Converted Dwelling

112 East 20th Street has been owned by the same party for 50 years. During that time, ownership did very little in the way of capital improvements and rents were kept well below market. Rather than paying a premium for someone else’s renovation choices, an investor can buy this at a lower price per unit and renovate the property in a way that matches their own budget, goals, and style. Now offered at $195,000, this three-unit building is priced at just $65,000 per unit and $84 per square foot. The unit mix includes 2 two-bedroom apartments and 2 one-bedroom apartment, giving a buyer a manageable multifamily asset with meaningful upside. At projected market rents, the property shows an 11.20% cap rate and an 18.4% projected cash-on-cash return. Current rents are below market, leaving room for a new owner to improve income through rent increases and renovations. The building is separately metered with four electric meters and three gas meters. The landlord currently pays public service bills and one apartment’s electric meter, but a future owner may be able to modify lease terms so tenants pay more of their own utilities. Barclay is centrally located between Station North and Charles Village, about five blocks north of Penn Station. Tenants have walkable access to MARC and Amtrak service, with connections to Washington, D.C., New York City, and the broader Northeast corridor. Johns Hopkins University, I-83, and downtown Baltimore are also nearby. This is not a polished, turnkey building — and that is the opportunity. For an investor who wants a multifamily property at a low per-unit price, and the ability to make their own decisions on renovation scope and finishes, 112 East 20th Street is worth a serious look.

112 East 20th Street has been owned by the same party for 50 years. During that time, ownership did very little in the way of capital improvements and rents were kept well below market. Rather than paying a premium for someone else’s renovation choices, an investor can buy this at a lower price per unit and renovate the property in a way that matches their own budget, goals, and style. Now offered at $195,000, this three-unit building is priced at just $65,000 per unit and $84 per square foot. The unit mix includes 2 two-bedroom apartments and 2 one-bedroom apartment, giving a buyer a manageable multifamily asset with meaningful upside. At projected market rents, the property shows an 11.20% cap rate and an 18.4% projected cash-on-cash return. Current rents are below market, leaving room for a new owner to improve income through rent increases and renovations. The building is separately metered with four electric meters and three gas meters. The landlord currently pays public service bills and one apartment’s electric meter, but a future owner may be able to modify lease terms so tenants pay more of their own utilities. Barclay is centrally located between Station North and Charles Village, about five blocks north of Penn Station. Tenants have walkable access to MARC and Amtrak service, with connections to Washington, D.C., New York City, and the broader Northeast corridor. Johns Hopkins University, I-83, and downtown Baltimore are also nearby. This is not a polished, turnkey building — and that is the opportunity. For an investor who wants a multifamily property at a low per-unit price, and the ability to make their own decisions on renovation scope and finishes, 112 East 20th Street is worth a serious look.