Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-08
Property Near Market Has
Steady Upward Tendency.
RENTED FOR BIG FIGURES
Returns Good Rate of Interest for
Very Small Outlay.
ESTIMATES OF VALUATION
Facts Showing ACCESSIBILITY Of I'm
mediate Purchase by Government
of Land in Question.

One of Washington's great business CEN
ters is to be found in squares 3S1 and
1872. which lie just west of the Center
market on 9th street. There are located
most of the commission houses and
market stores of the city. Square 3Sl
begins with the Majestic Theater, on 9th
street. extends along Louisiana avenue to
10th street, thence up 10th street to &
street. and thence along G street to the
theater. 1t contains 1858 square feet
Of ground, assessed at $155.O0l. or about
$4.O2 foot. and improvements assessed
at $G9.1O0. making the assessed value Of
the square 1924. 1O1 or about 1851 square
foot. on the average Assuming this to
be two-thirds of the true value, the square
is worth $685., 80, or about S6.O2 an
average foot, for the ground alone, and
1886. 1870, or about $S.71 foot, for both
ground and improvements.
In this, as in the other valuable squares
covered by the Hepburn BILL the owners
carefully guard all information leading
to disclosure of the value of the prop
erty. 1t is said. however upon what
appears to be creditable authority, that
the owners Of thirteen Of the twenty-five
lots which constitute the square receive
on per cent investment of 1854. 400 for
their %, TOO square feet of ground and
what is upon it. This would indicate the
value Of the ground, based upon the
rentals. to be about $3.50 foot. Five
of these owners, however. have set a
value upon their property Of $244,225 for
1896 feet, or about $23G01A an average
foot. And six owners. whose combined
holdings aggregate 12,5l2 feet. appraise
| their property at 1894 90. or about $23. 5lh
an average foot. Estimating the real
value of the square by the average square
foot price set by the six owners who have
set an actual value upon their property,
the ground and improvements in square
3S1 would be worth about 1897 go, or
little short Of 100000.
Advance Of $4,000.
One of these owners. whose holding
amounts to a little short of 1900 feet. is
said to have paid $1,000 for his property
just about one year ago, ana this is at
the rate of about $17.72 foot. The same
owner now demands $4,000 for his prop
erty. His ground and the improvements
upon it are assessed at 1888. and are
worth, by the assessment method Of call
culating, ST.. 749 SO. One other sale is re-
ported to have been made. but the prin-
c1pais decline to disclose the terms. The
purchaser. however, now demands $4,000
for his property. 1t is assessed at 81. 1875
for both ground and improvements, and
would be worth $1S.292.5O If the assessed
value were two-thirds of the true value.
The rentals derived from these properties
are 1890 and $4,000 year, respectively.
and represent the income from per
cent investment Of $26, 400 and $S4. goo, re-
spectively.
The great demand for this property, for
legitimate business purposes, and the con-
sequent high rentals, which must be con-
sldered factor In estimating the worth
OF the property. as we'll the owners
present high valuation, compared with
the value Of the property when II was
a W
potent arguments in favor of the early
purchase of this ground for the purposes
described in the Hepburn bill before its
ever-increasing value makes its purchase
prohibitive.
A Valuable Block.
Directly south of square 3S1 and west
of the Center Market lies square 3S2,
probably the most valuable block of prop
erty in the entire section covered by the
Hepburn bill. If judged by its rental value
If it be assumed that the income in rents
from this square represents a per cent
income on given principal, the value
of this square would run beyond $4,000, go.
There are arguments for and against this
valuation. The square contains 1881
-quare feet of ground, assessed at $277, 900,
or about $3.52h an average foot. and i'm
provements assessed at $1O3, 400, which
makes the total assessed value of the
square 1881. O89. or about $4S3 a foot,
counting both ground and improvements.
If this were two-thirds Of the true value
o2 the property, the square would be
worth $41854S.50 or about 1928 for the
ground alone. and $571. 648.5O, or about
$7.25 an average foot. for both ground and
improvements.
Much Of this square belongs to old es-
tates. and It's rental furnishes the chief
the case of square 3s1. values are close
ly guarded and information, as far as pos
sible, is withheld as to anything upon
which values might be predicated. There
have been several sales Of property in the
square within the past year, however,
by which some idea as to the actual VAL
ue of the property may be Appropriated,
so far as its worth in the general market
goes. 1t Is said that there was sale of
eight lots. containing in all 8,2S6 square
Geet. assessed at $31 .124, or about $375
foot for the ground and $4,000 for the
improvements, making the total assessed
value $40, 124. or about $3.50 an average
foot. and the price paid for It was about
claimed that the purchaser almost i'm
mediately doubled his rents. and his in
come now represents the income from a
per cent investment of $4,000.
Nearly $18 a Foot.
Another sale is reported of lot con-
tanning 1,549 feet for $27. 800, or about
$17.75 a foot. although both ground and
improvements on it are assessed at $6,o34,
or a little more than 81 a foot. Still an
other sale of 2,317 feet of ground is
claimed to have brought $32. 600 in pur-
chase money or about $3.50 an average
foot, while the assessed value of both
ground and improvements is little mora
than $1,000. which Is somewhat under 81
a foot. A lot containing 1903 feet, as
sessed at $6,678 for the ground and $1,000
for the improvements. approximately SIS a
foo iC nlptvr nn6 To hror ,cyl,t
or about $1S.34 a foot. And still an
other. containing 1854 feet. assessed at
about $1,000 for both ground and i'm
provements. or about "a a foot. Is claimed
to have been sold for $4,000. or about
SO 3 a foot.
These sales. 1t appears. cover lots in all
parts of the square. and not those only
which are counted the most valuable. It
is said that the rentals arising from thir-
teen of the thirty-ssven lots, parts of
lots and sublots in which the square is
divided, amount yearly to $4,000; repre-
senting the income arising from a 5 per
cent jnyeStment Of S8fsR OdN. and nsjpU