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Preston Street Lofts

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Address: 2 E Preston St, Baltimore, MD 21202, USA

Washington DC + Apartment Buildings

Created date: October 14, 2024

Date last updated: October 14, 2024

Opportunity to Acquire a Luxury, Gut Renovated Asset in Historic Mount Vernon
• Features 12 apartments with a unit mix of (10) Studios, (1) 1 Br-1 Ba, and (2) Br-1 Ba
• Typical units feature stainless steel appliances, hardwood floors, granite, and central hvac
• Recent gut renovation will lead to minimal repair and maintenance costs moving ahead
Tax Advantaged Asset with Rental Upside
• CHAP Tax Credit in place through 2029
• Ability to organically grow rents over time without major capital expenditure
• 6 years remaining on the commercial lease which includes annual rent increases
Excellent Location in Mount Vernon; 1 Minute Walk to University of Baltimore Campus
• Ranked a Walker's Paradise by WalkScore; a short walk to a variety of retail and dining options
• Easy access to major interstates I-83, I-95, and I-695; 5 minute walk to Penn Station
• 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

2-4 E Preston St. | Baltimore, MD 21202Harbor Stone Advisors is pleased to present Preston Street Lofts, a gut-renovated mixed use opportunity 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 is comprised of 12 apartments and 1 commercial space. The apartments have a unit mix of (10) Studios, (1) 1 Br-1 Ba, and (1) 2 Br-1 Ba units. Typical units feature granite counter tops, hardwood floors, wood cabinets, stainless steel appliances, and ceramic tile flooring in the bathrooms. Each unit includes mini split central heating and air, in-unit laundry, and microwaves. Current ownership completed a comprehensive gut renovation in 2019 with updates to all units, plumbing, and mechanicals. Minimal deferred maintenance and meticulously maintained with professional management.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. Commercial tenant operates a restaurant with a lease that expires in 2030.

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Key Property Information

Listing Status:	Unavailable
Listing Type:	Call for offers
Property Types:	Apartment Buildings
Price:	$1,900,000
No. of Units:	13
Lot Size:	8,302.00 Sq ft
Opportunity Zone:	No
Price per unit:	$146,154
Property Website	Click Here