List price to be opening bid. Online auction to be conducted on Auctioneers website. Bidding begins Thursday, May 9th & ends Tuesday, May 14th, 2024 at 1:00 pm. 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 countertops, 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 floorplans, 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 $17,418** **Current Annual Gross Scheduled Rent of $209,016** ***Potential for new ownership to increase rents to current market conditions*******Potential for monthly rent income of $18,962*******Potential for annual rent income of $227,546****The property has approximately 5 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 $1,000/month
Unit 2: Studio apartment currently rented for $1,050/month - move in 3/29/24 Unit 3: Studio apartment currently rented for $1,100/month Unit 4: Studio apartment currently rented for $1,250/month
Unit 5: 2 Bedroom apartment currently rented for $1,599/month - move in 3/31/24 Unit 6: Studio apartment currently rented for $1,050/month Unit 7: Studio apartment currently rented for $1,050/month Unit 8: 2 bedroom apartment currently rented for $1,550/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 $885/month Unit 12: Studio apartment currently rented for $900/month Unit 13: Ground floor commercial unit currently leased for $3,700/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.
