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Appraisal: APN 053-182-030, S.E. Corner of Maple & Lathrop Streets, Redwood City, Calif.Page 32 <br />2025CNA112 <br />flow during what would normally be considered the entitlement period, I <br />concluded that no adjustment for the sale of the leased fee rights is warranted. <br />Financing <br />All selected comparable sales transacted on an all cash or cash-equivalent basis <br />with conventional financing. Therefore, no adjustment is warranted for this <br />element of comparison for any of the comparables. <br />Conditions of Sale <br />Conditions of sale represent motivations involved in purchase negotiations or <br />decisions which may have affected the purchase price. Comparables 1, 3, 4, and 5 <br />are considered to have transacted under typical negotiations, and no adjustment <br />for this category are warranted. Comparable 2 sold in an off-market transaction to <br />a buyer who was creating an assemblage. After making all other adjustments first, <br />this comparable appears to have sold at a below market rate, despite buyer <br />motivation, and warrants an upward adjustment at the rate shown on the <br />adjustment grid, which brought this sale in line with other comparable data. <br />Date of Sale / Market Conditions <br />Comparables 1, 2, and 3 transacted within the last 10 months, considered <br />generally reflective of current market conditions, and no adjustment for market <br />conditions is warranted for these comparables. For Comparable 4, selling prices <br />today are generally at a similar level as the sale date of this property and no <br />adjustment for this category is warranted. The older sale date of Comparable 5 <br />occurred during a superior market period and warrants a downward adjustment <br />for market conditions, as shown on the adjustment grid. Comparable 6 is a listing <br />for sale and based on typical buyer and seller negotiations a downward adjustment <br />is applied. <br />After the transactional adjustments outlined above, the comparables adjusted <br />gross sale prices range from $385,000 to $2,300,000, which is equivalent to a <br />range of about $147 to $366 on a price per square foot of land area basis. <br />Location <br />The subject is located on the periphery of downtown Redwood City and generally <br />has average exposure and access to mass transit and freeways. Comparable 1 is in <br />8.K. - Page 83 of 105 <br />333