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.
Highlights
Exceptional 10-unit apartment building investment opportunity in Baltimore's Historic Mount Vernon neighborhood.
Value-add potential through light unit upgrades to increase rents.
Assumable loan with $729,717 balance, 5.22% interest, maturing February 2029.
Prime location: 3-minute walk to University of Baltimore.
Property Details
for 112 Preston St
Property type
Apartment buildings
Square Feet
8,400 SF
Year Built
1900
Buildings
2
Stories
4
Units
10
Location Insight
City
Baltimore
County
Baltimore City
State
Maryland
Latitude
39.304583798462
Longitude
-76.613640630191
112 Preston St, Baltimore, Maryland
Nearby Similar for Sale
For Sale
$40,000
Baltimore 2-Unit Redevelopment Opportunity
Distressed multifamily, prime West Baltimore location.
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Contacts
Justin Verner
Brooks Healy
Tom Wohlgemuth
Visit Broker Website
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Useful Information
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112 Preston St, Baltimore, Maryland, 21202
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Disclaimer
The property value estimates provided on this website are automated calculations based on publicly available data, user-submitted information, and proprietary algorithms. These estimates are not appraisals and should not be used as a substitute for a professional valuation by a licensed appraiser.
We do not guarantee the accuracy, reliability, or completeness of these estimates, as market conditions, property features, and other factors may affect actual property values. Users should conduct their own due diligence and consult with a real estate professional before making financial or investment decisions.
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112 Preston St
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