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Approach Value Estimate” for the Redwood City Fox, as of December
31, 1986, was $3,850,115, computed as follows:
Purchase Price of SJFox $2,010,000
Purchase Price per seat for 1,538 seats $1,307
Estimated Restoration and
Rehabilitation Cost for Scheme
2 without Mkt. St. Lobby $4,762,500
Cost per seat for 1,538 seats $3,097
Adjustments for Comparison:
Add stage lighting 60,000
Add restrooms 162,000
Deduct Architectural Decorat. -350,000
Total Net Adjustment -128,000
Estimated Cost Less Adjustment4,634,500
Value per seat for 1,538 seats3,013
Add purchase price per seat 1,307
Total Est. Cost per seat SJFox4,320
Estimated Value by Comparison for
RC Fox Theatre Use Space
for 1,130 seats at $4,320 each 4,881,850
Less Estimated Cost to Restore 1,222,045
Estimated Net Value Before Restoration 3,659,805
Time Adjustment from September 12, 1985
to December 30, 1986 at Annual4.00%
474 days/365 days = 1.30 years1.30 $3,850,115
4. Comparable Sales Approach--Retail/Office Component
Under the comparable sales approach for the retail/office
space, Ingram/Ewing chose sales of 5 improved properties, all
office buildings. The unit of comparison was the price paid per
square foot of gross functional building area, including land.
Ingram/Ewing made adjustments for such factors as location, age
and condition of improvements, size, and date of sale. Under the
comparable sales approach, and after subtracting the estimated
cost of restoring the retail/office space, Ingram/Ewing estimated
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