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Appraisal: APN 053-182-030, S.E. Corner of Maple & Lathrop Streets, Redwood City, Calif.Page 30 <br />2025CNA112 <br />June 2024. At the time of sale, this property was improved with a dwelling <br />containing about 1,160 square feet of gross living area that was constructed circa <br />1940 and appeared in fair condition. No redevelopment plans were in process at <br />the time of sale. The buyer was expected to hold the property for future <br />development. <br />Comparable 4 is located at 135 El Camino Real in Menlo Park, about 3.7 miles <br />southeast of the subject. This property consists of one legal parcel containing <br />approximately 2,830 square feet of land area. This property is rectangular and <br />narrow with a width of about 25 feet and a depth ranging from about 112 to 114 <br />feet. There is secondary access along Alto Lane, which is a 20-foot-wide <br />alleyway. The topography is level, and at street grade. The property is adjacent an <br />office building with below grade parking on the north and an under-construction <br />mixed-use building to the south. It has a General Plan land use designation of El <br />Camino Real Mixed Use and a corresponding zoning designation of Downtown <br />Specific Plan-El Camino Real. <br />In September 2023, the property transacted at a sales price of $1,035,000, <br />equivalent to approximately $366 per square foot of land area. The seller had <br />spent two years entitling the property with a mixed-use proposal for a 1,551 <br />square foot building. The approved entitlements were for a single residential unit <br />above an office unit. <br />Comparable 5 represents the sale of the property at the east corner of Ellsworth <br />Place and Middlefield Road in Palo Alto, located approximately 6.5 miles <br />southeast of the subject. This property consists of a single legal parcel containing <br />approximately 4,493 net square feet of land area, based on city records. The site is <br />mostly rectangular and its southeastern boundary is formed by Matadero Creek, <br />which is a concrete lined channel. This site has about 100 feet of frontage on <br />Ellsworth Place, a narrow 20-foot-wide street, and about 35 feet of frontage along <br />Middlefield Road. This property has mostly level topography and is generally at <br />street grade; only the Middlefield Road frontage contains curb, gutter, and <br />sidewalk. The Comprehensive Plan land use designation is Single Family <br />Residential and the zoning is a planned district, which dates from 1967, and <br />includes the multifamily property across Ellsworth Place at 2901 Middlefield Rd. <br />In November 2022, this property transacted at a recorded sale price of $950,000, <br />equivalent to approximately $211 per square foot of land area. The property was <br />being used for parking to support the adjacent apartment complex. The buyer <br />plans to rezone the property to R-1 and to develop a single-family dwelling. A <br />8.K. - Page 80 of 105 <br />330