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Appraisal: APN 053-182-030, S.E. Corner of Maple & Lathrop Streets, Redwood City, Calif.Page 17 <br />2025CNA112 <br />decreased again in Q4-2024. The number of sales has been fairly consistent with <br />22 sales in Q1-2024 and 20 sales in Q1-2025. <br />According to a CoStar report on the Redwood City/Menlo Park multifamily <br />submarket,In the second quarter of 2025, the Redwood City/Menlo Park <br />submarket has come to the end of a period of improving stability. Demand was <br />strong over the previous three years, and new supply was limited. As a result, the <br />vacancy rate fell to a level last seen in 2017. However, the delivery of several <br />hundred new units in the current period is now testing the robustness of demand. <br />The wider metro area saw growing demand for apartments in 2024. The vacancy <br />rate decreased to its pre-pandemic level as absorption remained strong and very <br />few new developments were completed. Rent growth has shifted from negative to <br />positive territory, and average rents have surpassed the peak level set in 2019. <br />Redwood City/Menlo Park is one of the larger submarkets in the San Francisco <br />metro area, with approximately 17,000 units. The submarket has a wide diversity <br />of housing stock, including some of the Bay Area's most exclusive and expensive <br />for-sale residential neighborhoods in Menlo Park and Atherton and large <br />amounts of workforce housing further north in Redwood City. Indeed, workforce <br />housing is the predominant rental property type, with approximately 9,000 units <br />in the 1 & 2 Star category. <br />The submarket is home to several noteworthy tech firms. The entry and expansion <br />of Google and Meta have fueled housing demand in the past five years. While the <br />past two years brought hiring freezes and layoffs, housing demand has remained <br />positive. <br />Developers have responded to strong demand by pushing ahead with new <br />projects. The submarket has 520 units currently under construction, the second <br />highest in the metro area. Moreover, around 780 units in two 4 & 5 Star buildings <br />were completed in 2024, the most in the metro area. This supply addition is <br />-level apartments. <br />F. Conclusion <br />Commercial properties generally exhibited slowing demand and stable to <br />decreasing pricing over the last 18 months. Although some return-to-office <br />mandates have begun, overall, demand for office and retail uses serving said <br />offices remains below historical norms. Office construction is not occurring, and <br />8.K. - Page 64 of 105 <br />314