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Listed by Matt Cooper • Alex Cooper Auctioneers, Inc.
$ 750,000
Est. payment | /mo
2,916 Sqft Lot
$ 750,000
Est. payment | /mo
2,916 Sqft Lot
Key Details
Property Type Commercial
Sub Type Five Or More Units
Listing Status Active
Purchase Type For Sale
MLS Listing ID MDBA2217926
Year Built 1900
Tax Year 2024
Lot Size 2,916 Sqft
Acres 0.07
Property Sub-Type Five Or More Units
Source BRIGHT
Property Description
List price to be opening bid. Online auction to be conducted on Auctioneers website.Bidding begins Saturday, July 11th & ends Thursday, July 16, 2025 at 1:00PM. 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 $11,780** **Current Annual Gross Scheduled Rent of $141,360** ***Potential for new ownership to increase rents to current market conditions**** ***Potential for monthly rent income of $18,615**** ***Potential for annual rent income of $223,380**** The property has approximately 3 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: Includes Utility Reimbursement & Pet Rent(if applicable).
Unit 1: Studio apartment currently rented for $1,099/month
Unit 2: Studio apartment currently rented for $1,149/month
Unit 3: Studio apartment currently rented for $1,179/month
Unit 4: Studio apartment currently vacant and rents for $1,399/month
Unit 5: 2 Bedroom apartment currently rented for $1,669/month
Unit 6: Studio apartment currently rented for $1,149/month
Unit 7: Studio apartment currently rented for $1,179/month
Unit 8: 2 bedroom apartment currently rented for $1,625/month
Unit 9: Studio apartment currently rented for $1,149/month
Unit 10: Studio apartment currently rented for $1,179/month
Unit 11: Studio apartment currently rented for $1,029/month
Unit 12: Studio apartment currently rented for $999/month
Unit 13: Ground floor commercial unit currently vacant and was leased for $3,811/month
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 of trash. The new owner will need to take over this responsibility.
Unit 1: Studio apartment currently rented for $1,099/month
Unit 2: Studio apartment currently rented for $1,149/month
Unit 3: Studio apartment currently rented for $1,179/month
Unit 4: Studio apartment currently vacant and rents for $1,399/month
Unit 5: 2 Bedroom apartment currently rented for $1,669/month
Unit 6: Studio apartment currently rented for $1,149/month
Unit 7: Studio apartment currently rented for $1,179/month
Unit 8: 2 bedroom apartment currently rented for $1,625/month
Unit 9: Studio apartment currently rented for $1,149/month
Unit 10: Studio apartment currently rented for $1,179/month
Unit 11: Studio apartment currently rented for $1,029/month
Unit 12: Studio apartment currently rented for $999/month
Unit 13: Ground floor commercial unit currently vacant and was leased for $3,811/month
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 of trash. The new owner will need to take over this responsibility.
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
Special Listing Condition Auction
NEARBY SCHOOLS & PROPERTIES
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