____________________________________________________________________________________
FOR CITY CLERK ONLY
Council Meeting: _______________________
Disposition: ___________________________
Agenda Item No: SA 1.a
Meeting Date: July 20, 2026
SAN RAFAEL SUCCESSOR AGENCY AGENDA REPORT
Department: Community & Economic Development
Prepared by: Micah Hinkle,
Director of Community &
Economic Development
Ariel Gutierrez,
Senior Management Analyst
City Manager Approval: ______________
TOPIC: DECLARATION OF EXEMPT SURPLUS LAND AND SALE OF ANDERSEN DRIVE REMNANT PARCEL (APN 018-180-52)
SUBJECT: RESOLUTION OF THE SAN RAFAEL SUCCESSOR AGENCY TO THE FORMER SAN
RAFAEL REDEVELOPMENT AGENCY DECLARING THE REAL PROPERTY LOCATED AT ANDERSEN DRIVE (APN 018-180-52) TO BE EXEMPT SURPLUS LAND UNDER GOVERNMENT CODE SECTION 54221(F)(1)(E); AND AUTHORIZING THE
SALE OF THE PARCEL TO THE ADJACENT PROPERTY OWNER, MARIN SANITARY
SERVICE OR OTHER ADJACENT PROPERTY OWNER, PURSUANT TO THE
NEGOTIATED PURCHASE AND SALE AGREEMENT IN AN AMOUNT NOT TO EXCEED $40,000 FOR THE VALUE OF THE PROPERTY; CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA) DETERMINATION: EXEMPT PURUSANT TO CEQA GUIDELINES SECTIONS 15312 AND 15061(B)(3)
RECOMMENDATION:
Staff recommends that the Successor Agency adopt a resolution of the San Rafael Successor Agency to the Former San Rafael Redevelopment Agency declaring the real property located at Andersen Drive (APN 018-180-52) to be exempt Surplus Land under Government Code Section 54221(f)(1)(E); and authorizing the sale of the parcel to the adjacent property owner, Marin Sanitary Service or other adjacent property owner, pursuant to the negotiated Purchase and Sale Agreement in an amount that does not exceed $40,000 for the value of the property.
BACKGROUND:
The San Rafael Redevelopment Agency (“Former RDA”) was dissolved on February 1, 2012, pursuant to Assembly Bill (AB) x1 26, as subsequently amended by AB 1484 (collectively, the “Redevelopment Dissolution Statutes”). The City of San Rafael, acting in its capacity as the San Rafael Successor Agency (“Successor Agency”), was established to conclude the operations of the Former RDA. This responsibility includes the proper management and disposition of real property assets.
In May 2015, the Successor Agency adopted its Long-Range Property Management Plan (“LRPMP”), which the California Department of Finance later approved. The LRPMP identified APN 018-180-52, a remnant parcel located on Andersen Drive (See Figure 1), as lacking independent development potential.
It directed that this land be sold, with the proceeds distributed according to California Health & Safety SAN RAFAEL SUCCESSOR AGENCY AGENDA REPORT / Page: 2
Code Section 34191.5(c)(2)(B). This parcel is the last remaining property on the Successor Agency’s records, and its disposition is necessary to fulfill the requirements for the dissolution of redevelopment agencies.
Note: At their meeting of June 17, 2024, the San Rafael Successor Agency adopted Resolution No. 2024- 01 as required to formally dissolve the Agency pursuant to procedures established by the State of California. The resolution and supporting documentation were reviewed by the Marin County Oversight Committee and subsequently forwarded to the state Department of Finance. In the course of the state’s processing of the dissolution action, it was determined that the Successor Agency was still the property owner of record for this parcel, thus effectively halting the dissolution process, pending disposition.
Figure 1. Parcel Location
The parcel is approximately 10,454 square feet, zoned for Light Industrial/Office use, and adjacent to PG&E facilities. It was created as a remnant parcel after the completion of the Andersen Drive extension and roadway improvements project, resulting in a hillside parcel with no viable public use. Since it cannot be developed independently, the property has remained unused since its creation.
ANALYSIS:
To prepare for the disposition, the City commissioned an independent Appraisal Report (Attachment 2) for the Andersen Drive parcel. This completed appraisal establishes a fair market value of $40,000, which serves as the basis for the proposed Purchase and Sale Agreement with Marin Sanitary Service (Attachment 3), the adjacent property owner.
According to the Surplus Land Act outlined in California Government Code Section 54220 et seq., surplus government-owned property must first be offered to developers of affordable housing, park agencies, SAN RAFAEL SUCCESSOR AGENCY AGENDA REPORT / Page: 3
and other qualifying entities before it can be sold. However, California Government Code Section 54221(f)(1)(E) provides an exemption for surplus land that was previously part of a street, right-of-way, or easement, allowing it to be conveyed to the owner of an adjacent property. The Andersen Drive parcel qualifies for this exemption because it was created as a remnant parcel from the Andersen Drive extension and roadway improvements project.
The Successor Agency has negotiated a Purchase and Sale Agreement with Marin Sanitary Service to sell the property at its appraised fair market value of $40,000. This agreement provides a clear path for disposition, ensures compliance with state dissolution statutes, and facilitates the timely sale of a property that has no independent public or economic utility. Should the transaction not close, the Successor Agency retains the authority to list the parcel at the appraised value, accept the highest qualified offer received, or conduct a public auction until a sale is achieved. Alternatively, the Successor Agency may sell the property to an adjacent property if there was interest.
In accordance with California Health & Safety Code Section 34191.5(c)(2)(B), proceeds from the sale, after deducting the City’s documented holding and transactional costs, will be sent to the Marin County Auditor-Controller, who will distribute the funds to the affected taxing entities in proportion to their property tax allocations.
The disposition of the Andersen Drive remnant parcel (APN 018-180-52) aligns with the Successor Agency’s Long-Range Property Management Plan, complies with the requirements of the Redevelopment Dissolution Statutes, and meets the Surplus Land Act exemption outlined in California Government Code Section 54221. As the last property held by the Successor Agency, its sale represents the final step in concluding the former San Rafael Redevelopment Agency’s operations and fulfills the legal obligation to dispose of all remaining real property assets. Approving this action will ensure compliance with state law, return proceeds to the taxing entities, and relieve the City of ongoing management duties for a parcel with no independent use.
ENVIRONMENTAL REVIEW:
The proposed resolution authorizing the sale of the surplus property is exempt from the California Environmental Quality Act ("CEQA") pursuant to section 15312 of the State CEQA Guidelines, which exempts sales of surplus government property, except for parcels located in an area of statewide, regional, or areawide concern, or where the property has previous uses that may have generated hazardous wastes or hazardous substances. Neither exception applies to the subject property.
In addition, the proposed resolution is exempt from CEQA pursuant to section 15061(b)(3) of the State CEQA Guidelines because it can be seen with certainty that there is no possibility that the sale of the surplus property or its implementation would have a significant effect on the environment.
COMMUNITY OUTREACH:
Since the parcel is a roadway remnant with no potential for public use and its disposition is mandated by state law, no community outreach was required or conducted.
FISCAL IMPACT:
The sale is expected to generate approximately $40,000 in one-time proceeds. After accounting for eligible holding and transactional costs, the net proceeds will be remitted to the Marin County AuditorController for distribution to the affected taxing entities. This transaction will not impact the City’s General Fund.
