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Appraisal: APN 053-182-030, S.E. Corner of Maple & Lathrop Streets, Redwood City, Calif.Page 25 <br />2025CNA112 <br />V. HIGHEST AND BEST USE AND VALUATION METHODOLOGY <br />A. Highest and Best Use <br />Highest and best use is defined as reasonably probable use of property that <br />results in the highest value. The four criteria that the highest and best use must <br />meet are legal permissibility, physical possibility, financial feasibility, and <br />maximum 3 <br />Implied in the definition of highest and best use is that the determination of <br />highest and best use considers the contribution of a specific use to the community, <br />and community development goals, as well as the benefits of that use to <br />individual property owners. <br />For the highest and best use of land, the use must meet the following four criteria: <br />the highest and best use must be 1) physically possible, 2) legally permissible, 3) <br />financially feasible, and 4) maximally productive. The following paragraphs <br />discuss each of the four criteria and conclude the highest and best use of the <br />subject property. <br />Physically Possible <br />The subject property consists of a single legal parcel containing approximately <br />10,973 gross square feet of land area with two public street frontages. The parcel <br />is irregularly shaped with generally level topography. However, there is an <br />approximate 32-foot-wide storm drainage easement at the southern portion of the <br />parcel. This easement is in favor of the City of Redwood City and is improved <br />with a concrete-lined channel containing Redwood Creek. After accounting for <br />for the <br />City of Redwood City, and displayed in the Addenda as Exhibit B, the net <br />developable or usable area of the subject is 4,469 square feet. It was an <br />extraordinary assumption of this appraisal the developable area of the subject <br />was 4,469 square feet.The subject parcel includes approximately 193 feet of <br />frontage along Maple Street and about 165 feet of frontage along Lathrop Street. <br />However, these two streets meet in a point, such that the overall shape of the <br />parcel is irregular and the developable area north of the creek is triangular. Based <br />3 Appraisal Institute, The Dictionary of Real Estate Appraisal,7th ed. (Chicago: Appraisal Institute, 2022) <br />8.K. - Page 73 of 105 <br />323