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Appraisal: APN 053-182-030, S.E. Corner of Maple & Lathrop Streets, Redwood City, Calif.Page 33 <br />2025CNA112 <br />Redwood City but is farther from the synergies of downtown, rating inferior for <br />this element of comparison and warranting an upward adjustment. Comparable 2 <br />is in the Sherwood area of Los Altos, an inferior location supported by lower rents <br />and selling prices, and warranting an upward adjustment. The overall locational <br />appeal of Comparable 3 is concluded to rate similar and no adjustment for this <br />category is warranted. Comparable 4 is near downtown Menlo Park and faces El <br />Camino Real, rating superior for this element of comparison and warranting a <br />downward adjustment. Comparable 5 is in the midtown neighborhood of Palo <br />Alto, rating superior appeal and warranting upward adjustment. Comparable 6 is <br />across from a railroad right-of-way, outside of a downtown, and has limited <br />access. Its neighborhood lacks the synergies of newer development while the <br />surrounding land use ordinances will keep the development intensity at a lower <br />level. The overall location of Comparable 6 rates inferior, and warrants upward <br />adjustment. <br />Property Size <br />The subject property contains approximately 4,469 square feet of <br />usable/developable land area. Typically, a larger site will sell for a lesser amount, <br />on a price per square foot of land area basis, as compared to a smaller site due to <br />economies of scale. Smaller properties will typically command a lower gross <br />selling price compared to larger properties as there is less land to utilize. Within <br />the range of the comparables, larger Comparables 1 and 6 warrant a downward <br />adjustment on a gross sales price basis while smaller Comparables 2 and 4 <br />warrant an upward adjustment on a gross sale price basis. On a price per square <br />foot of land area basis, larger Comparables 1 and 6 are adjusted upward while <br />smaller Comparables 2 and 4 are adjusted downward. Comparables 3 and 5 are of <br />relatively similar size as compared to the subject property and no further <br />adjustment is warranted in this category. <br />Developmental Utility <br />Based on its shape, frontage(s), and access, the subject parcel development <br />utility rates below average. Comparable 1 is rectangular with good frontage along <br />Woodside Road, rating superior for this element of comparison and warranting a <br />downward adjustment. Comparable 2 has an irregular shape and only one street <br />front, rating inferior for this category and warranting an upward adjustment. <br />Comparable 3 is mostly triangular but it has two alleyway frontages plus about 80 <br />feet along El Camino Real, allowing for a mostly usable site. Overall, the <br />8.K. - Page 84 of 105 <br />334