SAN RAFAEL SUCCESSOR AGENCY AGENDA REPORT / Page: 4
OPTIONS:
The Successor Agency has the following options to consider on this matter:
1. Adopt the resolution as presented.
2. Adopt resolution with modifications.
3. Direct staff to return with more information.
4. Take no action.
RECOMMENDED ACTION:
Staff recommends that the Successor Agency adopt a resolution of the San Rafael Successor Agency to the Former San Rafael Redevelopment Agency declaring the real property located at Andersen Drive (APN 018-180-52) to be exempt Surplus Land under Government Code Section 54221(f)(1)(E); and authorizing the sale of the parcel to the adjacent property owner, Marin Sanitary Service or other adjacent property owner, pursuant to the negotiated Purchase and Sale Agreement in an amount that does not exceed $40,000 for the value of the property.
ATTACHMENTS:
1. Resolution
2. Appraisal Report
RESOLUTION NO.
A RESOLUTION OF THE SAN RAFAEL SUCCESSOR AGENCY TO THE FORMER
SAN RAFAEL REDEVELOPMENT AGENCY DECLARING THE REAL PROPERTY LOCATED AT ANDERSEN DRIVE (APN 018-18052) TO BE EXEMPT SURPLUS LAND UNDER GOVERNMENT CODE SECTION 54221(f)(1)(E); AUTHORIZING THE SALE
OF THE PARCEL TO THE ADJACENT PROPERTY OWNER, MARIN SANITARY
SERVICE OR OTHER ADJACENT PROPERTY OWNER PURSUANT TO THE
NEGOTIATED PURCHASE AND SALE AGREEMENT IN AN AMOUNT NOT TO EXCEED $40,000 FOR THE VALUE OF THE PROEPRTY-; CALIFORNIA ENVIRONMENTAL QUALITY ACT (CEQA) DETERMINATION: EXEMPT PURUSANT TO CEQA GUIDELINES SECTIONS 15312 AND 15061(B)(3)
WHEREAS, the Former San Rafael Redevelopment Agency (“Former RDA”) was dissolved on February 1, 2012, pursuant to Assembly Bill x1 26, as amended by AB 1484, collectively known as the Redevelopment Dissolution Statutes; and WHEREAS, the City of San Rafael, acting as the San Rafael Successor Agency (“Successor Agency”), is responsible for winding down the operations and disposing of the Former RDA’s real property assets in accordance with state law; and WHEREAS, the Successor Agency’s Long Range- Property Management Plan (“LRPMP”), approved by the California Department of Finance, identifies the Andersen Drive remnant parcel (APN 018-180-52) as lacking independent development potential and directs that it be sold with proceeds distributed pursuant to Health and Safety Code Section 34191.5(c)(2)(B); and
WHEREAS, the parcel is approximately 10,454 square feet, zoned Light Industrial/Office, created as a remnant following the Andersen Drive extension and roadway improvements project, and has no viable public or independent economic use; and
WHEREAS, an independent appraisal completed on December 1, 2025, for the Successor Agency has established the fair market value of the parcel to be $40,000; and WHEREAS, the Successor Agency has negotiated a Purchase and Sale Agreement with Marin Sanitary Service, the adjacent property owner, to acquire the parcel for its appraised value; and
WHEREAS, the parcel qualifies as Exempt Surplus Land pursuant to Government Code Section 54221(f)(1)(E), as it was previously part of a street, right of way, or public easement and may therefore be conveyed directly to an adjacent property owner; and NOW, THEREFORE, BE IT RESOLVED, that the San Rafael Successor Agency to the Former San Rafael Redevelopment Agency does hereby resolve as follows:
1. The foregoing recitals are true and correct.
2. The sale of the real property at Andersen Drive (APN 018-180-52) is Exempt Surplus Land under Government Code Section 54221(f)(1)(E) as it constitutes a sale of a remainder parcel from a roadway project to an adjacent property owner.
3. The Successor Agency hereby approves and authorizes the sale of the parcel to Marin Sanitary Service or other adjacent property pursuant to the negotiated Purchase and Sale Agreement for the appraised fair market value of $40,000 and authorizes the City Manager or designee to execute all documents necessary to complete the transaction, in a form approved by the City Attorney or designee.
4. This action is exempt from the California Environmental Quality Act (CEQA) pursuant to Section 15312 of the State CEQA Guidelines, which exempts sales of surplus government property, except for parcels located in an area of statewide, regional, or areawide concern, or where the property has previous uses that may have generated hazardous wastes or hazardous substances, and neither exception applies to the subject property. In addition, the proposed resolution is exempt from CEQA pursuant to section 15061(b)(3) of the State CEQA Guidelines because it can be seen with certainty that there is no possibility that the sale of the surplus property or its implementation would have a significant effect on the environment.
5. The net proceeds from the sale, after deduction of eligible holding and transactional costs, shall be remitted to the Marin County Auditor-Controller for distribution to affected taxing entities in accordance with Health and Safety Code Section 34191.5(c)(2)(B).
I, LINDSAY LARA, Secretary of the City of San Rafael Successor Agency, hereby certify that the foregoing resolution was duly and regularly introduced and adopted at a meeting of the Successor Agency of said City held on Monday, the 20th day of July 2026, by the following vote, to wit:
AYES: MEMBERS:
NOES: MEMBERS:
ABSENT: MEMBERS:
_____________________
LINDSAY LARA, City Clerk
AGI VALUATIONS
APPRAISAL REPORT
MARIN COUNTY APN 018-180-52
14,347 SQUARE FOOT REMNANT PARCEL ON ANDERSEN DRIVE
SAN RAFAEL, CALIFORNIA
AS OF DECEMBER 1, 2025
AGI FILE NO.: 25-10-015
PREPARED FOR
CITY OF SAN RAFAEL
C/O SULLINA SMITH,
PREPARED BY
AGI VALUATIONS
VALUATIONS
December 4, 2025
City of San Rafael
c/o Sullina Smith
1400 Fifth Avenue,
San Rafael, CA 94901
Re: Valuation of Marin County APN 018-180-52
AGI File No.: 25-10-015
Ms. Smith:
In accordance with your request, I have conducted the required investigation, researched the necessary data, and made certain analyses that have enabled me to form an opinion of the real property identified as Marin County Assessor Parcel Number 018-180-52, a vacant, 14,347 square foot property located on the south side of Andersen Drive within the City of San Rafael, California. The effective date of value ofthis analysis is December 1, 2025.
This appraisal report is prepared in compliance with the Uniform Standards of Professional Appraisal Practice adopted by the Appraisal Standards Board of the Appraisal Foundation. Please read the report and inform the appraiser of any errors or omissions you are aware of prior to utilizing it.
The value stated herein is based on my understanding of the property as represented to me by the client and/or the client's representatives and/or professional consultants as well as other available sources. I direct your attention to the "Introduction" and "Description of the Property" sections of this appraisal report. It is your responsibility to read the report and inform the appraiser of any errors or omissions you are aware of prior to utilizing the report or making it available to any third party.
Based on an inspection of the subject property and the investigation and analyses undertaken, I have formed the opinion subject to the assumptions and limiting conditions set forth in this report that as of December 1, 2025, the market value of the fee simple interest in the subject property is:
FORTY THOUSAND DOLLARS
($40,000)
The appraisal report that follows sets forth the identification of the property, property rights appraised, assumptions and limiting conditions, pertinent facts about the subject property, comparable data, results of my investigation and analyses and the reasoning leading to the conclusions set forth.
