Listed by SVN | Miller Commercial Real Estate Salisbury
$4,400,000
Philmore Commons Professional Office Complex
Details
Property Type Office
Sub Type Executive Office, Professional Office
Square Footage 40,017
Units 21
Cap Rate 8.06%
NOI $354,754
Occupancy 100%
Tenancy Multi
Lease Type NNN
Price per SqFt $116
Class B
Year Built 1980
Year Renovated 2024
Stories 2
Acreage 9.100
Zoning LBI
Parking Spaces 200 spaces
Parking Per SqFt 5.00
Stabilized Professional Office Center- Management Fees included in Expenses
Marketing description
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.
Investment highlights
- Listed under the recently appraised value!
- 40,017 SF 2 story building with 21 units, regional and national tenants.
- Additional +/- 3 Acres 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.
Listing Contacts
Listed by SVN | Miller Commercial Real Estate Salisbury
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Loan Amount
$0.00
Annual Debt Service
$--
$--
Annual Cash Flow
$354,754.00
$29,562.83/mo
Valuation Metrics
0
DSCR
8.06%
Cap Rate
8.06%
ROI
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