- For Sale $1,300,000
- Property Type Other
- Units 10
- Additional Rent Contact for pricing
- Year Built 1900
- Date Updated Dec 21, 2024
112-114 E Preston St. | Baltimore, MD 21202
Harbor 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.
Reach out to the broker for more info on lease terms and amenities
Highlights
- 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)
False
Contacts
Location
Getting Around
-
Walk Score ®
99/100
Walker's Paradise
-
Transit Score ®
100/100
Rider's Paradise
-
Bike Score ®
85/100
Very Bikeable
- City Baltimore, MD
- Neighborhood Mount Vernon
- Zip Code 21202
- Market Baltimore
Points of Interest
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Mount Vernon
0.33 miles
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Cultural Center
0.37 miles
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State Center
0.42 miles
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Baltimore Penn Station
0.52 miles
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Mount Royal / MICA
0.56 miles
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Lexington Market
0.58 miles
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Charles Center
0.71 miles
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Baltimore Arena
0.81 miles
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Shot Tower
0.87 miles
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North Avenue
0.90 miles
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Carroll Motor Fuels
0.36 miles
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Gulf
0.57 miles
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Front Street Fuel Station (Government only)
0.58 miles
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Exxon
0.64 miles
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Marathon
0.68 miles
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ChargePoint
0.79 miles
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Oceanic
0.91 miles
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BP
1.00 miles
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Sunoco
1.04 miles
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US Fuel
1.05 miles
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Park PMI
0.12 miles
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PNC Bank
0.18 miles
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Cathedral Street Lot
0.23 miles
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Lot A
0.24 miles
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Maryland Avenue Garage
0.24 miles
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601 N Calvert Street Garage
0.26 miles
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1205 Maryland Avenue Public Parking Lot
0.28 miles
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Lot B
0.28 miles
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Maryland General Hospital Parking Garage
0.31 miles
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Symphony Center Parking
0.32 miles
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Ulysses
0.02 miles
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Midtown Inn
0.14 miles
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Belvedere
0.14 miles
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Hotel Brexton
0.19 miles
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Biltmore Suites Hotel - Park Avenue Building
0.21 miles
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Revival Baltimore
0.21 miles
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Biltmore Suites Hotel - Main Building
0.22 miles
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The Ivy Hotel
0.26 miles
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Downtown Hotel
0.30 miles
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Hotel Indigo
0.34 miles
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Mount Vernon Stable
0.01 miles
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Kumari
0.01 miles
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Nepal House
0.03 miles
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Never on Sunday
0.04 miles
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Subway
0.04 miles
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The Helmand
0.08 miles
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Khun Nine Thai
0.08 miles
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Allora
0.08 miles
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Indigma
0.09 miles
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Minato
0.11 miles
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Downtown Baltimore Child Care / Park Avenue
0.19 miles
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Baltimore School For The Arts
0.19 miles
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Grace and Saint Peters School
0.22 miles
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The Peabody Institute of Johns Hopkins
0.25 miles
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New Foundations Mansef School
0.35 miles
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Saint Frances Academy
0.40 miles
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Gordon Plaza
0.41 miles
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University of Baltimore
0.41 miles
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Saint Marys Seminary
0.52 miles
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Saint Alphonsus School
0.53 miles
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All My Children Child Care Center
0.19 miles
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Charles Plaza Child Care & Development
0.51 miles
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Bolton Hill Nursery
0.60 miles
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Downtown Baltimore Child Care, Inc.
0.75 miles
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Saint Vincent de Paul Head Start
1.05 miles
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Dayspring Head Start Harford Heights
1.50 miles
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The Waverly Early Head Start Center of Goodwill
1.81 miles
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Play Workz Learning Center
1.88 miles
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Homewood Early Learning Center
1.88 miles
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Dynamic Deliverance Childcare Center
2.07 miles
Frequently Asked Questions
The space currently listed for sale at Preston Place asks for $1,300,000.
Preston Place totals 8,400 square feet.
Preston Place was built in 1900.
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