20 Jennifer Lane ♦ Novato, CA 94947
Tel: 415-902-7579
e-mail: [email protected]
•
Should you desire a quick reference to the most important information, I direct your attention to the "Introduction" and "Executive Summary" sections ofthis report.
Respectfully submitted,
AGI VALUATIONS
([)J~~ \
David M. Harding, MAI
State Certification No. AG027868
AG/ VALUATIONS
•
AGI VALUATIONS
TABLE OF CONTENTS
Title Page
Letter of Transmittal
Table of Contents
Executive Summary................................................................................................................. 5 Introduction.............................................................................................................................. 6 Property Identification...................................................................................................... 6 Scope of the Assignment.................................................................................................. 6 Client, Intended Use, and Intended Users........................................................................ 6 Purpose of the Appraisal .................................................................................................. 6 Date of Appraisal.............................................................................................................. 6 Effective Date of Value.................................................................................................... 6 Date of Inspection ............................................................................................................ 6 Property Rights Appraised ............................................................................................... 7 Definition of Market Value .............................................................................................. 7 General Assumptions and Standard Limiting Conditions................................................ 7 Extraordinary Assumptions.............................................................................................. 9 Hypothetical Conditions................................................................................................... 9 Privacy Policy................................................................................................................... 9 Experience of Appraiser................................................................................................. 10 Local Setting .......................................................................................................................... 11 Area Map........................................................................................................................ 14 Description of the Property.................................................................................................... 18 Subject Parcel Map......................................................................................................... 20 Subject Aerial Photographs............................................................................................ 21 Subject Photographs....................................................................................................... 22 Highest and Best Use ............................................................................................................. 24 Valuation Methodology ......................................................................................................... 26 Sales Comparison Approach.................................................................................................. 28 Sale Summary & Adjustment Grid ................................................................................ 31 Certification.................................................................................................................... 33 Addenda ................................................................................................................................. 35 Qualifications of David M. Harding, MAI
Comparable Sale Individual Sale Sheets and Aerial Photographs AGI VALUATIONS Page 5
EXECUTIVE SUMMARY
Property Address: There is no known address associated with the subject property; the adjacent property to the west has an address of 1220 Andersen Drive and the property directly across
Andersen Drive from the subject (to the north/northeast) has an address of 1281 Andersen Drive.
Assessor Parcel Number: 018-180-52
Ownership: San Rafael Redevelopment Agency
Property Rights Appraised: Fee Simple Interest
Value Estimated: Market Value
Date of Value: December 1, 2025
Description: The subject property is an unimproved parcel with a total area of 14,347 square feet, or 0.329 acre. The site is irregularly shaped. The northern portions of the site are generally level and slightly above street grade and are open grasslands; the southern portions are upslope and wooded with brush and various types of mature trees. The subject property is
considered a remnant parcel, reportedly created from a public works project which occurred several decades ago.
Zoning: LI/O
Exposure / Marketing Time: 3-6 months
Highest & Best Use: Open space
Market Value Conclusion: $40,000
AGI VALUATIONS Page 6
INTRODUCTION
Property Identification
The subject property is identified as Marin County Assessor Parcel Number 018-180-52. There is no known address associated with the subject property; the adjacent property to the west has an address of 1220 Andersen Drive and the property directly across Andersen Drive from the subject (to the north/northeast) has an address of 1281 Andersen Drive.
Scope of the Assignment
In preparing this appraisal, I did the following:
• Researched information on the subject area and market conditions; • Inspected the subject property;
• Reviewed the legally permissible and physically possible uses of the subject property and concluded to its highest and best use;
• Researched numerous transactions of potential comparable sale properties; • Analyzed the market data and applied the sales comparison approach; • Prepared an appraisal report in compliance with USPAP standards.
Client, Intended Use, and Intended Users
The appraisal is to be used by the client, the City of San Rafael, for sale negotiation purposes.
Purpose of the Appraisal
The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property as of the effective date of value of this report.
Date of Appraisal
The date of the appraisal report is the date of the letter of transmittal.
Effective Date of Value
The effective date of value of this report is December 1, 2025.
Date of Inspection
The subject property was inspected by David M. Harding, MAI on November 11, 2025.
AGI VALUATIONS Page 7
Property Rights Appraised
The purpose of the appraisal is to estimate the market value of the fee simple interest in the subject property as described herein.
Fee Simple is defined by the Appraisal Institute as absolute ownership unencumbered by any other interest or estate subject only to the limitations of eminent domain, escheat, police power, and taxation.
Definition of Market Value
According to the Appraisal Institute, the current definition of market value is:
The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby:
1. buyer and seller are typically motivated;
2. both parties are well informed or well advised, and acting in what they consider their best interests;
3. a reasonable time is allowed for exposure in the open market;
4. payment is made in terms of cash in United States dollars or in terms of financial arrangements comparable thereto; and
5. the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.
General Assumptions and Standard Limiting Conditions
This appraisal has been made with the following general assumptions:
• No responsibility is assumed for the legal description provided or for matters pertaining to legal or title considerations. Title to the property is assumed to be good and marketable unless otherwise stated.
• The property is appraised free and clear of any or all liens or encumbrances unless otherwise stated.
• Responsible ownership and competent property management are assumed. • The information furnished by others is believed to be reliable, but no warranty is given for its accuracy.
AGI VALUATIONS Page 8
• It is assumed that there are no hidden or unapparent conditions of the property, subsoil, or structure that render it more or less valuable. No responsibility is assumed for such conditions or for obtaining the engineering studies that may be required to discover them. • It is assumed that the property is in full compliance with all applicable federal, state and local environmental regulations and laws unless the lack of compliance is stated, described, and considered in the appraisal report.
• It is assumed that all required licenses, certificates of occupancy, consents and other legislative or administrative authority from any local, state or national government or private entity or organization have been or can be obtained or renewed for any use on which the opinion of value contained in this report is based. • It is assumed that the use of the land and improvements is confined within the boundaries or property lines of the property described and that there is no encroachment or trespass unless noted in this report.
• The forecasts, projections, or operating estimates contained herein are based on current market conditions, anticipated short-term supply and demand factors, and a continued stable economy. These forecasts are, therefore, subject to changes with future considerations.
This report has been made with the following general limiting conditions:
• Possession of this report, or a copy thereof, does not carry with it the right of publication. • The appraiser, by reason of this appraisal, is not required to give further consultation or testimony or to be in attendance in court with reference to the property in question unless arrangements have been previously made. The fee for this appraisal does not include payment for pretrial conferences or the taking of expert testimony at deposition or trial. • Neither all nor any part of the contents of this report (especially any conclusions as to value, the identity of the appraiser, or the firm with which the appraiser is connected or any reference to the Appraisal Institute, or to the MAI or SRA designations) shall be disseminated to the public through advertising, public relations, news, sales, or other media without the prior written consent and approval of the appraiser. • This report and all information contained herein was prepared for the sole and exclusive benefit of the client, as specified herein, and is intended for their use only. No one except the client and the intended users specified herein may rely on this report for any purpose.
Any person or entity who obtained or reads this report, or a copy thereof, other than the client specified herein, expressly assumes all the risk of damages to himself or third persons arising out of reliance thereon of use thereof and waives the right to bring any action based on the appraisal, directly or indirectly, and the appraiser shall have no liability to any such person or entity.
