Types Of Buildings 104

The error consists in placing entrance to three-story building on principal street instead of side street. These 10 feet would have yielded from $1,500 to $2,500 per annum for the past ten years, or 6% on $25,000 to $40,000. The error has been partly remedied by blocking the entrance with a cigar stand, yielding $720 per annum. Second and Cherry Streets, Seattle.

Front of corner store in Duluth. About as badly planned as possible.

Front of corner store in Duluth. About as badly planned as possible.

Income from corner about 50% of what it should be, due to error of architect, who aimed at a massive appearance. Morrison and Sixth Streets, Portland, Ore.

Income from corner about 50% of what it should be, due to error of architect, who aimed at a massive appearance. Morrison and Sixth Streets, Portland, Ore.

Equally massive, but steps omitted. Rents sacrificed. The dealer in sewing machines and bicycles can only exhibit six bottles of oil in each window to attract customers. Morrison and Seventh Streets, Portland, Ore.

Equally massive, but steps omitted. Rents sacrificed. The dealer in sewing machines and bicycles can only exhibit six bottles of oil in each window to attract customers. Morrison and Seventh Streets, Portland, Ore.

On land valued per front ft.

Av'ge frontage of lot.

Construction may be.

Residences may cost.

Per

-------Total-------

cu.

ft.

$5 in

smaller

cities

25

Frame detached.......

$5

to

$7

$400

to

$800

10 "

,,

,,

25

,, ,,

5

,,

7

800

,,

1,000

20 "

,,

,,

30

,, ,,

5

,,

8

1,500

,,

2,000

30 "

,,

,,

40

" or brick ....

6

,,

9

2,500

,,

3,000

40 "

,,

,,

40

,, ,,

7

,,

10

3,000

,,

4,000

50 "

,,

,,

50

Brick, detached

8

,,

12

4,500

,,

6,000

75 "

,,

,,

60

" or stone "

10

,,

15

6,000

,,

10,000

100"

,,

,,

60 - 100

,, ,, ,, ,,

12

,,

18

10,000

,,

20,000

150 "

,,

,,

60 - 100

,, ,, ,, ,,

15

,,

20

12,000

,,

30,000

250 "

,,

,,

75 - 150

,, ,, ,, ,,

15

,,

25

15,000

,,

50,000

500 "

largest

,,

12 - 16

Brick or stone block

10

,,

15

6,000

,,

15,000

750 "

,,

,,

16 - 20

,, ,, ,, ,,

12

,,

18

10,000

,,

20,000

1,000 "

,,

,,

20 - 25

,, ,, ,, ,,

15

,,

20

20,000

,,

50,00

2,000 "

,,

,,

20 - 30

,, ,, ,, ,,

18

,,

25

40,000

it

60,000

3,000 "

,,

,,

25 - 40

Fireproof.................

30

up

100,000

,,

150,000

5,000 "

,,

,,

30 - 50

,, ...........

40

,,

200,000

,,

400,000

7,500-9,000"

,,

40 - 100

,, ..............

50

,,

500,000

up.

One feature affecting the suitability of buildings to land is that of the life of buildings. The useful life of a building may be ended from any one of four causes: Physical decay, destruction by fire, change of utility, or competition of new buildings..

The physical decay of ordinary buildings depends more on repairs than on the character of the original materials used. Steel frame buildings are of such recent invention that their life has not yet been tested, but engineers estimate that they will last several hundred years.

An estimate of the physical depreciation of buildings if kept in repair would be as follows:

Class of building.

Life in years.

Annual depreciation.

Cheap frame tenements....................

10 to 15

5 to 10%

Ordinary frame residences..........................

25 to 30

2 to 3%

Cheap brick tenements and office buildings.

25 to 30

2 to 3%

Better brick or stone residences......................

35 to 50

1 to 2%

Better class frame residences..........................

35 to 50

l to 2%

" " brick and stone residences............

50 to 75

1 to 1 1/2%

Good brick and stone office buildings.................

75 to 100

1%

Steel skeleton buildings............................

Unknown.

. . . .

The loss from a change of utility is modified by the greater or less convertibility of business buildings, many office buildings being convertible into hotels or lodgings. Thus the old Astor House was changed into an office building twenty or thirty years ago but was reconverted into a hotel, and there are many instances in western cities of buildings used interconvertibly for lodgings or offices. The destruction of buildings from change of utility constitutes an offset to increased value in land, in that the more rapid the increase in land value, the more rapid the destruction of value in the building. In locations of rapidly changing utility, old buildings are generally considered to be of no value. The correct basis of their value, however, would be the amount of gross rents they will earn before being removed, less such expenses as are due to their still standing, such as insurance, repairs, taxes on the building only, etc. From this standpoint the great number of old buildings are generally undervalued, since the process of replacing them is certain to be a gradual one.

Type of blocked entrance with more than 50% of frontage taken up by obstructions. Royal Street, Mobile.

Type of blocked entrance with more than 50% of frontage taken up by obstructions. Royal Street, Mobile.

Competition of new buildings operates more strongly in the case of residences and office buildings than of retail shopping buildings. As to residences, for example, when the. public has been educated to prefer light stone or brick renaissance houses to the old-fashioned brownstone front, and modern interior arrangements, decoration and plumbing to former styles and equipment, the value of the old house has about departed, even though it is in good physical condition. As to shops, the location is paramount, and tenants pay high rents for the ground floor with little regard to the architectural appearance of the building above.