The San Francisco call., 1909-11-06

ing from the shore is permitted, and on
which about two miles of seawal has
been constructed, and along which fur
ther extensions may be built Its gen
eral location is in water from 10 TO Il
feet in depth.
LARGE AREA ONCE OWNED
In statement made by the board of
state harbor commissioners very
great tract of land in this city which
once belonged to the state of Califor-
MIA is described as follows:
Between the bulkhead line and high water or
shore line there was originally about 25eO
acres -four square mlesl of submerged land
all OF which was divided into city blocks and
streets and sold more than 30 years ago by the
state of California through It's commissioners
land Approximately 900 acres OF this submerged
area. generally north of the Union iron works
has been reclaimed filled I'M, and Is some
Of the most valuable real estate in the city On
the other 1G00 acres most Of which lies south
of the sugar refinery. in the vicinity OF lslais
creek. India basin Hunters point and South
basin, little or reclamation work has as yet
been attempted This submerged might
have been very useful for building wharves in
inclosed basins, but having been disposed of by
the state is now held at such high valuation
to acquire for harbor purposes.
REPORT ON ACTUAL VALUE
Some time ago Thomas Magee &
Sons were asked to make an estimate
of the value of the states property in
San Francisco, known as the seawall
lots, for the purpose of determining
what the rentals from the property
should be. part of that report is as
follows:
In response to your request, we herewith sub
nit TO you valuations OF the various parcels
Of real estate owned by the board Of state har-
Dor commissioners. together with rental values
per map handed us We have prepared and
herewith inclose two maps with this report. on
which are shown sales and leases OF property
situated in the immediate vicinity of the various
properties named. II must be remembered how
ever that in but few OF the sales and leases
shown are the properties so well located or so
valuable as the properties owned by the state
our land with frontage on East street and the
seawal or on blocks or cores cornering on the
wafer front are much more valuable than land
immediately in the rear OF them. All OF your
have the great advantage of railroad tracks and
with the exception of those parcels lying west
of Stockton street all front streets which are
paved.
We understand that you want. and we have
given you, the reasonable value of these prop
critics for commercial and have dsregarded
have if used for purposes of saloons, restaurants.
lodging houses and such retail lines of business
as thrive on the water front. We herewith cite
examples Of just what we mean by this.
The rental of 81. $50 per month which viii be
obtained by George Whittell on his block bounded
by East. Battery. Filbert and Greenwich streets
shows forcibly what rents be obtained from
numerous tenants where the owner erects his
own improvements and suhlets in small parcels
for the retail purposes Indicated.
The extent and value of the states
seawall lots, together with the rental
that they should pay on the net basis
of per cent. is estimated by Thomas
Magee carefully. and it was found that
the total value was s33.616,oOo. as fol-
lows: