Property Description
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 appliancesincluding refrigerators, ranges, microwaves, and dishwasherscomplemented 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.