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Preston Place

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Address: 112 E Preston St, Baltimore, MD 21202, USA

Washington DC + Apartment Buildings

Created date: September 20, 2024

Date last updated: September 20, 2024

Opportunity to Acquire a Well Maintained Asset in Historic Mount Vernon
• Features 10 apartments with a unit mix of (2) Studios and (8) 1 Br-1 Ba.
• Typical unit features consist of black/white appliances, wood cabinets, laminate countertops, and hardwood flooring.
• Current ownership has completed various types of unit renovations throughout their hold and has also updated the common areas
Ability to Create Value and Increase Rents Via Light Renovation Program
• Opportunity exists for a new owner to perform a light upgrade to all units with a suggested scope of stainless steel appliances and granite countertops
• Potential to increase rents at least 20% based on nearby rent comparables
• Ability to implement a water reimbursement program
In-Place Assumable Debt
• Preston Place has pre-existing debt that can be assumed
• Current loan balance is $728,622 with an interest rate of 5.22% and a maturity of February 2029
Located in Historic Mount Vernon; 3 Minute Walk to University of Baltimore
• Ranked a Walker's Paradise by WalkScore
• 7-minute walk away from Penn Station, which is undergoing $150 million worth of renovations over the next several years
• Major area employers nearby: University of Maryland Medical Center Midtown Campus, Maryland State Offices, and Mercy Medical Center
• Major area colleges nearby: University of Baltimore, Peabody Institute of The Johns Hopkins University, Maryland Institute College of Art (MICA)

Property Description

112-114 E Preston St. | Baltimore, MD 21202Harbor Stone Advisors is pleased to present Preston Place, a well-maintained multifamily asset with value-add opportunity located in Historic Mount Vernon. The property is a 3-minute walk from the University of Baltimore and a half mile from UMMC Midtown Campus. Lofts at 1210-1212 Saint Paul is also a 7-minute walk from Penn Station, which is undergoing $150 million worth of renovations over the next several years.The property features 10 apartments with a unit mix of (2) Studios and (8) 1 Br-1 Ba. Typical unit features consist of black/white appliances, wood cabinets, laminate countertops, and hardwood flooring. Current ownership has completed various types of unit renovations throughout their hold and has also updated the common areas.The opportunity exists for a new owner to perform a light upgrade to all units with a suggested scope of stainless steel appliances and granite countertops. Comparable properties nearby are achieving rents at least $250 higher on average. There is also an ability to implement a water reimbursement program upon renewal and/or new lease. Preston Place has pre-existing debt that can be assumed. The current loan balance is $728,622 with an interest rate of 5.22% and a maturity of February 2029.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$1,300,000
No. of Units:	10
Year Built:	1900
Lot Size:	8,400.00 Sq ft
Opportunity Zone:	No
Price per unit:	$130,000
Property Website	Click Here