Preston Place

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

• prestonplace.sharplaunch.com (PDF) opens in new window

Location