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1 I Market Value Appraisal: 4138 Vineyard Avenue, Pleasanton, California Page 37 acquired or continue to be used by homeowners. None of the comparable 1 residences have been acquired for conversion to an alternative use. The comparables would indicate that the maximally productive use of the property, as improved, is consistent with the existing use as a single family residential property. Based on the I legal restrictions and the design of the improvements, the continued use of the property for a single family residence would be functional. Based on the foregoing, I the highest and best use of the property, as improved, is consistent with the existing use as a residence. However, the following paragraph indicates the greater value of the property can be achieved by redevelopment. 1 C. Highest and Best Use Conclusion The analysis of improved residence and residential land sale comparables resulted in I a higher value for the subject's land. The single family residential sales summary is presented in the following table. I SINGLE FAMILY RESIDENCE SALES SUMMARY Sale Price / Floor Comp. Sak Date Adjustment / House Adj. Sale Bedrooms Frontage Area Year Residential I No. Location / APN Close Date Ad'. Sale Price Size Price , r SF Bathrooms Lot Size Ratio Built Zon' 1 1 4143 Vineyard Avenue 2/15/11 5300,000 1,059 SF 5295.09 3 50 hT 0.132 1962 RN1 -4 Pleasanton 3/ ^_2/11 12,500 1 8,007 50 094 -0095- 009 -02 $312,500 I 2 4219 School Street 2 /3/11 5595,000 1,640 50 5354.27 3 65 Fl .0.257 1954 R -1 -65 Pleasanton 2/28/11 - 14,000 2 6,370 50 094 -0203 -007 5581,000 I 3 351 Ewing Drive 12/21/10 $505,000 1,680 SF 5303.57 3 71 PI' 0.237 1966 R -1 -65 Pleasanton 1/20/11 5,000 2 7,09950 946- 2531 -002 5510,000 1 4 4092 Walnut Drive 10/22/ "0 5486,500 1,551 50 5337.85 2 76 hT 0.193 1953 R -1 -65 Pleasanton 11/24/0 37,500 2 8,05651" I 094- 0109 - 006 -01 5524,000 5 648 Bonita Avenue 8/3/10 5700,000 1,647 50 5425.02 3 71 01' 0 1961 R-1-65 Pleasanton 9/7/10 0 2 11,340 50 1 946 -2541 -003 5700,000 The adjustments of Sales 1, 3 and 4 shown in the table account for deferred I maintenance. The adjustment for Sale 2 accounts for closing and deferred maintenance costs credited to the buyer after the close of escrow. Sale 1 involves a I foreclosed property across the street from the subject. All the residence sales are within an approximate half mile radius from the subject. After considering adjustments for the larger size of the subject's improvements and lot; location; age I and condition; room counts and garage size; the indicated "as is" fee simple market value estimate is $310 per square foot, or a rounded value of $660,000 for the property. The analysis in the following Sales Comparison Section indicates the I ENRIGIHT & COMPANY, INC. — Real [.state Appraisal Consultation Services File: 11 -892 /Text I