112 Preston St Baltimore, MD 21202

Property Details for 112 Preston St

Year built

1900

Property size

8,400 SF

Property type

Commercial real estate

APN

11-01-0467-005

Description

This exceptional 10-unit apartment building, known as Preston Place, presents a compelling investment opportunity in Baltimore's vibrant Historic Mount Vernon neighborhood. The property, comprised of two four-story buildings totaling 8,400 square feet on a 3,230 square foot lot, boasts a desirable location just a three-minute walk from the University of Baltimore and a half-mile from UMMC Midtown Campus. Currently operating at 100% occupancy, the building features a mix of two studio and eight one-bedroom, one-bathroom apartments. Units include black/white appliances, wood cabinets, laminate countertops, and hardwood flooring. Extensive renovations were completed in 2018 and 2024, encompassing both units and common areas. The property is zoned OR-2 and offers significant value-add potential through light upgrades to units, such as installing stainless steel appliances and granite countertops, to capitalize on higher achievable rents in the area. An existing loan with a balance of $729,717, a 5.22% interest rate, and a maturity date of February 2029, is assumable. The property's location, strong occupancy, and renovation history make it an attractive investment with potential for substantial returns. The asking price is $1,300,000, representing $130,000 per unit. The property's APN is 11-01-0467-005. Built in 1900, this fee simple ownership opportunity is ready for a new owner to enhance its value and profitability.