AGI VALUATIONS Page 9
Extraordinary Assumptions
An extraordinary assumption is defined by the Appraisal Institute as:
“An assumption, directly related to a specific assignment, which, if found to be false, could alter the appraiser’s opinions or conclusions. Extraordinary assumptions presume as fact otherwise uncertain information about physical, legal or economic characteristics of the subject property; or about conditions external to the property such as market conditions or trends; or about the integrity of data used in an analysis. An extraordinary assumption may be used in an assignment only if:
• It is required to properly develop credible opinions and conclusions; • The appraiser has a reasonable basis for the extraordinary assumption; • Use of the extraordinary assumption results in a credible analysis; and • The appraiser complies with the disclosure requirements set forth in USPAP for extraordinary assumptions.”
This analysis does not include any extraordinary assumptions.
Hypothetical Conditions
A hypothetical condition is defined by the Appraisal Institute as:
“That which is contrary to what exists but is supposed for the purpose of analysis. Hypothetical conditions assume conditions contrary to known facts about physical, legal, or economic characteristics of the subject property; or about conditions external to the property, such as market conditions or trends; or about the integrity of data used in an analysis. A hypothetical condition may be used in an assignment only if:
• Use of the hypothetical condition is clearly required for legal purposes, for purposes of reasonable analysis, or for purposes of comparison; • Use of the hypothetical condition results in a credible analysis; and • The appraiser complies with the disclosure requirements set forth in USPAP for hypothetical conditions.”
This analysis does not include any hypothetical conditions.
Privacy Policy
This is a required disclosure. AGI Valuations is committed to protecting our clients’ personal and financial information. This privacy statement addresses what nonpublic personal information we collect, what we do with it, and how we protect it.
AGI Valuations may collect and maintain several types of personal information in the course of providing you with appraisal services, such as: information we receive from you on letters of engagement, correspondence, or conversations, including, but not limited to, your name, address, phone number, information about your transactions with us, our affiliates or others, including but not limited to, payment history, parties to transactions and other financial information; information we receive from a consumer-reporting agency such as a credit history. We may disclose the AGI VALUATIONS Page 10
nonpublic personal information about you described above, primarily to provide you with the appraisal services you seek from us. We do not disclose nonpublic personal information about clients or former clients except as required or permitted by law.
Experience of Appraiser
David M. Harding, MAI has been involved in the analysis and valuation of all types of real property interests throughout Northern California over the past two decades. Mr. Harding has appraised numerous undeveloped land properties in Marin County and throughout the San Francisco Bay Area. Qualification data of David M. Harding, MAI, is included in the Addenda of this report.
AGI VALUATIONS Page 11
LOCAL SETTING
Marin County
One of the original California counties, Marin County was founded in 1850. It is located north of San Francisco, linked by the Golden Gate Bridge. Long known for its beauty and mild Mediterranean climate, the county is comprised of 521 square miles of land and is bordered to the west by the Pacific Ocean, to the south by San Francisco Bay, to the north by Sonoma County, and to the east by San Pablo Bay.
Marin is usually considered a suburban residential and recreational area, but ranching and dairy farming are major features of the rural areas of West Marin. It is also a location for “clean” industry, including firms that are active in movie and video production, computer software, communications equipment, printing, and the manufacture of plastic products, ceramics, candles, and cheese. The county has a wide variety of topography, climate, and vegetation, from the tidal flats of the Bay to the slopes of Mt. Tamalpais rising 2,600 feet above sea level, and the coastal fog that tempers the warm inland temperatures in summer.
Originally inhabited by the Coast Miwok Indians, Marin was divided into great ranchos during ownership by Mexico. The United States occupation of California began in 1846 and it became a state in 1850. At first, Marin was primarily a farming, ranching and lumber county, connected to San Francisco by ferries. In 1937, the Golden Gate Bridge was completed and the pressure for development increased, as many of those who worked in San Francisco could now easily commute from the more rural Marin.
Over the years, its progressive residents have supported the purchase of land for parks and community uses and preserved considerable ranches and farms, while placing highly restrictive controls on the potential for unbridled growth that has occurred in other metropolitan Bay Area counties. Only 11% of Marin’s land area is developed and another 5% or less is considered developable. Of the balance, 36% is agricultural, 33% parkland and 15% open space and watershed. A heritage of environmental activism has preserved 84% of Marin County as open space and agriculture land but has limited land for residential and commercial development.
Population - One characteristic of Marin County is its relatively small (compared to other Bay Area counties) population. Over the years, people who moved to Marin valued open space preservation over unbridled housing and population growth, resulting in fewer people and high premiums for approved limited housing. Consequently, the populace is affluent and viewed by many as elitist. These factors have generally resulted in a county with less density, very low housing growth, and a population that is highly educated.
As of 2020, Marin County had a population of 262,321. Since 2010, the population has increased by only 3.9% from 252,423, an average annual compounded rate of 0.39%. According to forecasts published by the California Department of Transportation and the California Economic Forecast, population growth in the county is expected to continue to be negligible, with forecasts of 270,366 residents in 2025 and 278,965 in 2035, which represent average annual compounded gains of
0.61% and 0.62%, respectively, over the 2020 total. Growth in the county is limited primarily by the lack of developable land. A large proportion of the county’s land is designated for ultra lowdensity development, and has inadequate water supply to support new development. A large AGI VALUATIONS Page 12
proportion of the county’s acreage is also designated as watershed, and county, state, and national parklands. Most of the county has hilly, rugged, and mostly forested terrain with exceptional natural beauty.
Marin is a county of generally affluent residents who are well educated. According to United States Census data, Marin County had the 13th highest median household income in the United States in 2016, at $103,845. According to the 2017 American Community Survey, 57.5% of Marin residents 25 years of age or older had attained a bachelor’s degree or higher. The county’s academic performance is substantially higher than Bay Area and statewide figures. In addition to public schools, there are numerous private schools in Marin County, particularly for grades K-12.
Housing - Due to the aforementioned low-density and natural beauty, Marin’s proximity to San Francisco, and its highly affluent population, housing prices here are some of the highest in the country.
Marin had a total of 104,990 total housing units as of the 2020 Census, with a home ownership rate of 63.6%. The majority of these housing units (63,666, or 60.6% of the total) were singlefamily detached homes.
Most homes in Marin are located within five miles of U.S. 101, the major north-south highway.
Density is greatest at the southern end of the county to accommodate the large numbers who work in San Francisco. Consequently, prices generally are greater in cities or towns near the Golden Gate Bridge, and become less expensive further north.
Economy - Like most of the Bay Area, the economy of Marin is based more on the high-tech sector than more traditional employment bases. These high-tech industries include biomedical and other biosciences, computers and electronics, telecommunications, multimedia, movie and television production, banking and finance and environmental technology. Most employers in Marin are small and medium-sized businesses.
As of August 2025, the unemployment rate in Marin County was 4.6%, lower than the state rate of 5.8%.
Transportation - Highway 101 is the critical transportation artery in Marin County. It provides north-south access from the Golden Gate Bridge to the Sonoma County border. Highway 101 experiences substantial congestion during commute times. Route 37 links the Novato area to Napa Valley and Vallejo. I-580 in San Rafael leads east across the Richmond-San Rafael Bridge to the East Bay and I-80. The Golden Gate Bridge and Highway Transportation District operates regular ferry service from Larkspur Landing to downtown San Francisco. It also operates a system of buses that provide commuter transportation to downtown San Francisco and connections between Marin and Sonoma cities. Major airports are located in both San Francisco and Oakland. Gnoss Field in Marin and a growing commercial airport near Santa Rosa in Sonoma County provide additional air links. Commercial freight rail service exists from Novato to the north and east, but not to the south.
