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Appraisal: APN 053-182-030, S.E. Corner of Maple & Lathrop Streets, Redwood City, Calif.Page 28 <br />2025CNA112 <br />VI. FAIR MARKET VALUE ANALYSIS <br />The fair market value of the subject property is estimated using the sales comparison <br />approach. In the sales comparison approach, value is estimated by comparing the subject <br />property with recent sales of properties considered similar and adjusting for various <br />comparative differences. Comparisons are made based on the differences in physical, <br />use/zoning, and locational characteristics. In addition, conditions of sale, financing terms, <br />and date of sale are also considered. In the following analysis, the sales were primarily <br />analyzed qualitatively since sufficient market data to support quantitative adjustments <br />was not available. <br />Searches were performed to discover recent sales of parcels of real estate that had <br />unusual shape, small size, and/or limited utility in Redwood City and the greater <br />peninsula. Because similar properties to the subject parcel sell infrequently, our search <br />went back to the start of 2022 and also included properties for which the land use <br />ordinances permitted lower density/intensity uses. The selected sales are more <br />appropriately called market benchmarks since no one sale is truly For each <br />sale we determined whether the transaction indicated a subject property value of greater <br />than, less than, or in the range of the transaction price. Consideration on a per square foot <br />of land area was also analyzed. <br />The sale benchmarks considered to give the best indication of market value for the <br />subject parcel are outlined in the table on the following page, keyed to the map that <br />follows, and are further described in the following section. <br />A. Comparable Sales Discussion <br />Comparable 1 is addressed at 640 Woodside Road in Redwood City, located <br />about 0.9 miles south-southeast of the subject. This property consists of one legal <br />parcel containing approximately 11,088 square feet of land area. This property is <br />rectangular with about 139 feet of frontage along Woodside Road and a depth of <br />about 80 feet. The topography is level, and at street grade. The property has a <br />General Plan land use designation of Mixed Use Neighborhood and a <br />corresponding zoning designation of Mixed Use Neighborhood. <br />In November 2024, the property transacted at a sales price of $2,300,000, <br />equivalent to approximately $207 per square foot of land area. The property was <br />offered on the market for about four months at an asking price of $2,700,000 prior <br />to going under contract. At the time of sale, the property was improved with a <br />restaurant building measuring about 1,224 square feet that was constructed circa <br />8.K. - Page 76 of 105 <br />326