2-4 E Preston St
- Opportunity to Acquire a Luxury, Gut Renovated Asset in Historic Mount Vernon
- Tax Advantaged Asset with Rental Upside
- Excellent Location in Mount Vernon; 1 Minute Walk to University of Baltimore Campus
Property Description
Harbor Stone Advisors and Alex Cooper Auctioneers are pleased to present Preston Street Lofts, a gut-renovated, mixed use asset located in Historic Mount Vernon. The property is a 1-minute walk from University of Baltimore and a half mile from UMMC Midtown Campus. Preston Street Lofts is also a 5 minute walk to Penn Station, which is under going $150 million worth of renovations over the next several years. The property features 12 apartments with a unit mix of (10) Studios, (1) 1 Br-1 Ba, and (1) 2 Br-1 Ba units, as well as (1) commercial space. Current ownership completed a comprehensive gut renovation in 2019 which included updating all of the residential units. Typical unit features include a stainless steel appliance package, granite counter tops, hardwood floors, wood cabinets, and in-unit washer/dryers. In addition to renovating the apartments, ownership also updated the plumbing and mechanical systems, leaving minimal deferred maintenance for a new owner. The opportunity exists for a new owner to organically increase rents upon unit turnovers. Preston Street Lofts has an existing CHAP Tax Credit that runs through 2028-2029 tax year.
Key Property Information
| Listing Status: | Unavailable |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | Apartment Buildings |
| No. of Units: | 13 |
| Year Built: | 1900 |
| Lot Size: | 0.07 Acres |
| Opportunity Zone: | No |
| Property Website | Click Here |
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