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Preston Place 112 E Preston St 10 Unit Apartment Building $1,300,000 ($130,000/Unit) Baltimore, MD 21202
INVESTMENT HIGHLIGHTS
- Opportunity to Acquire a Well Maintained Asset in Historic Mount Vernon
- In-Place Assumable Debt
- Ability to Create Value and Increase Rents Via Light Renovation Program
- Located in Historic Mount Vernon; 3 Minute Walk to University of Baltimore
EXECUTIVE SUMMARY
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 $729,717 with an interest rate of 5.22% and a maturity of February 2029.
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 $729,717 with an interest rate of 5.22% and a maturity of February 2029.
PROPERTY FACTS
| Price | $1,300,000 | Building Class | C |
| Price Per Unit | $130,000 | Lot Size | 0.07 AC |
| Sale Type | Investment | Building Size | 8,400 SF |
| No. Units | 10 | Average Occupancy | 100% |
| Property Type | Multifamily | No. Stories | 4 |
| Property Subtype | Apartment | Year Built/Renovated | 1900/2024 |
| Apartment Style | Mid-Rise | ||
| Zoning | OR-2 - office residential | ||
| Price | $1,300,000 |
| Price Per Unit | $130,000 |
| Sale Type | Investment |
| No. Units | 10 |
| Property Type | Multifamily |
| Property Subtype | Apartment |
| Apartment Style | Mid-Rise |
| Building Class | C |
| Lot Size | 0.07 AC |
| Building Size | 8,400 SF |
| Average Occupancy | 100% |
| No. Stories | 4 |
| Year Built/Renovated | 1900/2024 |
| Zoning | OR-2 - office residential |
AMENITIES
UNIT AMENITIES
- Air Conditioning
- Dishwasher
- Disposal
- Washer/Dryer
- Heating
UNIT MIX INFORMATION
| DESCRIPTION | NO. UNITS | AVG. RENT/MO | SF |
|---|---|---|---|
| 1+1 | 10 | - | 600 - 800 |
1 1
Walk Score®
Walker's Paradise (96)
Transit Score®
Rider's Paradise (95)
Bike Score®
Very Bikeable (85)
PROPERTY TAXES
| Parcel Number | 0467-005 | Improvements Assessment | $615,400 |
| Land Assessment | $177,600 | Total Assessment | $793,000 |
PROPERTY TAXES
Parcel Number
0467-005
Land Assessment
$177,600
Improvements Assessment
$615,400
Total Assessment
$793,000
CONTACTS
-
Justin Verner -
Brooks Healy -
Tom Wohlgemuth -
Kevin Landolphi -
Harbor Stone Advisors
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Preston Place | 112 E Preston St
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