- For Sale $1,900,000
- Property Type Other
- Property Size 8,302 SF
- Units 13
- Additional Rent Contact for pricing
- Date Updated Oct 21, 2024
- Website prestonstreetlofts.sharplaunch.com
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.
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Attachments
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)
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Contacts
Location
Getting Around
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Walk Score ®
96/100
Walker's Paradise
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Transit Score ®
96/100
Rider's Paradise
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Bike Score ®
90/100
Biker's Paradise
- City Baltimore, MD
- Neighborhood Mid - Town Belvedere
- Zip Code 21202
- Market Baltimore
Points of Interest
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Mount Royal / University of Baltimore
0.29 miles
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Centre Street
0.59 miles
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Charles Center
1.03 miles
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Upton
1.08 miles
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Baltimore Arena
1.12 miles
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Shot Tower/Market Place
1.14 miles
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Shot Tower
1.15 miles
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Camden Station
1.47 miles
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Camden Street
1.50 miles
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Hamburg Street
1.79 miles
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BP
0.06 miles
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Marathon
0.37 miles
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American Fuel
0.57 miles
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Oceanic
0.60 miles
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Sunoco
0.73 miles
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Gulf
0.84 miles
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Carroll Motor Fuels
0.88 miles
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eVgo
0.88 miles
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Exxon
0.90 miles
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Exxon
0.95 miles
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1205 Maryland Avenue Public Parking Lot
0.09 miles
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Penn Station Parking Garage
0.14 miles
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PNC Bank
0.15 miles
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Maryland Avenue Garage
0.16 miles
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Park PMI
0.20 miles
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Area D
0.21 miles
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Symphony Center Parking
0.26 miles
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Fitzgerald Garage
0.28 miles
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Guest Parking
0.30 miles
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Theatre Parking
0.33 miles
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Downtown Hotel
0.06 miles
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The Ivy Hotel
0.17 miles
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Belvedere
0.18 miles
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Hotel Brexton
0.30 miles
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Biltmore Suites Hotel - Park Avenue Building
0.47 miles
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Biltmore Suites Hotel - Main Building
0.48 miles
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Motel 6
0.49 miles
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Revival Baltimore
0.52 miles
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Hotel Indigo
0.66 miles
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Hostelling International
0.75 miles
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Joanne's Grill
0.01 miles
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XS
0.02 miles
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The Chicken or the Egg
0.03 miles
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Chipotle
0.03 miles
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Viccino's Italiian Gourmet
0.03 miles
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Subway
0.04 miles
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Smoothie King
0.04 miles
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Twelve24 Grille
0.05 miles
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Aloha Sushi & Bar
0.06 miles
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Good Part & Co.
0.06 miles
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University of Baltimore
0.10 miles
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Gordon Plaza
0.11 miles
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Baltimore Design School
0.30 miles
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Baltimore Montessori Public Charter School
0.32 miles
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Saint Frances Academy
0.43 miles
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Downtown Baltimore Child Care / Park Avenue
0.44 miles
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Midtown Academy
0.45 miles
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Maryland Institute College of Art
0.45 miles
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Baltimore School For The Arts
0.49 miles
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Grace and Saint Peters School
0.50 miles
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All My Children Child Care Center
0.41 miles
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Bolton Hill Nursery
0.43 miles
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Charles Plaza Child Care & Development
0.83 miles
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Saint Vincent de Paul Head Start
0.96 miles
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Downtown Baltimore Child Care, Inc.
1.01 miles
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Headstart, Harford Elementary School Modular
1.35 miles
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Homewood Early Learning Center
1.57 miles
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Dynamic Deliverance Childcare Center
2.12 miles
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Bright Stars Learning Center
2.29 miles
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Mema's Early Learning Center LLC, License
2.30 miles
Frequently Asked Questions
How much does Preston Street Lofts cost?
The space currently listed for sale at Preston Street Lofts asks for $1,900,000.
What is the total square footage of Preston Street Lofts?
Preston Street Lofts totals 8,302 square feet.
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