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2-4 E Preston Street

BALTIMORE, MD 21202
  • $1,250,000
  • STATUS: Active
  • ON SITE: 88 Days
  • ID#: MDBA2114880
UPDATED: 129 min ago
$1,250,000
  • 0
    BEDS
  • 0.07
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Type:
Commercial
Built:
1900
County:

School Ratings & Info

Description

List price to be opening bid. Online auction to be conducted on Auctioneers website. Bidding begins Thursday, May 9th & ends Tuesday, May 14th, 2024 at 1:00 pm. Introducing the exclusive Preston Street Lofts, an exceptional investment opportunity nestled in the vibrant heart of Baltimore. This premier apartment complex with ground floor retail boasts stainless steel appliances"including refrigerators, ranges, microwaves, and dishwashers"complemented by stunning granite countertops, soft-close cabinetry, and new hardwood flooring. The design elegance extends to double vanity bathrooms and expansive 9-foot ceilings across a variety of uniquely crafted floorplans, with the 2-bedroom units featuring the luxury of dual entryways. Each unit has their own washer/dryer. Heating and cooling are provided by mini split systems. Each unit is separately metered for gas and electric. Each unit has access control which includes a key fob and keypad/intercom for visitors at the front entrance. The property is Lead Free. Strategically located within short walking distance to key Baltimore landmarks such as The University of Baltimore and the Maryland Institute College of Art. A CityLink bus stop directly in front of the building provides swift bus transportation to the renowned Inner Harbor, Inner Harbor East, Federal Hill, Canton and countless other neighborhoods. Penn Station, only two blocks away, offers convenient access to those who commute to Washington DC, Philadelphia or New York City. Preston Street Lofts offers unparalleled access to Baltimore City's rich cultural tapestry and beyond. Just blocks from your investment, a world of entertainment unfolds. From quaint dining experiences and local art galleries to the thriving performing arts scene, Preston Street Lofts promises not just a property, but a lifestyle investment. The property is even conveniently located across the street from a Starbucks. Don't miss out on the chance to make a landmark investment in one of Baltimore's most promising locales. **Current Gross Monthly Scheduled Rent of $17,418** **Current Annual Gross Scheduled Rent of $209,016** ***Potential for new ownership to increase rents to current market conditions*******Potential for monthly rent income of $18,962*******Potential for annual rent income of $227,546****The property has approximately 5 years left of CHAP credit on the real estate taxes. See CHAP letter in the document section. Luxury 13 unit building with 12 apartment units and 1 ground floor retail unit. Rent Roll: Unit 1: Studio apartment currently rented for $1,000/monthUnit 2: Studio apartment currently rented for $1,050/month - move in 3/29/24 Unit 3: Studio apartment currently rented for $1,100/month Unit 4: Studio apartment currently rented for $1,250/monthUnit 5: 2 Bedroom apartment currently rented for $1,599/month - move in 3/31/24 Unit 6: Studio apartment currently rented for $1,050/month Unit 7: Studio apartment currently rented for $1,050/month Unit 8: 2 bedroom apartment currently rented for $1,550/month Unit 9: Studio apartment currently rented for $1,135/month Unit 10: Studio apartment currently rented for $1,149/month Unit 11: Studio apartment currently rented for $885/month Unit 12: Studio apartment currently rented for $900/month Unit 13: Ground floor commercial unit currently leased for $3,700/month Note about commercial tenant: While the tenant has a robust restaurant business, it is important to note that they have a flourishing food truck business that needed more kitchen space. The need for more space for the food truck business was the catalyst for the leasing of this unit. This ensures the tenant has a well rounded revenue stream that is more resilient than a stand alone restaurant operator only.

