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1 <br /> Market Value Appraisal: 4138 Vineyard Avenue, Pleasanton, California Page 38 <br /> rounded, "as is" fee simple land value estimate of the subject property is $690,000, <br /> 1 which exceeds the improved value. <br /> Demolition costs of the existing improvements would be a consideration of a buyer <br /> intending to redevelop the subject for multi- family use. These costs have been <br /> estimated for information and are not applied to the subject in order to provide an <br /> "as is" value. The land sales analyzed in the following section are improved with <br /> 1 older structures in need of repair and demolition costs are not applied to them as <br /> well. Demolition costs of the existing subject's improvements are estimated from <br /> I the Marshall & Swift Valuation Service and presented in the following table. <br /> Demolition Cost Estimate for Sub'ect <br /> I Marshall & Swift Unit Extended <br /> Cost Item Section /Pa . e No. Units Amount Amount <br /> Gross Building Area 66/11 (Class C) 2,484 SF $5.00 $12,420 <br /> Current Cost Multiplier 99/3 1.03 <br /> Local Multiplier 1.37 <br /> Total Estimated Cost Rounded $17,500 <br /> Single family residential land sales were analyzed and found in the range of $10 to <br /> $20 per square foot. None of these land sales were near downtown; their locations <br /> were in newer residential neighborhoods more than one mile from the subject; and <br /> they are located in one - family, low density zoning districts. Their locations were not <br /> generally comparable to the subject's neighborhood. <br /> The land sales ased in the analysis of the subject are within blocks of downtown <br /> Pleasanton. Two are across Vineyard Avenue from the subject and the third is 0.6 <br /> mile to the southwest. Although the land sales used were improved with older <br /> residences, the confirming realtors of these sales and the appraiser considered the <br /> contributions of the improvements to their market values as minimal. All three sales <br /> are in multi - family (RM) zoning districts. Their highest and best uses would be <br /> redevelopment. In conclusion, the highest and best use of the subject property is to <br /> 1 hold for redevelopment with a multi - family residential project consistent with the <br /> current zoning or with a comparable planned unit development (PUD). Given this <br /> conclusion, the entire subject's site and its excess land have the same value per <br /> 1 <br /> square foot; therefore, the excess land will not be separately valued. <br /> 1 <br /> 1 <br /> 1 ENRIGIIT & COMPANY, INC. — Real Estate Appraisal Consultation Services File: 11- 892 /Text <br /> 1 <br />