16-18 E Preston

16-18 E PRESTON

16-18 E Preston St. | Baltimore, MD 21202

Opportunity to Acquire a Well-Maintained, Stabilized Asset in Historic Mount Vernon

• Features 7 large apartments with a unit mix of  (2) 1 Br-1 Ba, (2) 1 Br-1.5 Ba, (2) 2 Br-2 Ba and (1) 3 Br-3 Ba.
• Typical unit features consist of black appliances, wood cabinets, granite countertops, hardwood/LVT flooring, and in-unit washer/dryers.
• Property was previously gut renovated in 2010.

Ability to Organically Increase Rents

• Opportunity exists for a new owner to organically increase rents.
• Potential to increase rents at least 10% based on nearby rent comparables.

Located in Historic Mount Vernon; 1 Block Away From University of Baltimore

• Ranked a Walker’s Paradise by WalkScore; proximity to multiple modes of public transportation.
• Half mile 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 (UMMC), Maryland State Offices, and Social Security Administration.
• Major area colleges nearby: University of Baltimore, Peabody Institute of The Johns Hopkins University, Maryland Institute College of Art (MICA)

16-18 E Preston is located within the Mount Vernon neighborhood in Baltimore City, one of the city’s oldest neighborhoods littered with museums, theatres, and libraries, as well as boutique shops and cafes.

The subject property is blocks away from Maryland Institute College of Art (MICA), one of the country’s premier art schools, and University of Baltimore’s campus begins across the street.

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 less than one-half mile 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.

In addition to 16 - 18 E Preston, the following Mount Vernon apartment buildings are also currently available to be acquired via auction sale:

• 800 Cathedral (5 Units)

• 22 E Preston (5 Units)

• 107 E Chase (7 Units)