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10,040 SqFt
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10,040 SqFt
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
Square Footage 10,040 sqft
Price per Sqft $99
MLS Listing ID MDBA2161214
Originating Board BRIGHT
Year Built 1900
Tax Year 2024
Lot Size 2,916 Sqft
Acres 0.07
Property Sub-Type Five Or More Units
Property Description
List price to be opening bid. Online auction to be conducted on Auctioneers website.Bidding begins Thursday, April 10th & ends Tuesday, April 15th, 2025 at 12:00PM. 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 counter-tops, 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 floor-plans, 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 $17,799** **Current Annual Gross Scheduled Rent of $213,588** ***Potential for new ownership to increase rents to current market conditions****
***Potential for monthly rent income of $18,504**** ***Potential for annual rent income of $222,048****
The property has approximately 4 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 $1,035/month. Unit 2: Studio apartment. currently rented for $1,050/month. Unit 3: Studio apartment currently rented for $1,100/month
Unit 4: Studio apartment currently rented for $1,300/month.Unit 5: 2 Bedroom apartment currently rented for $1,599/month. Unit 6: Studio apartment currently rented for $1,060/month. Unit 7: Studio apartment currently rented for $1,100/month. Unit 8: 2 bedroom apartment currently rented for $1,625/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 $935/month. Unit 12: Studio apartment currently rented for $900/month. Unit 13: Ground floor commercial unit currently leased for $3,811/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. Select Annual Expenses: Public Service Meter: $2,755, Insurance: $7,559. Real Estate Taxes: $15,580. Water/Sewer: $5,389 Licenses: $1,020 Fire/Safety Monitoring: $2,793 The owners self manage the property and handle removal.
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 $17,799** **Current Annual Gross Scheduled Rent of $213,588** ***Potential for new ownership to increase rents to current market conditions****
***Potential for monthly rent income of $18,504**** ***Potential for annual rent income of $222,048****
The property has approximately 4 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 $1,035/month. Unit 2: Studio apartment. currently rented for $1,050/month. Unit 3: Studio apartment currently rented for $1,100/month
Unit 4: Studio apartment currently rented for $1,300/month.Unit 5: 2 Bedroom apartment currently rented for $1,599/month. Unit 6: Studio apartment currently rented for $1,060/month. Unit 7: Studio apartment currently rented for $1,100/month. Unit 8: 2 bedroom apartment currently rented for $1,625/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 $935/month. Unit 12: Studio apartment currently rented for $900/month. Unit 13: Ground floor commercial unit currently leased for $3,811/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. Select Annual Expenses: Public Service Meter: $2,755, Insurance: $7,559. Real Estate Taxes: $15,580. Water/Sewer: $5,389 Licenses: $1,020 Fire/Safety Monitoring: $2,793 The owners self manage the property and handle removal.
Location
State MD
County Baltimore City
Zoning C-2
Interior
Hot Water Electric
Heating Other
Cooling Other
Heat Source Other
Exterior
Water Access N
Accessibility None
Garage N
Building
Sewer Public Sewer
Water Public
New Construction N
Schools
School District Baltimore City Public Schools
Others
Tax ID 0311010466 038
Ownership Fee Simple
SqFt Source Assessor
Special Listing Condition Auction
Listed by Matthew S Cooper • Alex Cooper Auctioneers, Inc.
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "