Evening star., 1901-08-14
APARTMENT HOUSE PROPERTY.
Features Concerning the Present Ac
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Features Concerning the Present Ac-
tivity In This Line.
notice that the property owners OF
Washington have reached a conclusion as
to apartment houses, which has been salts
factorily arrived at by owners in other
cities. and are making extensive invest
ments In that class Of buildings" said T.
f. Hazard, New York architect. to Star
reporter at the Arlington his morning
When I stopped at this hotel several
years ago there were but one or two apart
men houses Of good size near it. Now
there are several large ones completed, and
four other eight-story steel-frame, fireproof
structures In course OF construction within
five minutes walk Of this corner. In ride
up 14th street yesterday I observed over
half dozen large buildings Of this class
going up. Fourteenth street, on Columbia
Heights and Mount Pleasant, resembles an
uptown street in New York.
"a Washington architect told me today
that there are dozen or more large fire.
proof apartment houses under construction
in different parts Of the city in addition
to those have named, and many smaller
three and four-story houses. He said that
upon these buildings, and that further
similar investments are under considera-
ton. This is splendid showing, indica-
tive of a healthy condition Of the market,
for this class Of property. 1t Is my judg-
ment that the demand will increase.
He informed me that in one proposed
uptown house just off 14th street, where
the cellar only has been excavated and
the foundations laid, that three-fourths Of
the twenty apartments 1t will contain have
already been rented. and that the remain
ing apartments In the building would be
spoken for before 1t was half finished. He
said that an adjoining apartment house OF
the same size, owned by the same man,
erected last summer, was also entirely
rented long before the plasterers were
through with their work.
Houses containing twenty apartments
each are Of good size for any city, and the
completion means that the city is prosper
Gus and growing rapidly, and further evil
dences the fact that it's Inhabitants are de-
sirous Of renting and living in this class OF
dwellings. II Washington property owners
will invest $1.O00.0O0 in one class Of dwell
ing property in one summer. double and
probably three times this amount may be
expended next summer on houses of this
class. I recall that when I was here about
ten years ago 1t was questioned whether
apartment houses were good investment,
since Washington has plenty Of room in
which to expand. / then advocated the at
firnlative Of the proposition, and 1 am glad
to see that It has been realized.
Further, I understand that these apart
ments are rented by yearly lease at from
$40 month and upward. This is good
rental. and the investments ought to pay
very satisfactory rates Of interest. 1t
seems to me that three and four-story
buildings. without elevators, especially IL
located upon corners, renting from S25 TO
$35 a month per apartment, would be choice
investment property for Washington, as
the expense attending their maintenance
is comparatively small they constitute
apartments for which there Is always a
strong demand, and are rented to people of
moderate means who are excellent pay. In
New York and Brooklyn this class Of
houses Is considered very choice invest
ment either for the purpose Of ownership
or upon which to loan money l have lit
small, will shortly depelop into one Of the
best paying classes Of the capitals proper
II understand that the demand for fats
is so strong that It cannot be met, and to
meet it work is continued night and day
upon some of the structures building to
the end that they may be completed before
growth of the city could be desired
''The question, however, should be viewed
from the renters standpoint, as well as
the owners. The advantages Of living on
one floor are many. Washington has a
large salaried population employed in the
departments, and Of these many who
would not take a single house with the
be glad to rent an apartment which may
be left alone during the day, II desired,
without fear of loss. There are no side
walks and halls to clean, fires to be looked
after, stairs to climb or bell calls to an
swer. It seems to me, therefore, that
owners could we'll afford to cater to this
class of renters, though 1T Is only one
class, and 1 think that this is one reason
why apartments in Washington are ren->d
before the buildings are completed"