Evening star., 1908-02-04
HELD AT HIGH PRICES
Avenue Property Is Steadily
Increasing in Value.
VALUES IN SQUARE mo. 461
Abandonment of Sixth Street Station
Not Hurtful.
CLASS OF THE IMPROVEMENTS
Delay in Purchase by Government
90 Dlopnad hu uouh,rn pi11
CLASS OF THE IMPROVEMENTS
Delay in Purchase by Government
as Planned by Hepburn Bill
, Means Still Greater Cost.

There is a very wide difference of opin-
ion among the property owners as to val
| ues of property in the twenty-six squares
| which the Hepburn bill provides shall be
purchased by the government and utilized
for the Mall. extension and the erection OF
new public buildings as they are needed.
Each year adds new reasons for raising
the price of the property, and the in
crease seems to be recognized in the real
estate market as legitimate. since sales
are made at the higher prices. One of
the valuable squares in the district is
square 46l which lies directly east of
the Center market and is bounded by
Pennsylvania avenue the north,
street on the south and 9th street on the
east .-.s $50
This square contains 75.O26 square feet
of ground. last assessed at $3O9, ,66', or
about $4.13 an average foot: This would
make its real value $46i. 1880 or about
So 10 a foot. il the wo-thirds-assessnlent
valuation theory is correct. The assessed
value of both ground and improvements
is $461. .Gtis. or about $50 foot, making
its real value about SG9S, 494. 80, or about
S931 a foot. 1t is extremely doubtful.
however whether any property can be
obtained in the square at that figure.
Faces Center Market.
The removal of the Pennsylvania rail-
road station may have had some effect
upon this property, but only in very
limited way. The chief value arises from
the fact that the western side of the
square faces the largest market in the
city. and property on that side, as well
as that on the north and south sides, de-
rives a peculiar value as business sites
from that fact. The hotel managers.
lunchroOm proprietors and salOOnkeepers
Tho found in this dpnV that
their business has fallen off by reason
of the removal of the railroad station.
and insist that the patronage-draWing
capacity of the market, as we'll as the
fact that the square is located practically
in the heart of the business district. with
lines of street railway crossing north and
south, east and west with their transfer
stations at the northwest corner of the
square. viii. always make the property
valuable and. send its value higher and
higher as the years roll by.
One owner, who has purchased within
year, and whose lot contains ,S35 square
feet. assessed at about $4.75 foot for
the ground alone. and $13,716 for both
ground and improvements, or about S7.47
a foot, says he will not sell for less than
$4,000. or about $27.24 a foot, although
he paid but $4,000 or about $15.26 foot
for it. and its real value. If the assess
ment was made on the two-thirds-valua-
tion basis. would be but $oO.574, or at
the rate of $11.oO foot. A nearby owner.
whose lot contains 2.519 square feet, and
is assessed at 1,2o5, or about $40 a
foot for ground alone, and $17,1Oo or
about SOB a foot for both ground and
1mprovemnnts, wants $4,000, or about
$31 rs foot for his property. The rental
of this particular property amounts to
a : per cent investment of $4,000 The
real value of the property, if the as
sessment calls for two-thirds of its value,
is $26, $3.50, or about $1O.54 a foot.
Wants $14.9o a Foot:'
Another piece Of property having an
avenue frontage. containing 4,O26 square
feet, running through to B street. was
assessed at $1O.SS6, or about $40 a foot
for ground alone. and $22.3S6. or about
S556 for both ground and improvements.
It's real worth, upon the assessment plan
of valuation, is $16,329, or S4.OJh foot
for the ground alone, and SB3, ,319, or
about SS.34 foot for both ground and
improvements. The owner of this prop
!erty demands $60,OGO, or about s149O
foot piece of property was sold in
this square within the past three years.
which contained 1920 square feet, as
for the ground. and $1O,4ss, or about
$546 a foot for both ground and i'm
proyements. which would make their
real value. on the assessment basis plan,
$15.732. or about SS19 a foot yet the
price paid for it by the purchaser was
S23 ,OCO, or at the rate of about $11.9S
foot
The Kingan Company. it is said. bought
within the past few years piece of
property in this square containing ., ,5j3
square feet. assessed at $11 1861, or about
$4.45 a foot for the ground, and $1536l, or
about Sc a foot for both ground, and i'm
provements. The price reported to have
been paid is $4,000, or at the rate of
S1762 a foot. According to- the assess
ment plan of estimating the real value
of. this property would be $23,O41.3O. or
about $9.O21a foot. The improvements
which were on the ground when the pur-
chase was made have been demolished and
q new building. suited to the purposes
of the company. has been erected at an
additional cost, it is said, of about $500
In squares like this one similar condi
tions are likely to occur at any time thus
greatly increasing the cost to the govern
ment of the property. It is claimed that
the hotel property on the southeast cor
ner of 7th street and Pennsylvania avenue
pays a renta! equivalent to a ) per cent
investment of $4,000 yet there are but
1.224 square feet in the lot. assessed at
81, 792 for the ground. and $3.50 for the
improvements. Should the owners con-
clude to demolish the present building
and erect a large and more modern one
the value of this property alone may be
doubled or trebled. for here is an instance
when rental may fairly be used as a
basis of valuation. The same condition,
in a measure, prevails at the other end
of the square, on the avenue front. The
early purchase of this valuable square,
advocates of the Hepburn bill say, is de-
manded by every reason of prudence and
business foresight before improvements
double or treble it's cost. The rentals
along the entire square are high and equal
5 per cent investments upon a capital
running into the millions. Costly i'm
provements are not slow, a rule, in
following such conditions.
Assessments of the Square.
The following tables, copied from the
tax assessors books. show the lots, the
number of square feet in them and the
assessed value of both ground and i'm
DrOyemeutS.