Then I was curious about the assessed value of each property. Granted I know the assessed value isn't necessarily the market value, but I just needed a quick apple to apple comparison. Since DC property isn't in the Real Property Tax database, all the information below comes from the DC Citizen Atlas database.
First District Police Substation, 500 E Street SE
Square Footage: 10,017
Assessed Value (2009): $1,373,460 ($137/sq ft)
Third District Police Substation, 750 Park Road NW
Square Footage: 13,793
Assessed Value (2009): $1,722,740 ($125/sq ft)
Sixth District Police Substation, 2701 Pennsylvania Ave SE
Leased Price: There are discrepancies, but I've seen $250,000 - $500,000 per year
Square Footage: 35,708
Assessed Value (2009): $1,520,580 ($42/sq ft)
All this information leads me to more questions (on top of the ones I currently have)....
- If the assessed value of the 6D substation was $1.5 million in 2009, why was the city paying so much to lease versus just purchasing the property?
- From my understanding of the history from the Old Guard in my neighborhood, the city has been leasing that space for several years. Did the City ever make an offer to purchase the property?
- When were the other substations purchased? It appears their value per square foot is significantly higher than the 6D substation.
- Is the owner willing to sell the property? Obviously if the owner isn't willing to sell then purchasing is a moot point.