Preston Place

For Sale

112-114 E. Preston St., Baltimore, MD 21202

This Baltimore property for sale is located at 112-114 E. Preston St.. The current listed sale price for Preston Place is $1,300,000.

Contacts

broker

Justin Verner

Harbor Stone Advisors

broker

Brooks Healy

Harbor Stone Advisors

broker

Tom Wohlgemuth

Harbor Stone Advisors

broker

Shana Sabie

Harbor Stone Advisors

broker

Todd Galvin

Harbor Stone Advisors

Property Details

  • Property Type Other
  • Units 10
  • Additional Rent Contact for pricing
  • Year Built 1900
  • Date Updated Nov 4, 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.

97 Walk Score of 112 East Preston Street Baltimore MD 21202

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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)

Attachments

Getting around

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  • 100/100

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  • 85/100

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Location

  • City Baltimore, MD
  • Neighborhood Mount Vernon
  • Zip Code 21202
  • Market Baltimore

Points of Interest

  • Mount Vernon

    0.33 miles

  • Cultural Center

    0.37 miles

  • State Center

    0.42 miles

  • Baltimore Penn Station

    0.52 miles

  • Mount Royal / MICA

    0.56 miles

  • Lexington Market

    0.58 miles

  • Charles Center

    0.71 miles

  • Baltimore Arena

    0.81 miles

  • Shot Tower

    0.87 miles

  • North Avenue

    0.90 miles

  • Carroll Motor Fuels

    0.36 miles

  • Gulf

    0.57 miles

  • Front Street Fuel Station (Government only)

    0.58 miles

  • Exxon

    0.64 miles

  • Marathon

    0.68 miles

  • ChargePoint

    0.79 miles

  • Oceanic

    0.91 miles

  • BP

    1.00 miles

  • Sunoco

    1.04 miles

  • US Fuel

    1.05 miles

  • Park PMI

    0.12 miles

  • PNC Bank

    0.18 miles

  • Cathedral Street Lot

    0.23 miles

  • Lot A

    0.24 miles

  • Maryland Avenue Garage

    0.24 miles

  • 601 N Calvert Street Garage

    0.26 miles

  • 1205 Maryland Avenue Public Parking Lot

    0.28 miles

  • Lot B

    0.28 miles

  • Maryland General Hospital Parking Garage

    0.31 miles

  • Symphony Center Parking

    0.32 miles

  • Ulysses

    0.02 miles

  • Midtown Inn

    0.14 miles

  • Belvedere

    0.14 miles

  • Hotel Brexton

    0.19 miles

  • Biltmore Suites Hotel - Park Avenue Building

    0.21 miles

  • Revival Baltimore

    0.21 miles

  • Biltmore Suites Hotel - Main Building

    0.22 miles

  • The Ivy Hotel

    0.26 miles

  • Downtown Hotel

    0.30 miles

  • Hotel Indigo

    0.34 miles

  • Eddie's of Mount Vernon

    0.09 miles

  • Po Tung Oriental Grocery

    0.46 miles

  • Streets Market & Cafe

    0.55 miles

  • Charles Plaza

    0.55 miles

  • OK Market & Deli

    0.57 miles

  • 7 Food Market

    0.59 miles

  • Save-A-Lot

    0.72 miles

  • The Gallery at Harborplace

    0.91 miles

  • Harlem Grocery

    0.98 miles

  • Pratt Street Pavilion (Harbor Place)

    0.99 miles

In-Depth Research Available for this Property

Access more in-depth information about this property — including ownership, tenant details, property characteristics and transaction history, along with local market insights and much more — on CommercialEdge.

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