112 E 20th St - Barclay Value-Add Near JHU/Station North 3 Unit Apartment Building Offered at $240,000 at a 11.40% Cap Rate Baltimore, MD 21218

Investment Overview:
112 East 20th Street is a three-unit multifamily property located in the Barclay neighborhood of Central Baltimore. The building includes two two-bedroom apartments and one one-bedroom apartment, offering a balanced unit mix within a commuter-accessible rental corridor.
Offered at $80,000 per unit and approximately $103 per square foot, the property presents an attainable entry point into Baltimore’s multifamily market. At projected market rents supported by comparable apartments with similar finishes, the asset delivers a 9.10% cap rate and an 11.4% projected cash-on-cash return.
Location Overview:
Barclay is a centrally positioned historic Baltimore neighborhood located between Station North and Charles Village. The property is approximately five blocks north of Penn Station, providing walkable access to MARC and Amtrak rail service connecting tenants to Baltimore, Washington, D.C., and the broader Northeast corridor.
Proximity to Johns Hopkins University, I-83, and downtown Baltimore supports sustained rental demand across multiple income tiers.
Property Details:
Interiors
Units feature plaster walls and ceilings and a mix of wood and vinyl flooring in living areas. Kitchens include wood cabinetry; two units have laminate countertops and one has a porcelain sink top. Gas ranges vary by unit. Bathrooms are outfitted with cast-iron tubs and ceramic tile or vinyl surrounds.
Utilities
The property is heated by a Trane gas-fired furnace. A central gas-fired 40-gallon water heater supplies domestic hot water. The building is separately metered with four electric meters and three gas meters. Currently, the landlord pays public service bills and one electric meter serving an apartment; however, lease modification could allow a future owner to transition electric service to tenants. Observable supply and drain lines are steel.
Value-Add Potential:
Projected market rents are based on comparable apartments with similar finishes in the surrounding area. Strategic improvements — including kitchen and bath updates — may position renovated units to achieve rents of $1,500+ per month, subject to market conditions. Upon stabilization at projected market rents, the asset delivers a 9.10% cap rate and 11.4% projected cash-on-cash return.
Investment Summary:
Price: $240,000
Price Per Unit: $80,000
Price Per Square Foot: $103
GRM: 6.0x Market Rents
Cap Rate (Projected): 9.10%
Projected Cash-on-Cash Return: 11.4%