Laserfiche WebLink
Appraisal: APN 053-182-030, S.E. Corner of Maple & Lathrop Streets, Redwood City, Calif.Page 27 <br />2025CNA112 <br />function on a small site. Some examples include an approximate 1,150 square foot <br />(SF) building at 1003 Main St, an approximate 550 SF building at 1112 Main St, <br />and a 2,820 SF, two-story, mixed-use building on a 3,050 SF lot at 507 Woodside <br />Rd. Each of these is also sited at a triangular corner of the respective sites. <br />However, we are not aware of any new construction of similar buildings in the <br />recent past. Nonetheless, some sales of irregular shaped and or small parcels that <br />could be developed were discovered in this market and are presented as sale <br />comparables in the following analysis. This is evidence that there are some <br />investors/developers willing to purchase sites that are challenging to develop. The <br />opportunities, would support several financially feasible uses. However, <br />economic and market conditions have softened in recent years for commercial and <br />residential uses and most new projects are not breaking ground. Therefore, the <br />financially feasible use is to hold for a future development use. <br />A greater return to the land would be realized as a development site. Thus, the <br />maximally productive use of the subject is to hold for a small commercial or <br />mixed-use development while allowing parking and/or construction storage to <br />continue in the interim. <br />Conclusion <br />After analyzing the subject parcel based on the four highest and best use criteria, <br />the highest and best use of the subject parcel is to hold for future development of <br />a small commercial or mixed-use development while allowing parking and/or <br />construction storage to continue in the interim. <br />B. Valuation Methodology <br />As stated previously, this appraisal report utilizes the Sales Comparison Approach <br />to value only. The Cost and Income Capitalization Approaches to value are not <br />included in this analysis. <br />The sales comparison approach is based on the principle of substitution, i.e., the <br />value of a property is governed by the prices generally obtained for similar <br />properties. In analyzing the market data, it is beneficial that the sales prices be <br />reduced to common denominators to relate the degree of comparability to the <br />property being appraised. The difficulty inherent in this approach is that no two <br />properties are exactly alike. <br />8.K. - Page 75 of 105 <br />325