List price to be opening bid at online only auction. Online auction to be conducted on Auctioneers website. Bidding Saturday, February 23rd & ends Thursday, February 28, 2025 at 12:00PM. **"PHILMORE COMMONS MEDICAL AND FINANCIAL COMPLEX** M&T Bank AND 40,000+/- SF Medical Building PLUS 3=/- Acres Of Land Ready For Development With Great Visibility Off Route 50 in "Salisbury" MD Rare Investment Opportunity with Significant Upside Potential! - Gross Rent Annual Projected Income: $550,000+/- per year - Net Rent Projected Annual Income: $400,000+/- per year Refer to leases for details. - Tenancy: Mostly medical offices with regional and national tenants, including: - Hanger Prosthetics - Second Chance Behavioral - Smiley Therapeutics - M&T Bank - 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 **Current Net Monthly Rent Of $31,358.41** **Current Net Annual Scheduled Rent Of $360,000.00+/-** Recently appraised at $5,000,000 ** see document section (Full rent roll and leases in the document section of Alex Cooper website) Features include: • Large parking lot (Approximately 111 spaces) • Elevator • Fronts U.S 50 222 Phillip Morris Drive: Improved by a 2,960+/- SF commercial building on a 0.96+/- acre lot. Current monthly rent of $3,517.50 Current annual scheduled rent of $42,210 Lease term start: 4/1/23 Lease term ends: 5/31/28 with (2) 5-year renewal options. All taxes and utilities paid for by tenant. Features include: • Many leases with significant annual increases • 2 lane drive-thru • Ample on site parking (Approximately 22 spaces) • Located just off of Ocean Gateway • Easy access to Route 50/13 • Fantastic visibility and frontage 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." Diligence Package: A copy of the purchase and sale agreement, license, lease, lead certificate and assorted addenda are located in the documents section of the auctioneer's website, link below. In order to gain access, you must create a free account as well as accept a non-disclosure agreement. Auction Notes: Online Auction Only! Bidding Saturday, February 23rd & ends Thursday, February 28, 2025 at 12:00PM. Online Bidding Notes: The initial deposit must be made via credit card, wire transfer or by Cashier's Check. Please review the online bidding terms and deposit transmittal form in the Documents Section for more details. If a lot receives a bid within the last 3 minutes. it will remain open for an additional 3 minutes. If any further bidding occurs, the extension timer will reset to 3 minutes. If no further bidding activity occurs, the lot closes when the timer runs out.