For Sale
$1,300,000

112 Preston StBaltimore, MD 21202

Historic Mount Vernon multifamily investment

Overview

Added:
Dec 11, 2024
Days on market:
116
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

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112 Preston St
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