Corner lots, that is those located at the intersection of two streets are worth more than the ordinary inside lot. The amount of additional value given to a corner depends upon the importance of the intersecting streets, and the use for which the property is suitable. This additional value is usually considered to be fifty per cent of the inside lot value, but is more in a few cases and less in others. In exceptional locations the value of the corner lot may be two or three times the value of an inside lot.
The reasons why corner lots have added value may be summarized as follows:
(a) They are usually more suitable for improvement with a building covering a larger proportion of the surface of the lot, and sometimes a building of a greater height, than are inside lots. Where there are laws restricting the amount of land surface to be covered, corner lots arc allowed a greater percentage than inside lots.
(b) There is a greater amount of permanent air and light for corner buildings, especially in places where buildings are erected in attached rows.
(c) There is a greater amount of window space for display of goods in corner stores; and they are more conspicuous and more readily attract trade.
(d) If both intersecting streets are important, the corner lot gets the benefit of fronting on both.
(e) Passengers get on and off of street cars at corners and stations for elevated roads and subways are located there.
(f) Additional light and air and favor of position is incident to a corner even in residential districts.
Of course space in buildings erected on corners pays a larger rent, which means greater value, but the larger rent is by reason of the advantages here enumerated.
Corner influence is simply that element of additional value flowing from proximity to the corner. The lot next to the corner partakes of some of the advantages of the corner but in a much smaller degree. This addition to a lot value is often considered to be ten per cent.