• - 211 East Preston
  • Front 211-213 East Preston Street
  • 213 Preston Vestibule
  • 211 Vestibule
  • Rear Patio-Garden
  • Rear Parking
  • Rear Parking Pad
  • Rear Deck
  • Vintage Radiator
  • Apartment License
  • 213 3rd Floor Living Room
  • 213 3rd Floor Kitchen
  • 213 3rd Floor Bedroom 1
  • 213 3rd Floor Bathroom
  • 213 2nd Rear Living Sleeping
  • 213 2nd Rear Kitchen
  • 213 2nd Front Living Room
  • 213 1R Living Room
  • 213 1R Kitchen
  • 213 1R Dining Room
  • 213 1R Brick Fireplace
  • 213 1R Bedroom
  • 213 1R Bathroom
  • 213 1F Living Room
  • 213 1F Kitchen
  • 213 1F Bedroom
  • 213 1F Bath
  • 211 Bsmt Living Sleeping Room
  • 211 Bsmt Kitchen
  • 211 Bsmt Bathroom
  • 211 3rd Flr Living Room
  • 211 3rd Flr Kitchen
  • 211 3rd Flr Bedroom
  • 211 3rd Flr Bathroom
  • Laundry Room
  • Electric MEters
  • Heating System
  • Roof Top View of Downtown Skyline
  • Roof- Main
  • Roof - Lower
  • Basement Storage-
  • Basement Storage
  • Water Heater
  • Util - Oil Tank
  • Util - Asbestos Pipe Insulation
  • Util - Copper Water Main
  • Util - Gas Meters
  • Util - Water Main 211

Property ID : Preston211

Sold Comp $725,000.00 - Apartment Building, Townhouse
10 10 Units 10 Bathrooms 3 Parking Spaces  Add to Favorites Print

Rare opportunity to acquire a fully leased 10-unit apartment building in Historic Mount Vernon.  This gem has been in the same family ownership for over 40 years.  It has been well maintained with modest upgrades made from time-to-time with the following mix:
4 Studio Apartments
4 One-Bedroom (one a deluxe one-bedroom previously occupied by the owner)
2 Two-Bedroom Apartment.

The front brick and stone is very handsome and welcoming.  The Mount Vernon Historic District has become one of Baltimore’s most popular rental neighborhoods.

Many years ago, the building lots known as 211 and 213 East Preston were combined.  So, these two buildings now have one tax bill, as 211 E. Preston, and provide a property lot that is 38′ wide by 100′ deep.

There are 3 off-street parking spaces in the rear.  Currently, the owner does not charge for these spaces, providing an opportunity to increase the cash flow.  The rents are below-market with an opportunity for increases to further increase the cash flow return on investment.  Each apartment has its own electric meter.  The kitchens have wood cabinets, formica counters, 30″ gas stove and a refrigerator.  Bathrooms are in average to good condition.  Energy saving vinyl windows have been installed on the front and rear of the building.  The roofs are well maintained and in good condition.  Most apartments have a carved wood fireplace mantel.

The building has 300 Amps of electric service with a 40-Amp main to each apartment.  The gas-fired central heating system boiler was installed just last year.  Each apartment has electric baseboard heat so the tenants can control, and pay for, additional heat above what the landlord provides.  A coin operated washer and dryer in the basement provides convenient laundry for the tenants.

You can’t beat the location, just 2 blocks from University of Baltimore.  Penn Station, which provides AMTRAK train service to New York and Washington DC, as well as the MARC Commuter Rail line, allows workers to earn significant income with high paying jobs in Washington DC and live a more affordable lifestyle in Baltimore.  Penn Station is an easy 4-block walk from this property.  Many restaurants, museums, Lyric Opera House, Symphony Hall, and other performance and entertainment venues are a short walk from the property.

Investment Summary:
$750,000   offering in fee simple (no ground rent)
$  75,000    per unit.
$    7,470    current actual rent roll with potential for $8,000 or more.
8.4  Gross Rent Multiplier
7.2   Cap Rate

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Agent Meet Ben Frederick, III, CCIM

  • Mobile : 410-752-6400
  • Fax : 410-435-5041

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