A light rail project (SMART) linking Sonoma County to San Rafael and the Larkspur Ferry Terminal was approved by the voters in November 2008. It began service in the summer of 2017.
AGI VALUATIONS Page 13
Weather and Climate - Marin County has a moderate climate that features many days of sunshine and moderate, comfortable temperatures. Average afternoon temperatures are in the low-70’s and average lows are in the mid-40’s. While the mean annual temperature is 67º, summer temperatures can approach 100º, but breezes off San Francisco Bay and ocean fog result in cool evenings.
Coastal areas and southern Marin also experience cooling fog during the summer months. Rainfall, averaging 27.5 inches per year, is typical during the period between October and March, and almost never occurs during the summer months.
City of San Rafael
Regional Setting - San Rafael is located in the east central part of Marin County, 18 miles north of downtown San Francisco and 11 miles from the Golden Gate Bridge. The city is 38 miles south of Santa Rosa, 36 miles southwest of Napa, and 22 miles northwest of Oakland. The Pacific Ocean is approximately 10 miles to the southwest.
The city is bordered on the west by San Anselmo and Ross and on the south by Larkspur and the unincorporated communities of Kentfield and Greenbrae. Novato lies several miles to the north.
The eastern edge of the city is formed by San Francisco and San Pablo Bays. The portion of San Francisco Bay south of the San Pedro Peninsula and west of the Marin Islands is commonly referred to as San Rafael Bay.
US Highway 101, a major freeway extending from Southern California to Washington state connects San Rafael to other cities in Marin County and the North Bay. Interstate 580, an auxiliary interstate connecting Marin County to the Central Valley, provides access to the East Bay. The western anchorage of the Richmond-San Rafael Bridge is located in San Rafael. San Rafael is also home to two SMART rail stations and the largest regional bus transit center in Marin County.
San Rafael has been the largest city in Marin County since its incorporation and the county seat since 1851. Most of the county’s population resides within 10 miles of San Rafael, contributing to the city’s role as the center of Marin’s economy.
San Rafael’s identity is shaped by its topography, particularly ridgelines and shoreline. Its southern edge is defined by Southern Heights and San Quentin Ridges. Its western edge follows the Terra Linda-Sleepy Hollow Divide and its northern edge follows Big Rock Ridge. Within the city itself, an east-west ridge divides San Rafael into two areas of roughly equal size, joined by US 101 and Lincoln Avenue at Puerto Suello Hill. The area south of this divide is generally known as Central San Rafael while the area to the north is North San Rafael. Another distinct geographic feature is the San Pedro Peninsula, which extends about three miles east from Central San Rafael to Point San Pedro. While San Rafael is the largest city in the county, its density is comparable to its neighbors. The average density is 3,625 persons per square mile. However, the city includes neighborhoods with densities ten times this average, as well as suburban density and rural residential areas.
History - San Rafael was first inhabited by the Coastal Miwok people, with a peak pre-European population of about 1,500. Settlements existed in what is now downtown San Rafael (Nanaguani), Terra Linda (Ewu), and Marinwood (Shotomko-cha). The Miwok inhabited the area for thousands of years, developing a rich culture and complex language. They were sustained by abundant natural resources, including forests, creeks, marshland, and the Bay.
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AREA MAP
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European settlement began in 1817 when Asistencia San Rafael Arcangel was established by Spanish Franciscan friars. Initially built as a sanitarium for Native Americans who had succumbed to European diseases, San Rafael Arcangel became the 20th of California’s 21st missions in 1822.
By the time the missions were secularized in 1833, the Miwok population had been severely reduced and their hunter/gatherer way of life destroyed. San Rafael and its environs were partitioned into land grants, which eventually became ranches and farms.
San Rafael’s designation as the county seat in 1851 established its early position as the center of Marin County and attracted much of the North Bay’s early growth. This was accelerated by construction of a rail line from the city to the ferry depot at Point San Quentin in 1870 and other rail lines linking Marin County with points north. Increasing commerce, development, and population led San Rafael to incorporate in 1874. The city’s population increased from 600 in 1870 to 2,276 in 1880.
The late 19th century was a time of expansion for San Rafael, as the city became a resort for San Franciscans, as well as a commercial and administrative center. Picnic grounds, summer homes for the wealthy, and hotels proliferated over the following decades. Dominican College was established in 1890, further diversifying the city’s economy and culture. By 1900, the population had reached 3,879. The city continued to grow at a moderate rate in the early 20th century, with new neighborhoods developed on the fringes of downtown.
The opening of the Golden Gate Bridge in 1937 heralded a growth boom in Marin County.
Commercial train service to San Rafael ended in 1940, the same year the US 101 viaduct was completed over San Rafael Creek. San Rafael’s population increased from 8,573 in 1940 to 38,977 in 1970. Population nearly doubled between 1960 and 1970 alone and jumped again in 1972 with the annexation of Terra Linda. Development during this period was auto-oriented and suburban in scale, with large subdivisions on the San Pedro Peninsula, in North San Rafael, and areas like Sun Valley. Northgate Mall was developed in the mid-1960s, creating a second major shopping district and regional destination.
During the 1970s and 80s, San Rafael saw a shift to multi-family housing types, with more apartments and planned unit developments. At the same time, the city’s employment base increased substantially, with new office parks, light industrial uses, and retail centers. More than half of Marin County’s employment growth during this period occurred in the San Rafael Planning Area, and San Rafael emerged as a major suburban job center. By 2020, the city had 1.8 jobs for every household, substantially above the regional average of 1.5.
Growth leveled off between 2000 and 2020 as the city’s neighborhoods matured and developable land became scarce. The number of households in the city increased just 3.5% during this 20-year period, compared to 19.3% during the two prior decades. Commute patterns also changed. As housing costs increased, a larger number of those working in San Rafael began commuting from places further away, leading to increased congestion.
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The following chart chronicles the city’s population growth over the last 150 years.
San Rafael Population Growth, 1870-2020
Demographics - San Rafael’s future will be influenced by demographic changes, including the aging of the population and increasing racial and ethnic diversity. The median age in the city rose from 30.5 in 1970 to 41.0 in 2018. The percentage of residents over 65 rose from 9% to 19% during the same period.
San Rafael experienced a decline in the number of residents in the 25 to 44 age cohort, who represented 33% of the population in 2000 and just 26% in 2018. At the same time, the number of children (persons under 18) in the city has increased 17% in the last 20 years, after declining through the 1980s and 90s.
As a result of these trends, there is likely strong demand for housing serving older adults and millennials, including homes in “urban” living environments like downtown San Rafael. The city’s single-family housing stock will continue to turn over as residents “age out” and younger families with children move to San Rafael. There is also a substantial need for affordable family-oriented housing, especially for larger households with children.
Economy - San Rafael will continue to be shaped by global and national economic trends, including a shift in retail from brick-and-mortar storefronts to on-line sales, an increase in telecommuting and remote work, and the growth of new industries and work technologies. All of these changes have implications for land use, transportation, social equity, and economic vitality.
Economic forecasts suggest that the Bay Area will continue to be a global magnet for technology and information-driven industries in the coming decades. It will also experience continued growth in health care, education, leisure and hospitality, and professional services. More than a million new jobs are anticipated in the region between 2015 and 2040. Most of this growth will occur in AGI VALUATIONS Page 17
the South Bay and in central cities like San Francisco and Oakland. However, San Rafael will remain the economic hub of Marin County, with about one-third of the county’s jobs. The city will remain an attractive choice for mid-sized companies seeking a location near Silicon Valley/San Francisco but close to the natural amenities of Marin County and the large North Bay labor pool.
