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Appraisal: APN 053-182-030, S.E. Corner of Maple & Lathrop Streets, Redwood City, Calif.Page 34 <br />2025CNA112 <br />developmental utility of this comparable rates superior, and a downward <br />adjustment in this category is warranted. <br />Comparable 4 is just 25 feet wide but has a usable rectangular shape with <br />secondary access at the rear, rating slightly superior for this element of <br />comparison and warranting a downward adjustment. Comparable 5 has relatively <br />similar developmental utility and/or constraints as compared to the subject and no <br />adjustment is warranted in this category. Comparable 6 is right trapezoidal in <br />shape and contains secondary frontage along an alley, concluded to rate slightly <br />superior for this element of comparison and warrant a downward adjustment. <br />Contributory Value of Improvements <br />This adjustment accounts for any structural improvements present on the <br />comparable sales for which the market would be willing to pay a greater amount <br />above that of the underlying land. Improved properties can typically generate <br />higher rents during entitlement periods compared to unimproved land. Among the <br />selected sale benchmarks, only Comparables 1 and 3 had improvements <br />considered to contribute value to the selling price. Each of these comparables <br />warrants a downward adjustment. The remaining comparables are all unimproved <br />and thus no further adjustment is warranted in this category. <br />Land Use Ordinances (General Plan/Zoning/Entitlements) <br />This adjustment accounts for differences in allowed uses including building <br />height, intensity or density of development, and whether any planning approvals <br />are in process or had been achieved by the close of escrow. Comparables 1 and 3 <br />sold unentitled and have generally similar legal classifications as the subject and <br />no adjustment is warranted in this category. The land use ordinances of <br />Comparables 2, 5, and 6 are more restrictive in terms of development intensity, <br />rating inferior for this element of comparison and warrant upward adjustment. <br />Comparable 4 sold with approved entitlements at the time of sale and warrants a <br />significant downward adjustment for the time and risk that the seller undertook. <br />C. Value Conclusion <br />The range of sale prices and adjusted unit values was more consistent on a price <br />per square foot basis than on a gross sale price basis. Therefore, the price per <br />square foot unit of comparison is utilized following. <br />8.K. - Page 85 of 105 <br />335