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    Apartment Building with Ground Retail Title is generated by Realmo AI

    2-4 East Preston Street, Baltimore, MD 21202

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    13-unit property with in-unit washer/dryers and separately metered gas and electric, plus a ground-floor retail unit.

    Type:Retail, Multifamily
    Property size:
    8,060 SF
    Added:
    Jun 3, 2026
    Days on Market:
    5
    Last Refresh:
    Jun 6 at 2:26 am

    Property Features for 2-4 East Preston Street

    General Information

    Standard status
    Active
    Size
    8,060 SF
    Property subtype
    Retail, Multifamily

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Matthew Cooper

    Listing agent Matthew Cooper License #MD 594308

    Listing office Alex Cooper Auctioneers, Inc

    Listing date Jun 3, 2026

    Source Crexi

    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 Alex Cooper Auctioneers, Inc

    HighLights

    • 13‑unit building with 12 apartment units plus 1 ground‑floor retail unit
    • All units have in‑unit washer/dryer, and heating/cooling is provided by mini split systems
    • Separately metered gas and electric for each unit, with key fob and keypad/intercom access control at the front entrance
    • Current scheduled rents: $11,780 gross monthly and $141,360 gross annual (rental income includes utility reimbursement and pet rent, if applicable)
    • Unit mix includes 2‑bedroom units with dual entryways; multiple studio units are currently rented, with 2 units vacant
    • Ground‑floor retail unit is currently vacant and previously leased for $3,811/month; Lead Free and about 3 years remaining of CHAP credit for real estate taxes

    Overview

    Preston Street Lofts is a 13-unit building comprised of 12 apartment units and one ground-floor retail unit. The residences feature stainless steel kitchen appliances, granite countertops, soft-close cabinetry, and new hardwood flooring, with double vanity bathrooms and expansive 9-foot ceilings. Apartment layouts include studio units and 2-bedroom units, and the 2-bedroom floor plans offer dual entryways. Each unit includes its own washer/dryer, with heating and cooling provided by mini split systems. Utilities are separately metered for gas and electric, and access control at the front entrance includes a key fob plus a keypad/intercom for visitors. The building is Lead Free, and tenant units also have individual access control.

    The property is located at 2-4 East Preston Street in Baltimore, Maryland. A CityLink bus stop sits directly in front of the building, and the site is within walking distance of the University of Baltimore and the Maryland Institute College of Art. Penn Station is approximately two blocks away, and the property is across the street from a Starbucks.

    The current gross monthly scheduled rent is $11,780, with current annual gross scheduled rent of $141,360. The rent roll includes studio units in multiple configurations and one 2-bedroom unit, plus a currently vacant ground-floor commercial space that was previously leased. The asset also has approximately three years remaining of CHAP credit on real estate taxes. The owners self-manage and handle trash removal, and a new owner will need to take over that responsibility. Note: this is an Online Auction Only offering, with bidding beginning Saturday, July 11 and ending Thursday, July 16, 2025 at 1:00 PM.
    Location Intelligence

    Current Use by Public Records

    Preston Street Lofts Apartment Building

    Suggested Use

    Restaurant Real Estate Agency Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Food Market Gym & Fitness Center Grocery & Convenience Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Baltimore
    County
    Baltimore
    State
    Maryland
    Longitude
    -76.6158711
    Latitude
    39.3047064

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    FAQs

    What type of property is this?
    Apartment building - 13-unit property with in-unit washer/dryers and separately metered gas and electric, plus a ground-floor retail unit.
    Where is this apartment building located?
    The property is located at 2-4 East Preston Street Baltimore, MD.
    What are key features of this property?
    This property features: 13‑unit building with 12 apartment units plus 1 ground‑floor retail unit; All units have in‑unit washer/dryer, and heating/cooling is provided by mini split systems; Separately metered gas and electric for each unit, with key fob and keypad/intercom access control at the front entrance
    (410) 977-4711 Call to check price and availability
    We can help!
    Contact for Pricing
    Please call us for current price
    and status of this listing
    Matthew Cooper
    Real Estate License ID: MD 594308
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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