PRESTON
PLACE
112-114 E Preston St.
Baltimore, MD 21202
Opportunity to Acquire a well-maintained multifamily asset with value-add opportunity located in Historic Mount Vernon
112-114 E Preston St. | Baltimore, MD 21202
Harbor Stone Advisors is pleased to present Preston Place, a well-maintained multifamily asset with value-add opportunity located in Historic Mount Vernon. The property is a 3-minute walk from the University of Baltimore and a half mile from UMMC Midtown Campus. Lofts at 1210-1212 Saint Paul is also a 7-minute walk from Penn Station, which is undergoing $150 million worth of renovations over the next several years.
The property 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.
The 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. Comparable properties nearby are achieving rents at least $250 higher on average. There is also an ability to implement a water reimbursement program upon renewal and/or new lease. Preston Place has pre-existing debt that can be assumed. The current loan balance is $728,622 with an interest rate of 5.22% and a maturity of February 2029.
PRICE: $1,300,000
# OF UNITS: 10
AVG. RENT: $1,176
YEAR BUILT: 1900
WALK SCORE: 97
NEIGHBORHOOD SPOTLIGHT: MOUNT VERNON
Preston Place 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 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.
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