jersey johnny’s house of dogs -...

P R E S E N T E D B Y

Greg Babaian

Vice President Investments

New Jersey Office

Tel: (201) 742-6123

Fax: (201) 742-6110

[email protected]

License: NJ 0016093

Market Positioning and Pricing Analysis

JERSEY JOHNNY’S HOUSE OF DOGS 25 Newark Pompton Tpke • Pequannock, NJ 07440

JERSEY JOHNNY’S HOUSE OF DOGS

Pequannock, NJ

ACT ID Y0281057

N O N - E N D O R S E M E N T A N D D I S C L A I M E R N O T I C E

Non-EndorsementsMarcus & Millichap is not affiliated with, sponsored by, or endorsed by any commercial tenant or lessee identified in

this marketing package. The presence of any corporation's logo or name is not intended to indicate or imply affiliation

with, or sponsorship or endorsement by, said corporation of Marcus & Millichap, its affiliates or subsidiaries, or any

agent, product, service, or commercial listing of Marcus & Millichap, and is solely included for the purpose of

providing tenant lessee information about this listing to prospective customers.

ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY.

PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS.

DisclaimerTHIS IS A BROKER PRICE OPINION OR COMPARATIVE MARKET ANALYSIS OF VALUE AND SHOULD NOT BE

CONSIDERED AN APPRAISAL. This information has been secured from sources we believe to be reliable, but we

make no representations or warranties, express or implied, as to the accuracy of the information. References to

square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies.

Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. Â© 2017 Marcus &

Millichap. All rights reserved.

2

TABLE OF CONTENTS

SECTION

FINANCIAL ANALYSIS 01

INVESTMENT OVERVIEW 02Location Overview

Regional and Local Map

Aerial Photo

MARKET OVERVIEW 03Market Analysis

Demographic Analysis


3


4

FINANCIAL

ANALYSIS

25 Newark Pompton Tpke, Pequannock, NJ 07440

PRICING AND VALUATION MATRIX

NOTES

PROPERTY NAMEJERSEY JOHNNY'S HOUSE OF DOGS



5

PRICING AND VALUATION MATRIXPRICING AND VALUATION MATRIX




5


5

#

PROPERTY SUMMARY

OFFERING SUMMARY

#

NOTES

JERSEY JOHNNY'S HOUSE OF DOGS

6

OFFERING SUMMARY


7

INVESTMENT

OVERVIEW

12

TENANT PROFILES


8

Jersey Johnny’s House of DogsJersey Johnny’s House of Dogs is a local restaurant chain with

multiple locations in the nearby neighboring municipalities of

Denville, Woodland Park, and Pequannock Township. Jersey

Johnny’s offers their homemade hot dogs and burgers, along

with salads, sandwiches and various side dishes. Jersey

Johnny’s is a classic American grill that has been serving the

local community since 2010. Jersey Johnny’s also has a food

truck that goes to various events and festivals throughout New

Jersey and Pennsylvania.

General Information

Tenant Name Jersey Johnny’s House of Dogs

Website www.jerseyjohnnys.com

Parent Company Jersey Johnn'y LLC

Headquartered Woodland Park, NJ

Rentable Square Feet 1,700 SF

Percentage of RBA 100.00%

Lease Commencement 1/1/2010

Lease Expiration 12/31/2019

No. of Locations 3

#

CLOSE PROXIMITY TO:


1,700 Square Feet Single Tenant Building

Situated on 0.63 Acre Lot

10 Year NNN Lease Term

3% Annual Increases

Pequannock is a section of Pequannock

Township located in located in Morris County,

NJ. It is approximately 23 northwest miles

northwest of New York City. The borough is

situated along the Pequannock River. Some of

the boroughs and townships that share its

borders with Pequannock are Riverdale,

Kinnelon, Lincoln Park, Wayne, Pompton Lakes

and Butler. Some of the major roads that by

through or near Pequannock are Route 23,

Route 46, route 80, Interstate 287. NJ Transit

provides rail transportation to Hoboken

Terminal via the Mountain View station and

Lincoln Park Station on the Montclair-Boonton

Line. NJ Transit also provides bus service to

Port Authority Bus Terminal in Midtown

Manhattan on bus route 194. The subject

property is approximately 20 miles from Newark

Liberty International Airport.

LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX

PROPERTY NAMEJERSEY JOHNN'Y HOUSE OF DOGS


PROPERTY NAMEJERSEY JOHNNY’S HOUSE OF DOGS

9

LOCATION OVERVIEW

#


LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX

PROPERTY NAMEJERSEY JOHNN'Y HOUSE OF DOGS


PROPERTY NAMEJERSEY JOHNNY’S HOUSE OF DOGS

10

REGIONAL AND LOCAL MAP

AERIAL PHOTO


11

PROPERTY PHOTO


12

PROPERTY PHOTO


13

PROPERTY PHOTO


14


COMPARABLES MAP

15


(SUBJECT)

909 Ringwood Ave

529 Goffle Rd

16 Greenwood Lake Tpke

640 Wyckoff Ave

SALES COMPARABLES

1

2

3

4

16


SALES COMPARABLES

Avg. 0.00%

0.0

0.7

1.4

2.1

2.8

3.5

4.2

4.9

5.6

6.3

7.0

Jersey

Johnn'y

House

of Dogs

909

Ringwood

Ave

529

Goffle Rd

16

Greenwood

Lake Tpke

640 Wyckoff

Ave

Average Cap Rate

Avg. $327.51

$0.00

$60.00

$120.00

$180.00

$240.00

$300.00

$360.00

$420.00

$480.00

$540.00

$600.00

Jersey

Johnn'y

House

of Dogs

909

Ringwood

Ave

529

Goffle Rd

16

Greenwood

Lake Tpke

640 Wyckoff

Ave

Average Price Per Square Foot

SALES COMPARABLES SALES COMPS AVG

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1

rentpropertyaddress1

rentpropertyname1


rentpropertyname1


17

SALES COMPARABLES

SUBJECT PROPERTY

Asking Price $868,643

Price/SF $510.97

CAP Rate 7.00%

GLA 1,700 SF

Lot Size 0.63 acre(s)

Lease Term Remaining 2.1 Years

JERSEY JOHNN'Y HOUSE OF DOGS25 Newark Pompton Tpke, Pequannock, NJ, 07440

1

Close Of Escrow 9/29/2017

Sales Price $400,000

Price/SF $215.52

GLA 1,856 SF

Lot Size .25 acre(s)

Year Built 1975

909 RINGWOOD AVE909 Ringwood Ave, Haskell, NJ, 07420

2



Price/SF $450.00

GLA 2,000 SF


Year Built 2011

529 GOFFLE RD529 Goffle Rd, Wyckoff, NJ, 07481

PROPERTY NAME

MARKETING TEAM


SALES COMPARABLES

rentpropertyname1


rentpropertyname1


rentpropertyname1


18

SALES COMPARABLES

3



Price/SF $217.50

GLA 4,000 SF

Lot Size 1.86 acre(s)

Year Built 1970

16 GREENWOOD LAKE TPKE16 Greenwood Lake Tpke, Ringwood, NJ, 07456

4


Sales Price $2,135,000

Price/SF $427.00

GLA 5,000 SF


Year Built 1987

640 WYCKOFF AVE640 Wyckoff Ave, Wyckoff, NJ, 07481


19

MARKET

OVERVIEW

MARKET OVERVIEW

NORTHERN NEW JERSEYOVERVIEW

Northern New Jersey consists of Bergen, Hudson, Passaic, Essex,

Morris and Union counties. The region contains roughly 4 million

residents in more than 200 municipalities. Bergen county is home to

roughly 1 million people, while Essex County, which includes the city

of Newark, is at approximately 800,000 citizens. The region is

bordered to the east by the Hudson River and New York City, to the

south by Middlesex and Somerset counties, to the west by Warren

and Sussex counties, and to the north by New York state. A large

portion of the area is almost fully developed and densely populated.

The region is a part of the New York metro and is linked to the city by

the George Washington Bridge, the Lincoln Tunnel, the Holland

Tunnel, several ferries and commuter rail tunnels.

MARKET OVERVIEW

METRO HIGHLIGHTS

DIVERSE INDUSTRIES

Pharmaceuticals, healthcare and finance are a few

of the segments that contribute to the metro’s

economic base.

