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Mr. Heisinger 3 May 6, 2025 <br />2025CNA112 <br />The subject parcel includes approximately 193 feet of frontage along Maple Street and about 165 <br />feet of frontage along Lathrop Street. The subject parcel is legally intended for high density <br />commercial/residential development per the Mixed Use Corridor General Plan land use <br />designation and the Mixed Use Corridor El Camino Real District zoning. The subject is <br />unimproved aside from some fencing; it appeared to be supporting a construction staging area on <br />the date of value for the adjacent Elco Yards development to the southeast. <br />The client for this appraisal is Mr. Patrick Heisinger, Assistant City Manager, City of Redwood <br />City. The purpose of this appraisal is to estimate the current fee simple fair market value of the <br />subject property identified above. It is my understanding that the intended use/user of this <br />appraisal is for the exclusive use of the Successor Agency of the City of Redwood City for <br />assistance in negotiating the disposition of the subject parcel.This appraisal report should not <br />be used or relied upon by any other parties for any reason. <br />Market Value Conclusion <br />Based on the research and analysis, and subject to the assumptions and limiting conditions <br />contained in this report, it is the opinion of the undersigned that the fee simple fair market value <br />of the subject property, as of April 30, 2025 is: <br />NINE HUNDRED THOUSAND DOLLARS <br />($900,000) <br />This appraisal report is identified on the footer of each page as 2025CNA112, and includes <br />several related exhibits and addendum. <br />Exposure Time <br />Based on the research of comparable transactions and discussions with local real estate brokers <br />as well as considering the current economic climate and real estate market, it is my opinion that <br />the subject property would have required a reasonable exposure time of approximately six to <br />nine months, as of the date of valuation. <br />Certification <br />I, the undersigned, hereby certify that, to the best of my knowledge and belief: the statements of <br />fact contained in this report are true and correct; the reported analyses, opinions, and conclusions <br />are limited only by the reported assumptions and limiting conditions, and are my personal, <br />impartial, and unbiased professional analyses, opinions, and conclusions; I have no present or <br />8.K. - Page 42 of 105 <br />292