This is slightly tricky...
To work out the voltage at the collector, you need to know the collector current. If it was 1mA, say, then you'd have 3.9 volts across R3, hence collector voltage is 1.1 volts (5-3.9).
But to determine the collector current, you need to know the base current. Ic = Hfe times Ib, hence Vc is 5 - (Hfe times Ib times 3.9)
What is Ib? It's (Vc-Vb)/120k
For our purposes, Vb is fixed at 0.6V. But Vc is variable. And before you know it, the maths gets a bit complicated. You get something like:
Vc = Vcc / (1+Hfe.Rl/Rb)
With the component values shown, and an assumed Hfe of 200, this gives around 0.7 volts. But this formula ignores the 0.6V VBE. Either way, it looks like the 120k needs to be raised somewhat - try 560k or similar, depending on the Hfe of the transistor you're using...
Rather than calculating the collector voltage for a given set of components, it's actually easier to determine the optimum base resistor for a desired collector voltage:
Vc = 2.5V
Ic = 2.5 / 3.9, which is 0.64mA
Assume Hfe of 200 (you'll need to check this).
Ib = Ic / 200, which is 3.2uA
Rb is (2.5 - 0.6) / 3.2uA, which is 594k, so try 560 or 620k
The big problem with this circuit is that it depends on Hfe, which is a decidedly shifty parameter. How much this matters to you depends - only you can decide this. For a one-of, you can tweak as necessary. For production, I'd avoid this, unless I was sure I could quantify the range of Vc that mattered, which would in turn give me an allowed range of Hfe. Operating at higher supply voltages eases the problem somewhat for a given signal level.
What is this preamp for? I mostly do audio, where this circuit would produce unacceptably high levels of distortion, but perhaps this doesn't matter for you?
Hope this helps,
Mark