LARGE LABOR POOL

The region’s diverse and highly skilled labor pool, as

well as access to workers in other nearby metros,

draws businesses.

UNIQUE ECONOMY

Northern New Jersey has its own economic drivers

and is connected to New York City’s robust

economy.


20

MARKET OVERVIEW

ECONOMY Northern New Jersey is home to numerous Fortune 500 companies including Prudential

Financial, Merck, PBF Energy and Honeywell International.

The airline industry accounts for a significant share of jobs in the region. United Airlines has

a major presence at Newark Liberty International Airport.

Trade is a key employment sector, at Port Newark-Elizabeth Marine Terminal with vehicle

imports accounting for a substantial amount of the port’s business.

Spillover from Wall Street bolsters finance jobs in Essex, Hudson and Bergen counties.

SHARE OF 2016 TOTAL EMPLOYMENT

MAJOR AREA EMPLOYERS

Prudential

UAL (United Continental Holdings)

University of Medicine and Dentistry of NJ

Hackensack Medical Center

New Jersey Transit

Englewood Hospital Association

Novartis Pharmaceuticals Corp.

St. Joseph’s Hospital and Medical Center

Valley Health Systems

ISO Services Inc.* Forecast

MANUFACTURING

6%GOVERNMENT

HEALTH SERVICES

EDUCATION AND

+

OTHER SERVICES

4%

LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES

22%

AND UTILITIES

TRADE, TRANSPORTATION CONSTRUCTION

PROFESSIONAL AND

BUSINESS SERVICES

2%INFORMATION

17%

4%

14% 8% 7%

16%


21

MARKET OVERVIEW

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

The borough is expected to add nearly 60,000 people and approximately 35,000

households through 2021, generating demand for housing.

The homeownership rate of 54 percent is below the national rate of 64 percent,

maintaining a strong rental market.

Approximately 38 percent of residents hold a bachelor’s degree, including 14

percent who have also obtained a graduate or professional degree.

Northern New Jersey offers a variety of amenities and cultural activities. Sports and

entertainment are available in East Rutherford at the Meadowlands. The MetLife Stadium is

home to the Giants and Jets of the NFL. The Prudential Center, also known as the Rock, is

an indoor arena in downtown Newark where the Devils (NHL) and Seton Hall University

play. Downtown Newark also houses the New Jersey Performing Arts Center and Bears

and Eagles Riverfront Stadium, home of the Newark Bears, a minor-league baseball team.

Numerous community colleges and universities are located in the metro, including Seton

Hall University, the Newark campus of Rutgers University, Stevens Institute of Technology

and Bergen Community College.

38.3

2016MEDIAN AGE:

U.S. Median:

37.7

$69,800

2016 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$54,500

4M

2016POPULATION:

Growth2016-2021*:

1.5%

1.5M

2016HOUSEHOLDS:

2%

Growth2016-2021*:

QUALITY OF LIFE

2016 Population by Age

0-4 YEARS

6%5-19 YEARS

19%20-24 YEARS

6%25-44 YEARS

28%45-64 YEARS

27%65+ YEARS

14%

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s

Analytics; U.S. Census Bureau


22

2016 Net-Leased Retail Market Overview

Y-O-Y Average

Cap Rates

down 10 Basis

Points

Consumption growth steady as hiring extends into sixth year. The continued

employment growth cycle has helped support consistent gains in retail sales despite

tepid wages. For retail center owners, positive economic momentum has steadily

tightened vacancy without sparking significant construction. To address limited space

availability, retailers have been working with developers to expand the pipeline of

single-tenant floor plans, with deliveries topping 39 million square feet in 2015,

accounting for the vast majority of retail completions. While internationally driven

headwinds prompted some volatility in the first quarter, positive traction has boosted

confidence and limited caution, at least for the short term. Considering bars and

restaurants have been a leading retail growth sector, the outlook for these and other

net-leased assets remains strong.

Investors trading out of other assets via 1031-exchanges lead net-lease buyer

pool. As a growing number of property owners near retirement, many are choosing to

transition their investment portfolios from apartment assets that are trading at a

premium into net-leased retail properties throughout the U.S. Benefits can include

higher initial yields than other low-maintenance options and reduced volatility relative

to other property types. Net-leased properties offer a wide range of choices with

average cap rates in the mid-5 percent range, depending on location and tenancy.

