Preston Street Lofts

For Sale

2 E Preston St, Baltimore, MD 21202

This Baltimore property for sale is located at 2 E Preston St. The current listed sale price for Preston Street Lofts is $1,900,000.

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
  • Property Size 8,302 SF
  • Units 13
  • Additional Rent Contact for pricing
  • Date Updated Nov 4, 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.

96 Walk Score of 2 East Preston Street Baltimore MD 21202

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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)

Attachments

Getting around

  • 96/100

    Walk Score ®

  • 96/100

    Transit Score ®

  • 90/100

    Bike Score ®

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Location

  • City Baltimore, MD
  • Neighborhood Mid - Town Belvedere
  • Zip Code 21202
  • Market Baltimore

Points of Interest

  • Baltimore Penn Station

    0.20 miles

  • Cultural Center

    0.27 miles

  • Mount Royal / MICA

    0.29 miles

  • State Center

    0.45 miles

  • Mount Vernon

    0.59 miles

  • North Avenue

    0.62 miles

  • Lexington Market

    0.86 miles

  • Charles Center

    1.03 miles

  • Upton

    1.08 miles

  • Baltimore Arena

    1.12 miles

  • Carroll Motor Fuels

    0.06 miles

  • Marathon

    0.37 miles

  • Oceanic

    0.60 miles

  • Sunoco

    0.73 miles

  • Gulf

    0.84 miles

  • Front Street Fuel Station (Government only)

    0.86 miles

  • eVgo

    0.88 miles

  • Exxon

    0.90 miles

  • ChargePoint

    1.08 miles

  • Tesla Destination Charger

    1.52 miles

  • 1205 Maryland Avenue Public Parking Lot

    0.09 miles

  • Penn Station Parking Garage

    0.14 miles

  • PNC Bank

    0.15 miles

  • Mount Royal Avenue Lot

    0.16 miles

  • Maryland Avenue Garage

    0.16 miles

  • Park PMI

    0.20 miles

  • Cathedral Street Lot

    0.20 miles

  • Area D

    0.21 miles

  • Symphony Center Parking

    0.26 miles

  • Fitzgerald Garage

    0.28 miles

  • Downtown Hotel

    0.06 miles

  • The Ivy Hotel

    0.17 miles

  • Belvedere

    0.18 miles

  • Hotel Brexton

    0.30 miles

  • Ulysses

    0.34 miles

  • Midtown Inn

    0.44 miles

  • Biltmore Suites Hotel - Park Avenue Building

    0.47 miles

  • Biltmore Suites Hotel - Main Building

    0.48 miles

  • Motel 6

    0.49 miles

  • Revival Baltimore

    0.52 miles

  • Eddie's of Mount Vernon

    0.27 miles

  • OK Market & Deli

    0.48 miles

  • Save-A-Lot

    0.71 miles

  • Po Tung Oriental Grocery

    0.77 miles

  • Safeway

    0.82 miles

  • Streets Market & Cafe

    0.86 miles

  • 7 Food Market

    0.87 miles

  • Charles Plaza

    0.87 miles

  • O K Groceries

    1.08 miles

  • Harlem Grocery

    1.10 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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