2 Preston St Baltimore, MD 21202
- Commercial real estate
- 8,302 SF
- 0.07 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 2 Preston St
- Year built
- 1900
- Lot size
- 0.07 lot acres
- Property size
- 8,302 SF
- Property type
- Commercial real estate
- APN
- 11-01-0466-038
Description
This exceptional investment opportunity presents a meticulously maintained, gut-renovated apartment building in Baltimore's vibrant Mount Vernon neighborhood. The property, known as Preston Street Lofts, consists of two four-story buildings totaling 8,302 square feet on a 0.066-acre lot. Currently boasting 94% occupancy, the building features 13 units: 10 studios, one one-bedroom/one-bathroom, and one two-bedroom/one-bathroom unit. Each unit showcases modern upgrades including granite countertops, hardwood floors, stainless steel appliances, and in-unit laundry. Central heating and air conditioning are provided via mini-split systems. A comprehensive renovation in 2019 addressed all units, plumbing, and mechanical systems, minimizing deferred maintenance. The property benefits from a CHAP Tax Credit extending through the 2028-2029 tax year. A commercial space, currently leased to a restaurant until 2030, adds to the income stream. The prime location offers a one-minute walk to the University of Baltimore campus and proximity to UMMC Midtown Campus and Penn Station (undergoing a $150 million renovation). This fee-simple ownership presents a strong potential for rental income growth. The property's APN is 11-01-0466-038, and it is zoned C-2. The asking price is $1,900,000.
Value Estimation
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CAP approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Baltimore
- County
- Baltimore
- State
- Maryland
- Longitude
- -76.615867167999
- Latitude
- 39.304524428282