While pending mergers and minimum-wage concerns made headlines in several net-

leased sectors, deal flow was limited by a lack of available listings rather than a

slowdown in demand. Investors typically use cash to close transactions, underscoring

the amount of capital readily available for well-positioned assets with corporate credit

tenants. Although cap rates are likely to remain stable due to the tight spread between

credit financing and prices, willing investors continue to actively search for attractive

offerings. With several states considering more stringent definitions of like-kind

exchanges, potentially limiting where acquisitions can be made, the current demand

for net-leased properties remains robust.

23

Y-O-Y Average

Cap Rates

down 10 Basis

Points

Y-O-Y Average

Cap Rates

down 50 Basis

Points

Y-O-Y Average

Cap Rates

down 20 Basis

Points

Y-O-Y Average

Cap Rates

down 20 Basis

Points

Net-Lease Assets Favored Amid Limited Development Cycle

Dollar Stores: Although deal flow fell followingthe announcement of store dispositions by thecombined Family Dollar/Dollar Tree, cap ratesin the sector slipped into the mid-7 percentband on average. Properties with new leaseswill change hands with average cap rates in themid-6 percent range.

Auto-Part Retailers: Auto-part retailer cap

rates continue to contract as investors flock

to the sector. Average cap rates will begin in

the high-5 percent range and extend into the

mid-7 percent band, depending on tenancy

and location.

Drugstores: Assets with new leases in this

space will trade at cap rates starting in the low-

5 percent range, with Walgreens commanding

a premium to both CVS and Rite Aid.

Uncertainty surrounding the Wagreens/Rite Aid

merger may slow trading volume.

Quick-Service Restaurants: The average

cap rate in the QSR space dropped into the

low-5 percent range, with stalwarts including

Starbucks and McDonald’s pricing in the mid-

4 percent range. Shorter leases and regional

credits will push yields closer to 6 percent.

Casual-Dining Establishments: Performance

in the sector has become increasingly

bifurcated, with new leases dropping trading

properties’ caps into the mid-5 percent range.

Tenancy and credit considerations will push the

top end of the range into the mid-7 percent

region.

NATIONAL NET-LEASED RETAIL REPORT

23

SECOND QUARTER 2016

24

Auto-Part Retailers

* Through first quarter

** Trailing 12 months through first quarter

Sources: Marcus & Millichap Research Services; CoStar Group, Inc.

Economy

While auto sales have been robust in recent years, the average age of a car on the road is at a

record 11.5 years old, leaving plenty of room for growth to continue. The need to service older

vehicles will push up receipts at auto-parts retailers, providing an attractive net-lease opportunity.

Deal flow rose 20 percent over the past year as investors allocated more capital to the sector. Prices

per square foot range from the mid-$150 area for regional operators to the mid-$300 region for

national credit tenants such as AutoZone and Advance Auto Parts.

Higher prices were accompanied by tighter cap rates, with initial yields in the mid-6 percent region

nationwide. However, cap rates can vary from the mid-4 percent range for excellent locations with

new leases to the mid-8 percent band for shorter lease terms.

Outlook: The secular trend of aging vehicles will maintain high demand for replacement auto parts,

supporting a tactical acquisition strategy in the sector.

Over the past year, the U.S. economy added 2.8 million jobs, expanding total employment 2 percent

as persistent hiring in healthcare and professional services industries combined to add more than

1.3 million positions. While manufacturing and natural resources sectors detracted from gains, all

other groups recorded advancement, supporting broad-based growth.

Labor market gains have spilled over into unemployment, which recently hit multidecade lows not

seen since 1973. In addition, the unemployment rate sank 50 basis points to 5 percent, the lowest

level since 2007.

Core retail sales, which exclude volatile gasoline prices and auto sales, rose 3.9 percent over the 12

months ending in the first quarter. Several categories, including building materials and healthcare,

vaulted more than 6 percent, indicating consumer readiness to spend in specific areas.

Outlook: Labor market resilience will encourage more new households, supporting additional spending

at retail outlets. As a result, vacancy will decline 30 basis points nationwide to 5.8 percent, while the

average asking rent ticks up 2.8 percent to $18.94 per square foot.


