10-Unit Apartment
For Sale
Contact for pricing
112 E Preston St, Baltimore, MD 21202
Multifamily property with renovated common areas and apartments featuring hardwood flooring, wood cabinetry, and laminate countertops.
Property Size8,400 SF
Price / SF$151.19
Days on Market781
Property Features for 112 E Preston St
General Information
Standard status
Active
Size
8,400 SF
Property subtype
Multifamily
Zoning
OR-2
Occupancy
100%
Building Details
Year Built
1900
Year Renovated
2018
Buildings
2
Stories
4
Units
10
Listing Agency:
Harbor Stone Advisors
Listed By:
Justin Verner · License #MD 630799
Source:
Crexi
Added: Jul 16, 2024
Changed: Aug 29
Last Checked: Aug 31 at 3:14PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Harbor Stone Advisors
Investment Insights
Based on property information with market context.
This 8,400-square-foot apartment property contains 10 units, including 2 studios and 8 one-bedroom, one-bath apartments. Built in 1900, the building includes unit interiors with black-and-white appliances, wood cabinets, laminate countertops, and hardwood flooring. Ownership has completed renovations in multiple units and updated the common areas. The property is zoned OR-2.
Located at 112 E Preston St in Baltimore, the building is a 3-minute walk from the University of Baltimore and 0.5 mile from UMMC Midtown Campus. Penn Station is a 7-minute walk away. The property offers an established apartment configuration with a defined unit mix and recent improvements to portions of the interiors and shared spaces.
Located at 112 E Preston St in Baltimore, the building is a 3-minute walk from the University of Baltimore and 0.5 mile from UMMC Midtown Campus. Penn Station is a 7-minute walk away. The property offers an established apartment configuration with a defined unit mix and recent improvements to portions of the interiors and shared spaces.
Key Highlights
- 10 apartments: 2 studios and 8 1 Br‑1 Ba units
- 8,400 SF multifamily property built in 1900
- 3‑minute walk from the University of Baltimore
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$109,439
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
8.62%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,188,780
$2.2M
Cap Rate 7%
$1,563,414
$1.6M
Cap Rate 9%
$1,215,989
$1.2M
Market Conditions
NOI Build-Up for 8,400 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$211.7K $25.20/SF
− Vacancy
−$12.7K −$1.51/SF
EGI
$199.0K $23.69/SF
− OpEx
−$89.5K −$10.66/SF
NOI
$109.4K $13.03/SF
Area
Baltimore, MD
Vacancy
6.00%
Lease Rate
$25.20 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$2,188,780
Cap Rate 7%
$1,563,414
Cap Rate 9%
$1,215,989
Alternative Uses
Best Use
Apartment 5plus
$1.56M
$1.37M – $1.82M
NOI $109,439 @ 7.0% cap · market cap 8.62%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.01M
$1.76M – $2.35M
NOI $140,868 @ 7.0% cap · market cap 11.09%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
4,243
Businesses Nearby
Explore this area
Business Placement
Demographics for 21202, MD
22,247
Population
12,731
Households
1.7
Avg Household Size
33
Median Age
48%
College-Educated
86%
High-School Grad
1.6 sq mi
ZIP Area
13,904
Density / Sq Mi
$61,578
Median Household Income
$53,609
Median Earnings
$1,497
Median Rent
$307,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Apartment building - Multifamily property with renovated common areas and apartments featuring hardwood flooring, wood cabinetry, and laminate countertops.
Where is this apartment building located?
The property is located at 112 E Preston St Baltimore, MD.
What is the asking price?
The asking price for this property is $1,270,000.
What are key features of this property?
This property features: 10 apartments: 2 studios and 8 1 Br‑1 Ba units; 8,400 SF multifamily property built in 1900; 3‑minute walk from the University of Baltimore
