The Lafayette-Madison

The Lafayette-Madison consists of 15 apartment units in two large adjoining mansion rowhomes in the Madison Park section of Bolton Hill - 1401 and 1403 Madison Avenue. 1401 Madison Ave., originally built in the 1840s, was home to many prominent Baltimoreans over the course of it's history, including Thomas J. Shryock. Shryock was a turn of the century lumber baron, prominent and high-ranking Mason, and served for a time as Treasurer of the State of Maryland.

The 9 cavernous apartments at 1401 Madison feature rich architectural details, restored from the time before the building was converted into apartments. 1403 Madison Avenue, the smaller next-door neighbor, features an additional 6 roomy apartment units. The two buildings were identified for acquisition because of their close proximity to several major regional colleges and universities, a major employer, and public transportation. The buildings are within walking distance of Maryland Institute, College of Art (MICA), University of Baltimore, and the University of Maryland. They are also only a few blocks from State Center, an office complex owned by the State of Maryland and housing most of Maryland's operational departments. They feature close access to Pennsylvania Station (Amtrak), the MTA Light Rail, and Baltimore's MTA Metro subway system.

Both buildings were acquired for roughly $360,000.00 in 2001. Upon initial acquisition, both buildings were in much disrepair. Out of date mechanical systems, lack of maintenance, no life safety systems or common spaces for residents. Cosmetically, the building was very unattractive both inside and outside. Rents were in the $400-600 range. Through a strategic investment of about $315,000, Barrus was able to restore much of the original interior details, upgrade mechanical systems and life safety systems, perform cosmetic upgrades such as new bathrooms and kitchens, and provide common spaces such as laundry facilities and a resident courtyard. The tenant base consists primarily of post-college millennials, and rents are currently in the $900-$1,300 range.

Neighborhood
Bolton Hill
Size
15 Residential
2 Commercial
Acquisition
$360,000
Improvements
$315,000
Present Market Value
$1,880,000