PRESTON STREET LOFTS
2-4 E Preston St.
Baltimore, MD 21202
Luxury, Gut Renovated Asset in Historic Mount Vernon
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.
| PRICE: | $1,900,000 |
| # OF UNITS: | 13 |
| AVG RES. RENT: | $1,154 |
| YEAR BUILT: |
1900 |
| YEAR RENOVATED: | 2019 |
| WALK SCORE: | 96 |
NEIGHBORHOOD SPOTLIGHT: MOUNT VERNON
Preston Street Lofts is located within the Mount Vernon neighborhood in Baltimore City, one of the city’s oldest neighborhoods littered with museums, theaters, and libraries, as well as boutique shops and cafes. The subject properties are nearby top colleges and universities, including Maryland Institute College of Art (MICA), one of the country’s premier art schools, and Johns Hopkins University.
Walkability is the name of the game, and the property is within walking distance of a plethora of retail and entertainment. This historic neighborhood features attractions like the Washington Monument, Walters Art Museum, the George Peabody Library, and top eateries like Restaurante Tio Pepe and Sotto Sopra. Minutes to the historic Bolton Hill neighborhood, which features significant landmarks such as MICA, the former home of author F. Scott Fitzgerald, and the Francis Scott Key monument.
The property is a 5-minute drive from Baltimore’s historic Penn Station, which is set to receive $150 million in renovations in the coming years. Penn Station offers convenient access to public transportation, with access to Amtrak trains and the MARC commuter train to Washington, D.C. Additionally, the property is less than a half-mile from the nearest LightRail Station, which provides direct access north to Hunt Valley and south to BWI Airport. The nearest Subway Station, which provides direct access to Johns Hopkins Hospital (30,000 employees), is less than one mile away.
LOCAL TRANSIT MAP
INVESTMENT HIGHLIGHTS
- 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
- 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
- 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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