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
  • Units 13
  • Additional Rent Contact for pricing
  • Date Updated Dec 20, 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)

Getting around

  • 98/100

    Walk Score ®

  • 100/100

    Transit Score ®

  • 89/100

    Bike Score ®

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Location

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

Points of Interest

  • Cultural Center

    0.21 miles

  • State Center

    0.22 miles

  • Mount Vernon

    0.28 miles

  • Mount Royal / MICA

    0.45 miles

  • Baltimore Penn Station

    0.51 miles

  • Lexington Market

    0.55 miles

  • North Avenue

    0.79 miles

  • Charles Center

    0.81 miles

  • Baltimore Arena

    0.83 miles

  • Upton

    0.91 miles

  • Carroll Motor Fuels

    0.39 miles

  • Gulf

    0.52 miles

  • Exxon

    0.57 miles

  • Marathon

    0.66 miles

  • Front Street Fuel Station (Government only)

    0.76 miles

  • ChargePoint

    0.78 miles

  • Oceanic

    0.83 miles

  • Sunoco

    0.97 miles

  • Crown

    1.06 miles

  • Clark

    1.12 miles

  • Cathedral Street Lot

    0.13 miles

  • Symphony Center Parking

    0.16 miles

  • Maryland General Hospital Parking Garage

    0.17 miles

  • Maryland Avenue Garage

    0.17 miles

  • PNC Bank

    0.20 miles

  • B

    0.20 miles

  • Park PMI

    0.21 miles

  • Monument Place Resident Parking

    0.23 miles

  • 1205 Maryland Avenue Public Parking Lot

    0.25 miles

  • Mount Royal Avenue Lot

    0.31 miles

  • Hotel Brexton

    0.04 miles

  • Biltmore Suites Hotel - Park Avenue Building

    0.17 miles

  • Biltmore Suites Hotel - Main Building

    0.17 miles

  • Ulysses

    0.21 miles

  • Belvedere

    0.22 miles

  • Revival Baltimore

    0.26 miles

  • Downtown Hotel

    0.28 miles

  • Midtown Inn

    0.32 miles

  • The Ivy Hotel

    0.38 miles

  • Hotel Indigo

    0.41 miles

  • Eddie's of Mount Vernon

    0.13 miles

  • Po Tung Oriental Grocery

    0.50 miles

  • Save-A-Lot

    0.53 miles

  • 7 Food Market

    0.56 miles

  • Streets Market & Cafe

    0.63 miles

  • Charles Plaza

    0.63 miles

  • OK Market & Deli

    0.72 miles

  • Harlem Grocery

    0.81 miles

  • O K Groceries

    0.85 miles

  • The Gallery at Harborplace

    1.02 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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