St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1888-10-14
MONEY WELL SPENT.
Big Revenues Derived From
Business Blocks in ST.
Paul.
Where Some Of the Best Pay
ing Houses Are Sit
uated.
Mr. Gilfillan's Big Bonanza
and the Rental Derived
From 1t.
New Buildings in Course Of
Construction Will Re-
duce Revenue.

The subject of rents is always an I'M
pOrtant one, for it is an item that enters
largely into every ones account. 1t is
especially interesting to the owners of
buildings and blocks, who yearly de-
rive large source of revenue from
their ownership. Within the past year
or two office buildings have become very
valuable property in st. Paul. Much,
of course. depends on the location. and
a miserable old rOokery. having choice
location, will often bring more rent
than an elegant block in an out of the
way place. An example of how lOca-
ton affects rentals is afforded in the
Hale block, situated at the southwest
corner of Third and Jackson streets. 1t
is an unpretentiOuS structure. three
stories high. with neither architectural
beauty nor superior advantages of ac-,
cOmmodatiOn to recommend it, yet it is
the best paying investment in the city.
Such building as this is perfect gold
mine. 1t pays for itself in a few years,
and after that the rentals derived are
clear profits. after dedueting small
amount for taxes.
MIR. Gilfillan. the president of the
water board, is the fortunate owner of
the block at the southeast corner OF
Jackson and Fourth streets, and has a
veritable bonanza in it. 1t was erected
in the year 1881, and long ago paid for
the money invested in it. Its location
is most favorable. being in the heart of
the business section of the city. cOnVen-
lent to the union depot and adjacent to
the cable line on Fourth street. There
are some fifty offices In the building
which bring a rental of from $40 to S25
per month. besides number of stores
on the ground floor, the rents of which
amount to from $500 to $3.50 per month.
In round figures the rent received from
the whole building is about $4,000
year.
The Davidson block, just across the
street, is another good-paying invest
ment. The building is old and dilapi-
dated-looking now, compared with the
handsome structures that are going up
all around it. but it brings in pile Of
money every year, and the owners are
perfectly satisfied with it. This build
ing, as the name indicates. was erected
by that pubIic-Spirited citizen. COmmO-
dore Davidson. Its dimensions are
104x107. 1t was occupied up to the time
it was destroyed by fire by Auerbach,
Finch & Schetfer. who payed $1,000
month rental and thought that an eX-
Orbitant price. The commodore was
out about $4,000 by the fire, but he
built up the block again. and in short
time every office in the building was
filed. The Northern Pacific and
Duluth railway companies had offices
IN the new block. and the first year
after the fire the rentals amounted to
$50, 000 and went as high as S27, 900. The
building does not bring that amount
now, however. as sharp competition has
made the rents much lower
The Union block. corner of Fourth
and Cedar streets. was built at time
when there was little building being
done. For year the building was
! quite empty, and the offices went beg
! ging for tenants. The Fourth street
of the building belonged to j. Hahn
Davidson and the rear part to Commo-
dOre Davidson. The former fitted up
his side with $50 rooms, and in short
time these rooms were paying $4,000
year. A boom came on. and the rents
mounted up to $500. then to $4,000,
then to $1,000 month. and finally to
81 500 a month. During this time it
is doubtful whether the rear part of
the building was bringing $1,000 per
month. The rent for rooms in this
building range from IS to S12 month.
according to location, and suite of
rooms brings from S25 to S35.
The Court block, also Commodore
Davidson's property, IS a splendid pay
paying investment. 1t is six stories
high, seventy-five by sixty feet In di-
mensiOns. and contains about 100
years. In addition to the rooms
and offices. thare are three good
stores on the ground floor, which
bring S125 to $50 apiece. The prices of
offices and rooms range from $3.50 to
SIS per month. The total amount real
lied during year from this building is
about $4,000.
The German-American bank building
is well located, and has proved hand
some investment to the stockholders of
that institution. The offices rent we'll,
and there is good demand for them.
The Chamber of Commerce building
is not so we'll situated. and its offices do
no bring so high figure as those of
other blocks east and south of it.
The ReardOn, Rogers. Schultz and
GeiseIman blocks, on East Seventh
street. have all been erected within the
past few years, and have paid big money
to their owners in rentals.
The erection of the Germania and
New York Life blocks will have the
effect of lowering office rents through
out the city very materially