Retail businesses employed approximately 5,000 people in San Rafael in 2018 and generated $1.9 billion in taxable sales. The variety of locally available goods and services is an important part of the quality of life. The City of San Rafael itself is dependent on taxable sales as a source of revenue, particularly from auto sales, building and construction, and general consumer goods. Sales of consumer goods were already declining during the 2010s, due to online sales and changing consumer preferences. The 2020 pandemic accelerated the decline, wreaking havoc on the economy, people’s lives, and city finances. New sources of tax revenue and employment will be needed as retail evolves. A strategic approach is needed to align the city’s economic development strategies with its equity goals, particularly with respect to opportunities for career advancement and creating wealth among lower income households.
San Rafael is expected to continue its role as the county’s principal industrial center, given its location at the crossroads of US 101 and I-580 and the limited options for industrial uses elsewhere in the county. Given the lower cost of industrial sites and buildings, it will be important to conserve these properties from competing higher-value land uses, including housing. While a few sites near high-quality transit may merit consideration for other uses, most of the industrial land supply should be protected from uses that may conflict with industry or have a negative impact on industrial operations.
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DESCRIPTION OF THE PROPERTY
Address: There is no known address associated with the subject property; the adjacent property to the west has an address of 1220 Andersen Drive and the property directly across Andersen Drive from the subject (to the north/northeast) has an address of 1281 Andersen Drive.
Assessor Parcel Number: 018-180-52
Property Rights Appraised: Fee simple interest
Access: The property has 113.13’ of frontage along the south side of Andersen Drive, although there is no developed access or curb cuts to the parcel.
Physical Characteristics: The total area of the property is 14,347 square feet, or 0.329 acre.
The site is irregularly shaped. The northern portions of the site are generally level and slightly above street grade and are open grasslands; the southern portions are upslope and wooded with brush and various types of mature trees.
Utilities: All urban utilities necessary for development are available to the site.
Soil Conditions: The property is assumed to be free of any soil contamination or hazardous substances.
Entitlements: There are no development entitlements or approvals associated with the property.
Easements & Encumbrances: A title report was not provided. Evidence of small utility easements were observed in the eastern portion of the property. The property is assumed to be clear of any easements, encumbrances, covenants, restrictions, etc. which would limit or restrict its utility or marketability.
Natural Hazards: The lower, northern portions of the property are designated Zone AE, a flood hazard designation. The property is not located within an Alquist-Priolo Special Studies Earthquake Fault Zone or within a fire hazard severity zone.
Improvements: The subject property is unimproved with any structural or site improvements, and has no known development history.
Zoning: The subject property has a zoning designation of LI/O, Light Industrial / Office District, which “provides landscaped settings for light industrial uses, research and development facilities, warehousing, AGI VALUATIONS Page 19
wholesale distributing and office uses.” Development standards for properties with this designation include a minimum lot area of 6,000 square feet, a minimum lot width of 60’, and a minimum front yard setback of 20’.
The general plan designation of the subject property, Light Industrial / Office, is consistent with the zoning designation. The maximum floor area ratio for properties with this designation is
0.38. Comments: The subject property is considered a remnant parcel, reportedly created from a public works project which occurred several decades ago.
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SUBJECT PARCEL MAP
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SUBJECT AERIAL PHOTOGRAPHS
Aerial photograph
Aerial photograph, 3D, facing southwest
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SUBJECT PHOTOGRAPHS
Subject, facing south/southeast
Subject property, facing southeast
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SUBJECT PHOTOGRAPHS
Level / lower portion of site, facing northwest
Upper / steep portion of site
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HIGHEST AND BEST USE
According to the latest edition of the Appraisal of Real Estate, a publication of the Appraisal Institute, Highest and Best Use is defined as follows:
"The reasonable, probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value."
For a property to be utilized to its Highest and Best Use, the use must meet certain criteria, namely, (1) a use that is legally permissible, (2) a use that is physically possible, (3) a use that is financially feasible, and (4) that use which is maximally productive. In determining the Highest and Best Use of a property, these criteria are usually considered sequentially.
Legally Permissible Uses
In the broad spectrum of potential uses of a property, the most restrictive parameter is often the legal limitations, both public (zoning and building codes, master plan, etc.) and private (easements, use covenants, reversions, etc.).
As discussed in the “Description of the Property” chapter of this report, the subject property is zoned LI/O, Light Industrial / Office District, which permits a variety of industrial, warehousing, and office uses.
Physically Possible Uses
The subject property has physical constraints which restrict its development potential. Although the site totals 14,347 square feet – which exceeds the 6,000 square foot minimum lot area requirement per the LI/O zoning designation – actual potential developable area is significantly smaller due to the topography of the site as well as the 20’ front setback requirement.
Financially Feasible/Maximally Productive Uses
Of the possible uses determined by the two discussions above (legally permissible and physically possible), those to be considered further must be likely to produce the highest residual land value consistent with the rate of return warranted by the market.
The combination of the small site area (relative to typical industrially zoned properties in the neighborhood, which are at least an acre) of the subject property, its irregular shape, and its topographical conditions result in limited utility potential of the property and deem it not developable as a single entity. A likely potential buyer would be an adjacent property owner or a speculative investor. If assembled with an adjacent property, it would not be considered to improve the development potential of any adjacent properties or otherwise provide any value enhancement other than a nominal contribution.
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As there are no financially feasible uses of the subject property, the highest and best use of the property is concluded to be for open space, consistent with the adjacent parcels to the south and southwest.
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VALUATION METHODOLOGY
The valuation of real estate is estimated principally through the use of three basic approaches to value:
the income approach, sales comparison approach and the cost approach. From the indicated values resulting from these approaches and the weight accorded to each, an opinion of value is reached, based upon expert judgment within the framework of the appraisal process.
The income approach involves an analysis of a property in terms of its ability to produce a net income stream and a reversionary value. This approach is concerned with estimating the present worth of future benefits that can be derived through ownership of the property. In utilizing this approach, the net income is capitalized at a rate commensurate with what is attractive to investors in order to arrive at an estimate of value. The income approach is generally most useful in valuing a property that normally would be purchased by an investor.
The sales comparison approach is based upon the assumption that a prudent buyer would not pay more for a property than it would cost to acquire a comparable substitute property. Since no two properties are identical, adjustments are necessary for differences in quality, location, size, etc., and are a function of appraisal experience and judgment. The problem with this approach is that the motives of various purchasers and sellers vary, depending upon their need for cash, their tax position, their personal likes and dislikes, available financing, and a host of other factors which must be taken into consideration.
The cost approach is based upon the premise that a property does not typically have a value higher than its replacement or reproduction cost as new. Most properties require a deduction for accrued depreciation resulting from physical deterioration, or from functional or economic obsolescence. The problem with this approach is that, practically speaking, it often can be very difficult to quantify depreciation, particularly for older properties such as the subject. Also, in situations where there is an extremely short supply of properties, there is a tendency for sale prices to exceed replacement cost.
As a final step in the valuation process, the value estimates from each of the approaches are correlated.
Based upon this correlation, or weighing process (not upon simple arithmetic averaging), the subject property's final value is estimated. The importance of one approach, or combination of approaches, becomes apparent during the valuation process from material that the appraiser has researched. This correlated amount, as of the specified valuation date, is the final value conclusion.
As the highest and best use of the subject property is concluded to be for open space, the sales comparison approach is the only appropriate approach to valuation. The income and cost approaches are not applicable in this analysis.
