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Appraisal: APN 053-182-030, S.E. Corner of Maple & Lathrop Streets, Redwood City, Calif.Page 31 <br />2025CNA112 <br />small portion of the Ellsworth Place frontage may require dedication to improve <br />ingress/egress, and visibility to/from Middlefield Rd. <br />Comparable 6 represents the sale listing of a development site addressed at 3435 <br />Pacific Boulevard in San Mateo, and located about 5.4 miles northwest of the <br />subject. This property consists of three legal parcels containing a combined gross <br />land area of about 8,778 square feet. The presence of Laurel Creek along the <br />southeast side restricts the developable area of this property, since the current <br />parcel boundaries reach to the center of the creek. <br />and aerial imagery, the net developable area of this property is about 7,760 square <br />feet, which is shown on the table. The shape of this property is generally a right <br />trapezoid, with about 120 feet along the longest side and about 80 feet of frontage <br />along Pacific Blvd. There are railroad tracks across Pacific Blvd from this <br />property. The rear of this property is an alley. The General Plan land use <br />designation is Mixed Use-Low and is zoned C-1, which is a general commercial <br />designation. The General Plan allows for residential densities ranging from 10-35 <br />dwelling units per acre. <br />This property was placed on the market at an initial asking price of $1,500,000. In <br />early April 2025, the asking price was reduced to $1,200,000, equivalent to <br />approximately $155 per net square foot of land area. The property is expected to <br />sell to a developer who will entitle the property for future development. <br />B. Comparable Sale Analysis <br />The comparable transaction benchmarks indicate an unadjusted price range of <br />$350,000 to $2,300,000, or approximately $136 to $366 per square foot of land <br />area, rounded. Adjustments are now applied to the comparable transaction <br />benchmarks to reflect comparative differences with the subject. A Comparable <br />Sales Adjustment Grid is displayed on the following page. Transactional <br />adjustments were applied on a quantitative basis while all other adjustments were <br />qualitative. <br />Real Property Rights Conveyed <br />Aside from Comparable 1, all selected comparable sales transacted on fee simple <br />terms and do not warrant adjustment. Comparable 1 represents the sale of a leased <br />fee interest as this property sold leased with between four and five years <br />8.K. - Page 81 of 105 <br />331