Preston Street Lofts

Preston Street Lofts is located within the Mount Vernon neighborhood in Baltimore City, one of the city’s oldest neighborhoods littered with museums, theatres, and libraries, as well as boutique shops and cafes. The subject properties are nearby top colleges and universities, including Maryland Institute College of Art (MICA), one of the country’s premier art schools, and Johns Hopkins University. Walkability is the name of the game, and the property is within walking distance of a plethora of retail and entertainment. This historic neighborhood features attractions like the Washington Monument, Walters Art Museum, the George Peabody Library, and top eateries like Restaurante Tio Pepe and Sotto Sopra. Minutes to the historic Bolton Hill neighborhood, which features significant landmarks such as MICA, the former home of author F. Scott Fitzgerald, and the Francis Scott Key monument. The property is a 5-minute drive from Baltimore’s historic Penn Station, which is set to receive $150 million in renovations in the coming years. Penn Station offers convenient access to public transportation, with access to Amtrak trains and the MARC commuter train to Washington, D.C. Additionally, the property is less than a half-mile from the nearest LightRail Station, which provides direct access north to Hunt Valley and south to BWI Airport. The nearest Subway Station, which provides direct access to Johns Hopkins Hospital (30,000 employees), is less than one mile away.Harbor Stone Advisors and Alex Cooper Auctioneers are pleased to present Preston Street Lofts, a gut-renovated, mixed use asset located in Historic Mount Vernon. The property is a 1-minute walk from University of Baltimore and a half mile from UMMC Midtown Campus. Preston Street Lofts is also a 5 minute walk to Penn Station, which is under going $150 million worth of renovations over the next several years. The property features 12 apartments with a unit mix of (10) Studios, (1) 1 Br-1 Ba, and (1) 2 Br-1 Ba units, as well as (1) commercial space. Current ownership completed a comprehensive gut renovation in 2019 which included updating all of the residential units. Typical unit features include a stainless steel appliance package, granite counter tops, hardwood floors, wood cabinets, and in-unit washer/dryers. In addition to renovating the apartments, ownership also updated the plumbing and mechanical systems, leaving minimal deferred maintenance for a new owner. The opportunity exists for a new owner to organically increase rents upon unit turnovers. Preston Street Lofts has an existing CHAP Tax Credit that runs through 2028-2029 tax year.