The valuation of remnant properties often includes a two-phased process which first involves the determination of the value of typical adjacent, developable properties, followed by an analysis of an appropriate discount attributable to the remnant characteristics of the subject property, particularly related to its limited utility potential. However, in this case, this methodology is not considered to be applicable because the market would not likely consider the discounted value of adjacent industrial properties to be relevant to value the subject property considering it would not improve the development potential of or otherwise enhance any adjacent properties, and would contribute nominally in terms of value to any adjacent property. Furthermore, considering the highest and AGI VALUATIONS Page 27
best use of the property is for use as open space, a discount for its remnant characteristics is not applicable considering that the market for buyers of open space properties, like buyers of remnant properties, are typically extremely limited, and the factors which contribute to the limited utility of the subject (small size, irregular shape, topographical conditions) are typically irrelevant to open space values.
Accordingly, in lieu of a two-phased valuation process which is often used to value remnant properties, the proper valuation methodology in this analysis is the application of a sales comparison approach involving the analysis of sales of similarly sized properties with limited utility and development potential.
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SALES COMPARISON APPROACH
The sales comparison approach is a method of comparing recent transactions of similar properties to the subject property. Each of the sales must be analyzed to establish the elements of comparability. The reliability of this technique depends on 1) the degree of physical comparability between the subject property and the sale properties; 2) the length of time since the sales were consummated; 3) the accuracy of the sales data; and 4) the conditions affecting the sale.
In this case, the search for potential comparable sales focused on recent transactions of properties located within San Rafeal with limited utility and development potential and within a reasonably similar size (site area) range. However, as few transactions fitting these criteria were found to be available within San Rafael, the search was expanded to include Marin County as a whole, with consideration of sales as far back as January 2022. Ultimately, a total of four sales which are considered to best shed light on the value of the subject were identified and analyzed for comparison.
The comparable sales have been analyzed and adjustments have been applied, where applicable, for the following characteristics: market conditions, location, site area (or size), and utility potential (which considers access, physical characteristics, zoning designation, proximity to utilities, etc.). None of the comparable sales required adjustments for property rights conveyed, conditions of sale, or financing terms.
Adjustments are applied qualitatively, with the exception of market conditions adjustments, which are applied quantitatively. A discussion of adjustments follows.
Market Conditions - The dates of the comparable sales utilized in the analysis range from February 2024 through April 2025. As no reliable source or index which tracks value trends for undeveloped land is available, trends in single-family sale prices are considered. In particular, market conditions adjustments are applied based on differences between the Marin County median single-family sale price for the quarter of the respective sales as compared to the median figure for the three months prior to the effective date of value of this analysis (September through November 2025). This data is presented on the following table:
Median Quarterly Single-Family Sale Price, Marin County Sale # Period Median Sale Price Indicated Adj to DOV
1 Q2 2025 $1,760,000 -9.1%
2 Q1 2025 $1,650,000 -3.0%
3 Q1 2024 $1,672,500 -4.3%
4 Q1 2024 $1,672,500 -4.3%
DOV* Sept-Nov 2025 $1,600,000 - Source: Metrolist MLS
*Median of 3 months prior to DOV (Sept – Nov 2025)
As indicated in the table, the adjustment indications for the sales range from -3.0% to -9.1%.
Location – This category is included to account for differences in general location between the sale properties and the subject. In this case, no location adjustments are warranted as all of the AGI VALUATIONS Page 29
sales are located in Marin County and open space values do not typically vary significantly throughout the county.
Site Area - The sale properties range in site area from 7,246 square feet (0.166 acre) to 16,000 square feet (0.367 acre). Adjustments are applied as warranted to account for differences in the respective site areas of the sale properties as compared to the 14,347 square feet (0.329 acre) sale property.
Utility Potential – This category includes consideration of access, physical characteristics, zoning designations, proximity to utilities, etc. which influence the utility potential of the respective sale properties. Adjustments for overall relative utility potential of the sale properties as compared to the subject are applied as warranted.
Improvements – This category is included to account for the site improvements (landscaping and partial paving) which exist on Sale 4.
The following is a discussion of the comparable sales; a summary and adjustment grid is also included on a following page, and additional details and aerial photographs of the sale properties are included in the Addenda of this report.
Comparable Sales Discussion
Sale 1 is the sale of 350 Coleman Drive in San Rafael. The property is located in the Lincoln/San Rafael Hill neighborhood of the city and consists of an undeveloped, 9,075 square foot (0.208 acre) parcel. The site is steeply downsloped from Coleman Drive, with an average slope of 41.96%.
The parcel is somewhat irregularly shaped. Vegetation consists of a roughly 50/50 mix of woodlands and grasslands. All utilities necessary for development are nearby or available to the site. Zoning is R7.5, Single Family Residential District, 7,500 square foot minimum lot area. The neighborhood is improved with a mix of single-family residences as well as approximately twenty lots to the immediate north and east of the subject which are undeveloped due to their similar physical constraints. The property was marketed for its homesite potential; however, such a use would be considered speculative considering that development of the property would involve extraordinary costs relating to the topography of the property which may deem it infeasible.
This sale occurred in April 2025. The sale price was $50,000, or $45,450 after an adjustment for market conditions. An upward adjustment is applied to account for the relatively smaller site area of the sale property as compared to the subject. A downward adjustment is warranted to account for what is considered superior utility potential of the sale property, albeit which is speculative considering its questionable development feasibility. After adjustments, this sale indicates a value for the subject of less than $45,450.
Sale 2 is located at 245 Alder Road in Bolinas. The property is an undeveloped, 8,645 square foot (0.198 acre) lot situated in a residential neighborhood adjacent to other vacant and improved lots.
The topography of the somewhat irregularly shaped lot is sloping, with a 26.24% average slope.
Vegetation is a mix of brush and trees. Zoning is C-R-B2, Residential Agriculture, 7,500 square foot minimum lot area. The property was marketed as unbuildable due to the permanent water moratorium which has restricted new development in Bolinas since 1971. Aside from water, other utilities necessary for development are available near the site.
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This sale occurred in February 2025. The sale price was $50,000, or $48,500 after an adjustment for market conditions. An upward adjustment is applied to account for the relatively smaller site area of the sale property as compared to the subject. A downward adjustment is warranted to account for what is considered superior utility potential of the sale property, albeit which is highly speculative considering that the current building moratorium has been in effect for decades and the only way to obtain a water meter is via auction when an existing building is destroyed or demolished, which is very rare and expensive. After adjustments, this sale indicates a value for the subject of less than $48,500.
Sale 3 is located at the end of Cypress Road in Fairfax, in a hillside location southwest of downtown. The property consists of an undeveloped, 16,000 square foot (0.367 acre) parcel which is fully wooded and very steep, with an average slope of 59.92%. The parcel is irregularly shaped.
All utilities necessary for development are nearby or available to the site. Zoning is RS-6, Single Family Residential District, 6,000 square foot minimum lot area. The development potential of the property is considered to be very speculative considering that development of the property would involve extraordinary costs relating to the topography of the property which would likely deem it infeasible.
This sale occurred in March 2024. The sale price was $41,500, or $39,716 after an adjustment for market conditions. No adjustments are warranted; as such, this sale indicates a value for the subject generally similar to $39,716.
