2 E Preston St, Baltimore, MD 21202

Located in the heart of Baltimore, this premier apartment complex, known as Preston Street Lofts, presents an exceptional investment opportunity. The property features 12 apartment units and one ground-floor retail unit. The apartments are equipped with stainless steel appliances, including refrigerators, ranges, microwaves, and dishwashers, granite countertops, soft-close cabinetry, and new hardwood flooring. The units also feature double vanity bathrooms and 9-foot ceilings. The two-bedroom units offer dual entryways, and each unit includes its own washer and dryer. Heating and cooling are provided by mini-split systems. Each unit is separately metered for gas and electric and has access control with a key fob and keypad/intercom for visitors. The building is lead-free. The ground floor commercial unit is currently leased. The property is located within walking distance of The University of Baltimore and the Maryland Institute College of Art. A CityLink bus stop in front of the building provides transportation to Inner Harbor, Inner Harbor East, Federal Hill, and Canton. Penn Station is two blocks away, offering access to Washington DC, Philadelphia, and New York City. The property is located across the street from a Starbucks. The current gross monthly scheduled rent is $17,418, with a current annual gross scheduled rent of $209,016. The property has approximately 5 years left of CHAP credit on the real estate taxes. Select annual expenses include a public service meter at $1,050, insurance at $5,525, real estate taxes at $15,523, water/sewer at $3,980, licenses at $600, and fire/safety monitoring at $2,223. The owners currently self-manage the property and handle trash removal, a responsibility the new owner will need to assume.