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Redwood City Fox under the comparable sales method at $660,000
(rounded).
4. Comparable Sales Approach--Retail/Office
Under the comparable sales approach for the retail/office
portion of the Redwood City Fox, Mansbach utilized 5 sales of
commercial property in Redwood City. Two of Mansbach's sales
involve the same property. All the sales were for fully occupied
free standing buildings located within a 1-mile radius of the
Redwood City Fox.
Mansbach's unit of comparison was price per square foot of
building area. The comparable sales ranged in price from
approximately $77.00 to $142.00 per square foot. Mansbach
adjusted the sales for factors such as date of sale, condition,
location, physical characteristics, and income characteristics.
Mansbach determined that the sales supported a value for the
retail/office component of the Redwood City Fox of $87.50 per
square foot of "true rentable area". Mansbach determined the
"true rentable area" of the property to be 11,682 square feet,
consisting of the following:
Rentable
Area Sq.Ft.
East Retail 2,611
West Retail 2,105
Second Floor Office 6,090
Third Floor Office 876
Total 11,682
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