Sale 4 is located at the southeast corner of Drakes Landing Road and Del Monte in Larkspur. The parcel totals 7,245 square feet (0.166 acre) and is adjacent to existing developed office properties to the immediate north and west. The site is gently sloping, irregularly shaped, and is improved with landscaping and a paved driveway which serves the property to the west. Zoning is C-2, Commercial District.. All utilities are available to the property. The buyer was the adjacent property owner to the west which benefits from the driveway on the sale property.
This sale occurred in February 2024. The sale price was $65,000, or $62,205 after an adjustment for market conditions. An upward adjustment is applied to account for the relatively smaller site area of the sale property as compared to the subject. Downward adjustments are warranted to account for the superior utility of the sale property related to its use as a driveway which enhances the value of the adjacent property to the west, and for the landscaping and paving improvements.
After adjustments, this sale indicates a value for the subject of less than $62,205.
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The comparable sales have been analyzed and adjustments have been made where appropriate.
After adjustments, the sales indicate the following values for the subject:
Sale # Value Indication for the Subject
1 Less than $45,450
2 Less than $48,500
3 Generally Similar to $39,716
4 Less than $62,205
After adjustments, three sales indicate “less than” values for the subject ranging from $45,450 to $62,205, and one sale indicates a “generally similar to” value for the subject of $39,716. Given that the “less than” value indications support the “generally similar to” indication, a rounded conclusion consistent with the “generally similar to” value of $40,000 is concluded for the subject property.
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CERTIFICATION
I certify that, to the best of my knowledge and belief, 1) The statements of fact contained in this appraisal report, upon which the analysis, opinions, and conclusions expressed herein are based, are true and correct. 2) The reported analysis, opinions, and conclusions are limited only by the reported assumptions and limiting conditions, and are my personal, unbiased professional analysis, opinions, and conclusions.
3) I have no present or prospective interest in the property that is the subject of this report, and have no personal interest or bias with respect to the parties involved. 4) I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.
5) I have performed no services, as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three-year period immediately preceding acceptance of this assignment.
6) My compensation is not contingent upon the reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value estimate, the attainment of a stipulated result, or the occurrence of a subsequent event. 7) My analysis, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice. 8) A personal inspection of the property that is the subject of this report was made by David M. Harding, MAI.
9) No one else provided significant professional assistance to the person signing this report. 10) The report and analysis, opinions, and conclusions were developed and this report has been prepared in conformity with the requirements of the Code of Professional Ethics and the Standards of Professional Appraisal Practice of the Appraisal Institute. 11) The use of this report is subject to the requirements of the Appraisal Institute relating to review by its duly authorized representatives.
12) As of the date of this report, David M. Harding, MAI, had completed the requirements of the continuing education program of the Appraisal Institute. 13) I have the knowledge and experience to complete this appraisal assignment and have appraised this property type before. Please see Appraiser's Qualifications included on the following pages for additional information about work and educational experience. •
AGI VALUATIONS
Appraisal Prepared and Reviewed by:
David M. Harding, MAI
State Certification No. AG027868
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ADDENDA
QUALIFICATIONS OF DAVID M. HARDING, MAI
Certified General Real Estate Appraiser (California No. AG027868) Employment History
Real Estate Appraiser, Arthur Gimmy International/ AGI Valuations (1999) Experience
Appraisal and consulting of residential, commercial, industrial, and agricultural properties including:
- Various industrial and commercial properties
- Residential subdivisions
- Apartment and senior housing projects
- Net leased properties
- Telecommunication sites
- Office buildings (general and medical)
- Health care facilities
- Ranch, agricultural, mitigation, and recreational properties - Transitional and development land
Types of Appraisals
- Fair market value
- Diminution in value
- Leasehold value
- Conservation easements
- Partial interests
- Market rent estimates
- Condemned real property
Education
Bachelor of Arts, Geography
San Francisco State University- 1998
Real Estate Appraisal Certificate
Noblefields School of Real Estate, San Francisco - 1999 Appraisal Institute Courses:
- Standards of Professional Practice Parts A & B
- Basic Income Capitalization
- Advanced Income Capitalization
- Advanced Sales Comparison and Cost Approaches
- Report Writing and Valuation Analysis
- Highest and Best Use and Market Analysis
- Diminution of Value and Severance Damages
- Condemnation Appraising: Basic Principles & Applications - Valuation of Conservation Easements and Taxes
Professional Designations
Member of the Appraisal Institute
AGI VALUATIONS
SALE 1
Location: 350 Coleman Drive, San Rafael
Assessor Parcel #: 011-022-27
Grantor: Hickey Trust
Grantee: Shikbahaei, M
Document #: 2025-10972
Sale Date: 4/24/2025
Site Area (SF): 9,075
Sale Price: $50,000
Comments: The site is steeply downsloped from Coleman Drive, with an average slope of 41.96%. The parcel is somewhat irregularly shaped. Vegetation consists of a roughly 50/50 mix of woodlands and grasslands. All utilities necessary for development are nearby or available to the site. Zoning is R7.5, Single Family Residential District, 7,500 square foot minimum lot area. The neighborhood is improved with a mix of single-family residences as well as approximately twenty lots to the immediate north and east of the subject which are undeveloped due to their similar physical constraints. The property was marketed for its homesite potential; however, such a use would be considered speculative considering that development of the property would involve extraordinary costs relating to the topography of the property which may deem it infeasible.
SALE 2
Location: 245 Alder Road, Bolinas
Assessor Parcel #: 190-241-05
Grantor: Norton, Marilyn
Grantee: Nemec Trust
Document #: 2025-2929
Sale Date: 2/5/2025
Site Area (SF): 8,645
Sale Price: $50,000
Comments: The property is an undeveloped, 8,645 square foot (0.198 acre) lot situated in a residential neighborhood adjacent to other vacant and improved lots. The topography of the somewhat irregularly shaped lot is sloping, with a 26.24% average slope. Vegetation is a mix of brush and trees. Zoning is C-R-B2, Residential Agriculture, 7,500 square foot minimum lot area. The property was marketed as unbuildable due to the permanent water moratorium which has restricted new development in Bolinas since 1971. Aside from water, other utilities necessary for development are available near the site.
SALE 3
Location: End of Cypress Road, Fairfax
Assessor Parcel #: 003-164-01
Grantor: Anttila, Carina et al
Grantee: Kai, Magnolia et al
Document #: 2024-5745
Sale Date: 3/6/2024
Site Area (SF): 16,000
Sale Price: $41,500
Comments: The property is in a hillside location southwest of downtown. The property consists of an undeveloped, 16,000 square foot (0.367 acre) parcel which is fully wooded and very steep, with an average slope of
59.92%. The parcel is irregularly shaped. All utilities necessary for development are nearby or available to the site. Zoning is RS-6, Single Family Residential District, 6,000 square foot minimum lot area. The development potential of the property is considered to be very speculative that development of the property would involve extraordinary costs relating to the topography of the property which would likely deem it infeasible.
SALE 4
Location: SEC Drakes Landing Road & Del Monte, Larkspur Assessor Parcel #: 022-050-24
Grantor: Canadian American Oil Company
Grantee: O’Neill / Mullin, LLC
Document #: 2024-3660
Sale Date: 2/7/2024
Site Area (SF): 7,245
Sale Price: $65,000
Comments: The parcel totals 7,245 square feet (0.166 acre) and is adjacent to existing developed office properties to the immediate north and west. The site is gently sloping, irregularly shaped, and is improved with landscaping and a paved driveway which serves the property to the west. Zoning is C-2, Commercial District.. All utilities are available to the property. The buyer was the adjacent property owner to the west which benefits from the driveway on the sale property.