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Appraisal: APN 053-182-030, S.E. Corner of Maple & Lathrop Streets, Redwood City, Calif.Page 29 <br />2025CNA112 <br />1965. This property was reportedly leased at the time of sale with less than five <br />years remaining, so it will not be redeveloped immediately. Nonetheless, this <br />comparable was selected based on its recent sale date, location, and because the <br />primary value is in the land. <br />Comparable 2 represents the sale of property addressed as 1005 Acacia Avenue <br />in Los Altos, about 8.4 miles southeast. This property consists of a single legal <br />parcel containing approximately 2,580 square feet of land area. It is irregularly <br />shaped and includes approximately 78 feet of frontage on Acacia Avenue. The <br />site is at street grade and previously was improved with a small dwelling, which <br />was demolished prior to sale. The property has a General Plan land use <br />designation of Commercial Neighborhood and is zoned Thoroughfare <br />Commercial. This property is also within the Sherwood Avenue Specific Plan. <br />These designations generally call for commercial uses, but allow for mixed-use <br />residential and commercial development. <br />In September 2024, the property transacted at a sales price of $350,000, <br />equivalent to approximately $136 per square foot of land area. This property sold <br />off-market and the participating broker opined that the shape of the property <br />severely constrained the developable area, which reduced the achievable price. <br />The property was purchased by an adjacent property owner but neither this <br />property nor the adjoining property was entitled for any new development at the <br />time of sale. The buyer plans to hold the property for future development. <br />Comparable 3 represents the sale of the property addressed as 1065 El Camino <br />Real in Mountain View, approximately ten miles southeast of the subject. This <br />property is about 0.2 miles from Castro Street and the downtown area of <br />Mountain View. This property consists of a single legal parcel containing <br />approximately 5,031 square feet of land area, based on records. The <br />site is mostly triangular and its southern and western boundaries are formed by a <br />public alleyway. This site has about 79 feet of frontage on El Camino Real. This <br />property has mostly level topography, is generally at street grade, and has all <br />offsites in place including curb, gutter, and sidewalk. The General Plan land use <br />designation is Mixed Use Corridor and the zoning is a planned district for the El <br />Camino Real Precise Plan. <br />This property transacted in July 2024 at a recorded sales price of $1,300,000, <br />equivalent to approximately $258 per square foot of land area. The property was <br />marketed as a redevelopment site when it was placed on the market in June 2023. <br />The asking price was $1,549,500 and the property did not go under contract until <br />8.K. - Page 79 of 105 <br />329