- For Sale $1,900,000
- Property Type Other
- Units 13
- Additional Rent Contact for pricing
- Date Updated Dec 21, 2024
2-4 E Preston St. | Baltimore, MD 21202
Harbor 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.
Reach out to the broker for more info on lease terms and amenities
Highlights
- 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)
False
Contacts
Location
Getting Around
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Walk Score ®
98/100
Walker's Paradise
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Transit Score ®
100/100
Rider's Paradise
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Bike Score ®
89/100
Very Bikeable
- City Baltimore, MD
- Neighborhood Mid - Town Belvedere
- Zip Code 21202
- Market Baltimore
Points of Interest
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Cultural Center
0.21 miles
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State Center
0.22 miles
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Mount Vernon
0.28 miles
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Mount Royal / MICA
0.45 miles
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Baltimore Penn Station
0.51 miles
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Lexington Market
0.55 miles
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North Avenue
0.79 miles
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Charles Center
0.81 miles
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Baltimore Arena
0.83 miles
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Upton
0.91 miles
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Carroll Motor Fuels
0.39 miles
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Gulf
0.52 miles
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Exxon
0.57 miles
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Marathon
0.66 miles
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Front Street Fuel Station (Government only)
0.76 miles
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ChargePoint
0.78 miles
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Oceanic
0.83 miles
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Sunoco
0.97 miles
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Crown
1.06 miles
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Clark
1.12 miles
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Cathedral Street Lot
0.13 miles
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Symphony Center Parking
0.16 miles
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Maryland General Hospital Parking Garage
0.17 miles
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Maryland Avenue Garage
0.17 miles
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PNC Bank
0.20 miles
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B
0.20 miles
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Park PMI
0.21 miles
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Monument Place Resident Parking
0.23 miles
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1205 Maryland Avenue Public Parking Lot
0.25 miles
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Mount Royal Avenue Lot
0.31 miles
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Hotel Brexton
0.04 miles
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Biltmore Suites Hotel - Park Avenue Building
0.17 miles
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Biltmore Suites Hotel - Main Building
0.17 miles
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Ulysses
0.21 miles
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Belvedere
0.22 miles
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Revival Baltimore
0.26 miles
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Downtown Hotel
0.28 miles
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Midtown Inn
0.32 miles
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The Ivy Hotel
0.38 miles
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Hotel Indigo
0.41 miles
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Michaelangelo's
0.02 miles
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Linden Deli
0.04 miles
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Poblano Mexican Grill
0.09 miles
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Domino's
0.12 miles
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Piazza 27
0.13 miles
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Baby's On Fire
0.13 miles
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The Land of Kush
0.14 miles
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Dukem Ethopian Restaurant
0.14 miles
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Hip Hop Fish & Chicken
0.14 miles
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Nepal House
0.18 miles
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Downtown Baltimore Child Care / Park Avenue
0.15 miles
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Grace and Saint Peters School
0.22 miles
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Baltimore School For The Arts
0.23 miles
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Gordon Plaza
0.36 miles
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New Hope Academy
0.36 miles
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The Peabody Institute of Johns Hopkins
0.38 miles
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University of Baltimore
0.39 miles
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S C Taylor Elementary School
0.39 miles
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Saint Marys Seminary
0.41 miles
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Renaissance Academy Booker T. Washington Campus
0.46 miles
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All My Children Child Care Center
0.40 miles
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Bolton Hill Nursery
0.43 miles
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Charles Plaza Child Care & Development
0.61 miles
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Downtown Baltimore Child Care, Inc.
0.68 miles
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Saint Vincent de Paul Head Start
1.22 miles
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Dayspring Head Start Harford Heights
1.64 miles
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Homewood Early Learning Center
1.79 miles
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The Waverly Early Head Start Center of Goodwill
1.83 miles
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Play Workz Learning Center
1.93 miles
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Sherman Early Childhood Center
2.21 miles
Frequently Asked Questions
The space currently listed for sale at Preston Street Lofts asks for $1,900,000.
Preston Street Lofts totals 8,302 square feet.
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