Evening star. [volume] (Washington, D.C.) 1854-1972, 1908-02-13
SHOWS ADVANTAGE
OF HEPBURN BILL
Increase in Realty Values
Argument for Measure.
CAUSE OF HIGHER PRICES
Effect of Location of Handsome Pub.
lie Buildings.
OWNERS ADVANCE FIGURES
Analysis Of Some Recent Trans
actions in Squares Near Gov
eminent improvements
on South Side Of
Avenue.

1t is contended by the advocates Of the
Hepburn bill that the purchase by the
government Of single squares at time
and the erection of handsome public
buildings thereon not only result In in
creasing the value of the property in the
squares adjoining.' but. sympathetically'
squares which are more remote. No bet
ter evidence of this fact, they say. can be
found than that offered by the valuations
of owners in square 25S. Square 25S ap-
pears to have felt a marked effect from
the purchase of the Post Office Depart
ment square. the one directly south Of It
and the one upon which the municipal
building stands.
The government paid for the square
upon which the Post Office Department
stands at the rate Of $1O.67 a foot: for
the square directly south of 1t at the
rate of $1OO5 a foot, and for the square
upon which the municipal building stands
at the rate Of $11.9S foot. 1t will be
observed that each purchase materially
increased the value Of the ground SUP
sequently purchased. for the back square
brought almost as much as the latter
square. with it's Pennsylvania avenue
frontage And the municipal building
square brought still larger price than
either or the Otner TWO.
Details of Square 258.
Square 25S lies between 18th and 131a
streets and c and D streets. 1t is direct
ly south of square 256. There is only one
re-29S-intervening between it and
the Post Office Department. and the
northwest corner Of square 258 Is directly
southeast of the municipal building. There
are 81 .53S feet in square 2OS, assessed at
SOC, 243, or 81 .42h a foot for the ground
alone. and SOL 100 for the Improvements,
or at the rate of $21S foot for both.
The real value Of the square. If assess
ment were made at twO-thirds thereof. Is
$144,384 so or about $2.4 a foot, for the
ground alone. and $221 ,O14.5O. or about
1927 foot, for both ground and Improve
ments.
Seven owners, whose aggregate hold
ings amount to 28.621 square feet. have
been willing to name a figure at which
they would sell. and that figure is $500
go. or at rate of approximately $l5
q foot. Owners of ten Of the forty-seven
lots. sublots and parts Of lots into which
the square Is divided. whose property
contains 1874 square feet, assessed at
Ss,7S3, or a fraction less than $40 a
foot. for the ground alone. and $13.
or a fraction less than $1.Ss foot, for
both ground and improvements, want
$40 foot or 1913. 40 in the aggregate
for their property. One owner of 1893
square feet, assessed at $17,920, or about
$1.39 a foot for the ground alone. and
$21. go, or about $40 foot for both
ground and improvements, wants so
foot for his property. or 1887 $50 in the ag-
gregate. The owner conducts an extensive
business on the site owned by him and
claims that it is especially adapted to
the purpose, and therefore, to him, 1t
has q special value as business property.
Almost adjoining this piece of property.
small alley only Intervening, Is another
lot containing 4.231 square feet assessed
at $6347, or $50 a foot, for the ground
alone. and $1O.347, or about $2.44 foot.
for both ground and improvements. 1t
was recently sold. it is said. for $4,000,
or about $9.4j foot. although It's real
value. il the property was originally
assessed at two-thfrds thereof, is only
s15, 5000. or about $a.67 a foot. A little
farther down 18th street Is a third piece
of property containing 1890 square feet,
assesse& at $a.640. or 81 foot, for the
ground, and s.. $40. or $2-51 a foot. for
both ground and improvements. its real
value being, upon the two-thirds assess
ment valuation basis. So. 76O, or about
$3I7k foot. It's owner has no desire
to sell and feels that, II the government
takes his property, 1t should pay him at
least $35, 600, or at the rate of $15.OSH a
foot, for 1t. Its rental amounts to the
interest On a five per cent investment Of
$4,000.