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©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Great Falls Great Homes | Long & Foster Real Estate. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-05-19T14:57:27.127.
www.greatfallsgreathomes.com/homes/147752565
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2-4 E Preston Street BALTIMORE, MD 21202

  • Price: $1,250,000
  • Status: Active
  • On Site: 88 Days
  • Updated: 129 min ago
  • ID#: MDBA2114880
0
Beds
0
Baths
0
½ Baths
0.07
Acres
1900
Built
County:
Baltimore City
School District:
Baltimore City Public Schools
Property Description
List price to be opening bid. Online auction to be conducted on Auctioneers website. Bidding begins Thursday, May 9th & ends Tuesday, May 14th, 2024 at 1:00 pm. Introducing the exclusive Preston Street Lofts, an exceptional investment opportunity nestled in the vibrant heart of Baltimore. This premier apartment complex with ground floor retail boasts stainless steel appliances"including refrigerators, ranges, microwaves, and dishwashers"complemented by stunning granite countertops, soft-close cabinetry, and new hardwood flooring. The design elegance extends to double vanity bathrooms and expansive 9-foot ceilings across a variety of uniquely crafted floorplans, with the 2-bedroom units featuring the luxury of dual entryways. Each unit has their own washer/dryer. Heating and cooling are provided by mini split systems. Each unit is separately metered for gas and electric. Each unit has access control which includes a key fob and keypad/intercom for visitors at the front entrance. The property is Lead Free. Strategically located within short walking distance to key Baltimore landmarks such as The University of Baltimore and the Maryland Institute College of Art. A CityLink bus stop directly in front of the building provides swift bus transportation to the renowned Inner Harbor, Inner Harbor East, Federal Hill, Canton and countless other neighborhoods. Penn Station, only two blocks away, offers convenient access to those who commute to Washington DC, Philadelphia or New York City. Preston Street Lofts offers unparalleled access to Baltimore City's rich cultural tapestry and beyond. Just blocks from your investment, a world of entertainment unfolds. From quaint dining experiences and local art galleries to the thriving performing arts scene, Preston Street Lofts promises not just a property, but a lifestyle investment. The property is even conveniently located across the street from a Starbucks. Don't miss out on the chance to make a landmark investment in one of Baltimore's most promising locales. **Current Gross Monthly Scheduled Rent of $17,418** **Current Annual Gross Scheduled Rent of $209,016** ***Potential for new ownership to increase rents to current market conditions*******Potential for monthly rent income of $18,962*******Potential for annual rent income of $227,546****The property has approximately 5 years left of CHAP credit on the real estate taxes. See CHAP letter in the document section. Luxury 13 unit building with 12 apartment units and 1 ground floor retail unit. Rent Roll: Unit 1: Studio apartment currently rented for $1,000/monthUnit 2: Studio apartment currently rented for $1,050/month - move in 3/29/24 Unit 3: Studio apartment currently rented for $1,100/month Unit 4: Studio apartment currently rented for $1,250/monthUnit 5: 2 Bedroom apartment currently rented for $1,599/month - move in 3/31/24 Unit 6: Studio apartment currently rented for $1,050/month Unit 7: Studio apartment currently rented for $1,050/month Unit 8: 2 bedroom apartment currently rented for $1,550/month Unit 9: Studio apartment currently rented for $1,135/month Unit 10: Studio apartment currently rented for $1,149/month Unit 11: Studio apartment currently rented for $885/month Unit 12: Studio apartment currently rented for $900/month Unit 13: Ground floor commercial unit currently leased for $3,700/month Note about commercial tenant: While the tenant has a robust restaurant business, it is important to note that they have a flourishing food truck business that needed more kitchen space. The need for more space for the food truck business was the catalyst for the leasing of this unit. This ensures the tenant has a well rounded revenue stream that is more resilient than a stand alone restaurant operator only.
Exterior Features

Construction Materials Stone Garage YN No Parking Types None Water Access YN No Water View YN No Waterfront YN No

Interior Features

Building Area Total 10040.00 Cooling Other Heating Other Heating YN Yes Net Square Feet 8060.00

Property Features

Accessibility Features None Central Air YN No Cooling Fuel Electric Heating Fuel Other Hot Water Electric Municipality Baltimore City Navigable Water YN N New Construction YN No Number Of Units Total 12 Original MLSNumber 802875058332 Ownership Interest Fee Simple Property Sub Type Mixed Use Sale Type Auction Sewer Public Sewer Tax Annual Amount 32548.00 Tax Lot 038 Vacation Rental YN No Water Source Public Zoning C-2

Listing courtesy of Alex Cooper Auctioneers, Inc.: .


©2024 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or Great Falls Great Homes | Long & Foster Real Estate. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2024-05-19T14:57:27.127.
 
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