Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-25
Probable Effect of Abandonment of
Railway Station.
RECORDS OF RECENT SALES
More Argument for the Immediate
Purchase of South Side Prop
erty by the Government.

! the south side of PENNSYLVANIA avenue
from I'd street to 18th street northwest for
| future public buildings and Mall eXten.
| sion.
| The second square dedicated to the re-
demptioh of the so-called low lands of
the Tyber'' by Congress in 49,, is reserva-
| ton B, which extends along Pennsylvania
| avenue from Az street TO 9Th street west
| and from Pennsylvania avenue to Mis-
souri, avenue. In this square are found. on
the avenue SIDE the brownstone structure
| known as the Colonization building. Nor
| ris Peters lithographing establishment,
once known as Meyers Hotel, Lynn
| and the ST James Hotel: on the 9th
| street side, from the rear of the ST janet
| Hotel to the corner SeVera! brick houses
| used for saloon and 1unchroom purposes:
| such as are usually found around railroad
| stations; on the Missouri avenue side.
| the Kendall building and number of
| brick structures of various sizes, which
are chiefly used as lodging houses. and on
| the Az street side. after leaving the rear
| of the Colonization building. a dyer's es-
! Establishment and a number of two-story
and basement bricks of an ordinary char
! acter.
Assessed at $3.50, ZIG.
The square contains 146 662 square feet,
assessed at $2S0116, or about $l.91 an
average foot for the ground, and $19',1W
| for improvements. with a real value for
! both. determined by the assessment rule.
| of S716,724, or about $3.50 an average
foot The values on the avenue side. from
| the owners standpoint. run from ISL to
$50 % a foot; on the 9th street side from
81 to $26.67 a foot: on the Missouri avenue
| side from about $4.S1 to 1851 and on
| the ~ street side from $S.2412 to nearly
| ST square foot.
| The sales. however. which have been
made in this square in the past few years
| show that the owners estimate of value
| is sometimes not the correct one. For
| instance. lot containing 3.1So square
| feet. assessed at $S.2s1. or $3.50 a foot
| for the ground and $1,000 for the i'm
provements, making the real value, as
determined by the assessment rule. S12,-
! 421 80. or $3.50 foot, for the ground
and $1j.421.5O, or about $4.s4 a foot TOT
| both ground and improvements. sold,
the rate of about $40 foot. This prop
e:ty has an avenue frontage and is pre-
cisely the Sames in area and assessment.
so far as the ground is concerned, as
| twelve other lots which also race tne
avenue the only difference being a rev
| hundred dollars. never more than thou
sand dollars either way, in the value or
| the improvements.
The values set by three of the owners
| of these lots are said to vary from $2S. 900
| or about S. 70 a foot. to as high as $4,000
or approximately S1J foot. yet the as
sessment value and the real value estl-
| mated by the assessment rule show that
there is only $500 difference between the
value of the improvements on the lot held
| at $2S 900 and the one held at $4S.Un IL
| is fairly presumable that the corner lots
| facing the avenue are the more Valnaoie
| 1t is said that the owner OF the St James
Hotel has no desire at all to sell; that the
| property now pays him a D per cent an
nual income on 100000 which would
make it worth at that rate about S3.9o
a foot: but that he feels that the govern.
should estimate its worth by considering
the rental per cent net investment
and this would bring the value of the
| property I'D to $4,000. or nearly ND
foot 1t contains 6.99l square feet as
sessed at S34955, or So foot. for the
ground and S3S. 900 for the improvements
which would make its real value under
the assessment rule just $1,000 or frac-
ton less than $lO.44 foot
On the Avenue Side.
The property which adjoins it on the
avenue side. and indeed. in the upper
stories. forms a part of the hotel itself
containing 2624 square feet, assessed at
So foot for the ground. and $4,000 for
the improvements. making its real value
by the assessment rule, $23,SOS. or about
1907 a foot. for both ground and I'M
| provements. yields a yearly rental, 1t IS
said, approximating per cent interest
on ss4 600 which would make it worth
about $50 foot
| That both properties are exceedingly
| valuable there is not the slightest doupt.
| The chief thought suggested by their val
ues as fixed by the rental. is how long
will it be before the owners of adjoining
| properties seek to bring their own rentals
up to these figures by the expenditure OF
the comparatively small sums that will
do On
| cost of the square, when the government
| desires it, vastly greater than 1t is To-
day.
| The owner of an avenue lot of Dreciseiy
the same area and assessed at precisely
| the same amount for the ground as the lot
which sold for $14.OO0, except that the i'm
provements are assessed at A3.1oo as
against 5000 for those on the $l4,GU lot.
values his property at $4,000. or $S.I9 a
| foot. The owner of the lot adjoining on
| one side values his at about SiS,UO. or
approximately SD foot. while the owner
| on the other side will not set 2 price on
| the lot but claims. il is said. that she de-
| rives an income from it of 5000 year.
as a lodging house. which is per cent
| interest on 100000. II Is SAID that the
| rental derived from Ahree other lots. of
nrecisely the same size and assessed at
the same rate for the ground. with a total
| of s. 400 for improvements. is S3.9UO a
wear which is 5 per cent interest annually
on $4,000 thus. on that basis. making
each lot worth the dNeIdSC pliSC u 81,
900.
The Colonization Building.
| The Colonization building on the corner
of AZ street covers 3,031 feet assessed at
$50 foot and $1,000 for the improve
ments The real value of the ground. by
the assessment rule. would be about $1o
| 914 or 500 u foot, and of the improve
ments $1,000. making both $2j414. or
about SSH a foot II is claimed that
| there is $4,000 invested in the lot and
building. which would make it average
about Sl0.S!, foot. No value has been
set upon it by the owners. Though it is
said. &,4UOO would probably not be re-
| fused.
On the 9Th street side of the square two
| owners are said to have made a state
| ment AS to the price at which they would
| sell. Their lots are identical in size and
assessment. except that the improvements
on one assessed al S1GOt. while taos :
on the other are assessed a. $1,000. The
owner of the latter wants SEQ COO. or about
$2j.67 a foot, for his property. it is
claimed. while the other will sell at $1,000
or at the rate of 81 foot Whatever may
be the facts with reference to the remain
der of the square. the value of the 9th
street side. it is asserted. has deprecated
since the removal of the Pennsylvania
railroad station. II seems reasonable
to suppose that there would be a reduction
! in the rentals for the property If il is sti