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appreciation occurred between the date of this sale and the
appraisal date.”
Using both price per seat and price per square foot as units
of measurement, Carneghi found that the comparable sales
indicated a range of unit values between $1,307 and $1,737 per
seat, and $71.71 and $88.36 per square foot. Carneghi adjusted
the sales prices on the basis of physical condition, date of
sale, location, size, seating capacity, and other physical
characteristics.
On a per seat basis, Carneghi estimated a value of $1,600
per seat. Carneghi determined the appropriate number of seats
for the Redwood City Fox, based on modern standards (including
seat width and handicapped seating and accessibility), to be
1,130 seats. Thus, with 1,130 seats at $1,600 per seat, the
indicated value was $1,810,000 (rounded).
On a per square foot basis, Carneghi concluded that a value
of $85.00 per square foot was indicated. With 24,358 square feet
of gross building area, Carneghi estimated the value of the
theater to be $2,070,000 (rounded).
After considering the two values, Carneghi concluded that
the value on a per square foot basis was slightly less subjective
than on a per seat basis. Carneghi thus concluded the indicated
value for the theater component under the comparable sales method
was $2,000,000.
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