Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-06
MORE AVENUE VALUES
How Property in Square $50
Is Rapidly Advancing.
TWO TRANSACTIONS CITED
Jump of $4,000 in One Week on
3,4S9 Square Feet.
ARGUMENT AGAINST DELAY
Prompt Purchase by Government Of
Entire South Side Of Thorough
fare Would Save Money.
ARGUMENT AGAINST DELAY

The Star presents today facts and
figures about square $50, one of the
parcels of land which. under the provi-
sions of the Hepburn bill, is to be ac-
quired by the government for public
buildings. This square is located be-
tween 9th and 10th streets and Pennsyl-
vania avenue and c street. On the
avenue front are to be found among
other structures the old Marble saloon
building, the Salvation Army headquar-
tiers. the Washington Safe Deposit Com
pany and at the 10th street corner Can
mons saloon. The improvements on the
10th street side are neither costly nor inn
posing. while those on the c street side
constitute the rear of the buildings facing
the avenue and have little or no separate
identity.
This square contains 40, 3G0 square feet
| of ground assessed at $193,652, or about
$3.50 a foot for the ground alone. and
Improvements assessed at $134.5OO. MAX
ing the assessed value of the square
$32s, 152. or about $S13 foot. counting
both ground and improvements: Ac-
cording to the plan pursued in estimating
the real value of the property in other
squares by which the assessed valuation
is counted as two-thirds of the real vaIue,
the ground in this square is worth $50
ground and improvements are worth
$780,. 22S. or about $12.19 or fraction of
cent more foot
Prices Carefully Guarded.
Several sales of property have been
made in this square. but the prices paid
have been carefully guarded. and the
owners generally are not disposed to set
value upon their holdings. 1t is re-
ported that within the past year the
building on the corner of Pennsylvania
avenue. 9th and streets. occupied by
j. F. Oyster. was sold for $65, 600, which
would be about s26. 451s a foot. 1t Is as
sessed, for both ground and improve
ments, at S31 40. or about So. 70 foot
Its rental value is said to be SIS, 700
year. which is equivalent to the income
from a per cent investment of $134. 600
The present owner. it is claimed. while
not caring to SELL values his property at
$120OOO. or at the rate of about $5O.S9h
foot. 1t is claimed that extensive i'm
provements have been made in the build
ing since it's purchase to fit it for the
owners business.
Another sale is reported of lot on the
avenue front, containing 3.489 square feet
for the ground. and S37. 100. or about
$1O.5j a foot for both ground and improve
ments The price paid. it is said. was
500 OOO or about $17.20 a foot for both
ground and improvements: and one week
later. 1t Is claimed the owner refused an
offer of $4,000 for it,
1t is said that the rentals received from
fourteen of the twenty-one lots which
constitute this square, aggregat1ng Law
square feet, represent the income Of an
investment OF $3.50, 400 at per cent. On
this basis the ground and improvements
would average about $17.3 foot In
value. Estimating the value Of the re-
manning seven lots. containing 1888 feet.
at this rate, the entire square would be
worth about $707.575. The seven lots the
rentals and value of which could not be
ascertained are assessed at STAG. 167, or
about SLIPS a square foot If this is two
thirds of their real value. according to
the assessment basis, they are worth
owners of seven of the twenty-one lots in
the square have set values upon their
property aggregating $272O0O. for 11.625
feet, or at the rate of about $23.4O a
foot.
How Prices 90 Up.
1t is not an easy matter to reconcile
these widely varying estimates of the
value of the property in this square. and
yet there are some facts indicated by the
figures from which an approximate con-
clusion as to the real value Of the proper
ty may be reached. For instance, accord
ing to the theory that the assessed valu-
alton Is twO-thirds of the real value Of
the property, the real value OF the seven
lots concerning which no information as
to value or rentals could be obtained is
$219. 25O.5O, or about 1862 a foot for both
ground and improvements.
Estimating the value of these same lots
at $17.53 a foot, the rate ascertained for
the other fourteen lots upon their rentals
as a basis, the value Of the seven lots
is 1927, 166. 20. approximately-not quite
$1,000 more than their worth according to
the assessment plan of valuing them.
The price paid for the lot containing
3.4S9 feet. already referred to. is said to
have been $4,000. or about $3.50 foot
which is 33 cents less a foot than the
valuation of the fourteen lots whose
rentals indicate them to be worth about
S17.I3 a foot. Whatever may be the
actual value of the property. the fact re =
mains that delay in securing this square
for the government means a great deal
when in one weeks time the value of a
lot will be sent up $4,000. and that for
less than $500 square feet of ground
while the owner calmly contemplates the
rise and awaits still higher figure; also
where the value of another piece of prop
erty covering less than $500 feet in
creases, even in the owners estimation,
from $65. 900 to $125.OO0 in the short space
of a year.
Record of Assessments.