Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-16
Avenue Land Cheaper. Now
Than 1t Will Be Later.
HEPBURN PLAN THE BEST
Government Should Own All Terri
tory Named in Bill.
PIECEMEAL BUYING COSTLY
Values Grow With Location Of Each
New Public Building-Prices
in Two Central Squares.

The first square west of the Post Of
fee Department building, on Pennsyl-
vania avenue, extending from 18th to
18th street. and at 18th street from
Pennsylvania avenue to D street, Is
square go. Within it's boundaries are
the station of the Washington, Mount
Vernon and Alexandria railway. Glib
sons printing house and Hancocks
restaurant There is not an edifice OF
unusual size or Importance in the en-
tire block, and yet the values set by
the owners of the several properties in
it seem unusually high. although GER
tain sales and the rentals appear to
warrant them.
The square contains 3e.9s2 square feet
of ground, assessed at $176,271. or about
$500 an average foot. and with the
improvements assessed at s59.000)
$235.271, or about $3.50 a foot for both
ground and improvements. Assuming
these figures to represent two thirds
Of the real value Of the property, the
ground in the square Is worth 1894,
4O65O, or about 1888 a foot, and both
ground and improvements $352,9O6.5O.
or about $11.33 foot.
Expect Good Prices.
The owners of property in this square
do not appear to have any desire to
sell, but they are reported IS saying
as a rule that If their property is to be
taken by the government they expect
to be paid a good price for 1t. One
owner, whose holdings represent 1883
square feet, assessed at $23, CT about
$5.41 foot. for the ground alone. and
$33, 325. or about $3.50 foot. for both
900, or about $2S.52 foot, for it.
The value of its rental is equivalent to
) per cent on 80, 500; yet the real value OF
the property If 1t was assessed at two
thirds thereof. is but $49, $3.50, or about
$11. 4OHa a foot. for both ground and i'm
provements. Two years ago the owner Of
this property bought 1877 Of the 1888
feet owned by him and paid for 1t SIG. 800.
or about $1O.SO11 a foot, for both ground
and improvements. the former assessed at
$S,O17 and the latter at 81 600. or both at
S9.617. If this assessment was made upon
the two-thirds valuation basis the real
value Of that portion of the property was
$14. 1850. or about $9.45 a foot.
Another owner of a piece of property in
this square containing 1927 feet. assessed
ground, or $40. 595, or about $500 foot
for both ground and improvements, wants
10000, or about $1236 foot for 1t. The
real value Of this property. estimated by
the assessment basis method. is about
SIC. 392. so, or $9.O8 a foot. 1t Is said that
its rental brings the equivalent of 3 per
cent on $34 $50 annually. A business cor
ner IN the square is estimated to be worth
10000. or about $3.50 a foot. yet its
assessed value is but $16616, or IS a foot
$10.S9 foot. for both ground and improve
ments. which would make Its actual value
determined by the assessment method
just s33.924. or about $16331s foot.
Brings High Rental.
Another piece assessed at $21,4 or
about 1871 foot for both ground and i'm
provements. with a real value. determined
by the assessment method. of $50, 1875. or
about $1O.96 foot for both ground and
improvements. brings a yearly rental
equivalent to 5 per cent on $4,000. The
owner declines to set a value upon this
property. It contains 1884 square feet
Of ground.
A year and half ago there was sold at
public auction a lot in this square con-
tanning 1916 feet, assessed at So a foot
a foot, for both ground and Improvements
It's real value, by the assessment method
of determination. Is $29.O7O. or about $40 sc
foot. The price paid for 1T was Split
or about $40. 13s foot. 1t cannot be
bought. 1t Is said, for a good deal mora
than that sum today. Another lot con-
tanning 2.643 feet assessed at 1925 or
about $3.50 foot. for both ground and
improvements. with a real value, esti-
mated by the assessment method of de.
termining 1t, OF $27 .322. go or about $40. 3s
foot. rents for 1890 a year, an equiv.
alent to per cent on $40. 400, which
would make its value. If determined in
that way. approximately $40 foot
A lot containing 1900 square feet. as
sessed at $3.50 a foot for the ground, and
$1O.15O. or about $7SS1a foot. for bo,r
ground and improvements with a rental
value equivalent to 5 per cent on S24, 600
Is held at $4,000. or about $23.OS a foot
Its real value. by the assessment method
of estimating 1T. is $15.225, or about Sill
foot. tSill another with an area of SIS
square feet. assessed at 500. 449. or about
$3.50 foot. for both ground and i'm.
provements, has a rental value equivalent
to D per cent on $4,000
BY another owner $4,000 is asked for a
lot containing 1907 feet, assessed at
about $3.H3 foot for the ground. and
$500 for the improvements. or IS. 1856. or
about 1928 a foot, for both. It's true
value. determined by the assessment
method. is S13134. or about $1OSS foot
The price demanded for 1t is at the rate
OF $4.S5h a foot. Two years ago. it is
said, capitalist bought. in this square
for investment, a lot containing LA
square feet. assessed at Sc foot, with
improvements assessed at $1,000. The
o'SSS'So soAuo VI tiiC was $S,S43
or about $6.es a foot. for both ground
and improvements. He paid $4,000, OF
about $3.50 a foot. for it, RACED the So
called improvements and erected q new
building at a cost. it is said. of $4,000
thus making the property actually cost
him $4,000 or about $40 a foot His
rents. 1t Is claimed. now amount to So coo
yearly. and that sum is 5 per cent on
$4,000.
This is a striking instance of what the
government has lost by the delay in pur-
chasing this property. for It illustrates
what can happen with nearly every other
lot having a similar front and similar
advantages. and that, say the advocates
Of the Hepburn bill. is the reason why the
immediate purchase of the property COW
cred by the bill is urged with such per-
sistence.
Values in Square 293.
Between 18th street and 18th street and
c and D streets, directly west Of the Post
ONCE Department building, and one block
removed from Pennsylvania avenue. lies
square 293, one Of the most interesting in
the entire proposed Mall section. when 1t
comes to the study of property values
Under ordinary circumstances and freed
from the peculiar conditions which sur.
rounded 1t in the past. the square might
have developed special value Of its own
for business purposes. since 18th street
has been rehabilitated, In part. at least
apparent, however, on the 18th street
N3x,h lcn