richard Tilghman

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Listing agents

— 224 Phillip Morris Dr —

  • Andrew Ball

    SVN/Miller Commercial Real Estate

  • Richard Tilghman

    SVN/Miller Commercial Real Estate

Get Pre-Approved Today

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Be ready to buy your new home!

with our affiliated lender
NMLS#: 1598647

Get Pre-Approved

Schools serving 224 Phillip Morris Dr

School District:Wicomico County Public Schools
NameGradesDistance
East Salisbury Elementary School
1201 Old Ocean City Road, Salisbury, MD 21804
3-51.1 mi
Beaver Run School
31481 Ocean City Road, Salisbury, MD 21804
PK-22.1 mi
Wicomico Middle School
635 East Main Street, Salisbury, MD 21804
6-81.8 mi
Wicomico High School
201 Long Avenue, Salisbury, MD 21804
9-121.3 mi
Disclaimer: School attendance boundaries provided by Pitney Bowes and are for reference only. Contact the school directly to verify enrollment eligibility.

Price & Sales History for 224 Phillip Morris Dr Get Price Alerts and Save Property

Date
Details
Price
Change
Source
10/20/2025
Price Reduced
$4,400,000
-3.3%
MLS
8/25/2025
Price Reduced
$4,550,000
-2.15%
MLS
5/30/2025
Listed
$4,650,000
72.86%
MLS
7/10/2023
Sold
$2,690,000
—
Public Record
Get Price Alerts and Save Property
Disclaimer: Historical sales information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Tax History for 224 Phillip Morris Dr

Year
Property Taxes
Change
Tax Assessment
Change
2024
$24,541
—
$2,991,700
17%
2024
$24,541
16%
$2,559,600
20%
2023
$21,222
23%
$2,127,500
25%
2022
$17,276
31%
$1,695,400
9%
2019
$13,165
-9%
$1,549,567
10%
2021
$14,477
10%
$1,403,733
12%
2020
$13,165
-50%
$1,257,900
—
2019
$26,168
—
$1,257,900
—
2018
$26,168
-22%
$1,257,900
-23%
2017
$33,504
—
$1,641,100
—
2016
$33,652
-3%
$1,641,100
-9%
2015
$34,527
—
$1,812,800
—
2014
$34,527
—
$1,812,800
—
View All
Disclaimer: Historical tax information is derived from public records provided by the county offices. Information is not guaranteed and should be independently verified.

Estimate the Cost for 224 Phillip Morris Dr

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*These costs are estimates, and the interest rates assume exceptional credit standing.

Be ready to buy your new home!

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NMLS#: 1598647

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Listed by SVN/Miller Commercial Real Estate, Andrew Ball and SVN/Miller Commercial Real Estate, Richard Tilghman

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224 Phillip Morris Drive, Salisbury, MD 21804 (MLS# MDWC2018130) is a Commercial Institutional property. 224 Phillip Morris Drive is currently listed for $4,400,000 and was received on May 30, 2025. Want to learn more about 224 Phillip Morris Drive? Do you have questions about finding other Commercial Institutional real estate for sale in Salisbury? You can browse all Salisbury real estate or contact a Coldwell Banker agent to request more information.

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