24

SECOND QUARTER 2016

25

The combined entity of Family Dollar and Dollar Tree is in the process of selling 330 stores following

its merger acceptance by the Department of Justice.

Trading contracted 23 percent as investors were much more diligent in their acquisition strategies in

the sector. Prices also fell below $130 per square foot, down from $180 per square foot in the

previous year.

First-year yields fell 50 basis points to the mid-7 percent range on average, with most deals pricing

in the high-5 percent to high-8 percent range, depending on lease structure, location and area

demographics. Dollar General stores typically command a premium as investors seek to avoid

tenancy risk by refraining from stores controlled by the combined Family Dollar/Dollar Tree entity.

Outlook: Net-leased buyers have opted to largely pursue other options in the sector, leading to a

contraction of volume and sales activity. This may continue for some time until investors are more

confident in the outlook for store counts.

The casual-dining space is undergoing dramatic changes, with fast-casual options gaining market

share from traditional options. Bob Evans announced several store closures due to performance,

joining Bravo Brio and Ovation Brands, the parent of Ryan’s Buffet and Old Country Buffet.

Transaction velocity ticked up 8 percent, with dollar volume advancing at a higher rate than closed

deals. Prices can range from $250 per square foot to more than $750 per square foot.

First-year yields will vary widely by tenant and location. The best sites will price in the low-5 percent

range to the mid-7 percent region.

Outlook: Investors in the space will be much more focused over the coming year, choosing to pay up for

chains including Chipotle and Panera Bread, while eschewing struggling operators.

Dollar Stores



Casual-Dining Establishments


25

SECOND QUARTER 2016

26

Quick-Service Restaurants



Drugstores

During the past year, many states have passed laws supporting a $15 per hour minimum wage,

prompting investors to contemplate the results of this change. While the effect is unknown right

now, buyers may slow their rate of capital deployment in the sector until more information is

available.

Deal flow rose dramatically over the past year, with price per square foot exceeding $900 in primary

markets on assets with corporate tenants signed under long-term leases. Overall, prices can range

from $400 to $1,000 per square foot, indicating the wide range of pricing depending on tenancy.

Cap rates in the sector fell into the low- to mid-5 percent range, with stalwarts including Starbucks

and McDonald’s often commanding a lower premium.

Outlook: Brand power will overcome minimum-wage concerns in most markets as buyers seek safety

by purchasing net-leased assets in the QSR space that are leased by a Fortune 500 tenant.

During the past year, the drugstore segment was catalyzed by the proposed merger between

Walgreens and smaller rival Rite Aid. While the tie-up has yet to be approved by regulators,

investors have had to confront the possibility of store closures in some markets as a result of an

approval.

Transaction prices increased marginally over the past year, varying from $400 to $700 per square

foot, depending on leasing terms and location. Walgreens garnered an average price of nearly $500

per square foot, while CVS storefronts priced at an average of $550 per square foot as buyers

sidestepped the possible merger risk by picking up CVS offerings.

During the last year, first-year yields sank roughly 20 basis points on average to the mid-5 percent

range, although prices can vary widely by tenancy. Walgreens stores typically price in the low- to

mid-5 percent range, while CVS locations are typically in the mid- to high-5 percent band.

Outlook: Uncertainty surrounding the Walgreens/Rite Aid merger will continue to drive sentiment in the

drugstore space in 2016. However, safety of yield and hands-off management will push investors to

deploy capital in the sector.


26

SECOND QUARTER 2016

Capital Markets Recent Marcus & Millichap Transactions

The U.S. economy grew nominally in the first quarter as respectable consumer

trends were partly offset by softness in manufacturing, exports and business

investment. The lull in economic activity in the first three months of 2016, and

volatility in the stock and debt markets, will likely delay any action on monetary

policy by the Federal Reserve until midyear at the earliest. Against this broader

economic backdrop, retail properties continued to gain traction behind growing

space demand and limited construction. This year, retailers will absorb an

additional 61 million square feet of space to cut the U.S. vacancy rate 30 basis

points to 5.9 percent.

CMBS issuance declined in the first quarter from the corresponding period one

year ago, offering the latest evidence of disruption in the securitized market.

Although spreads on the highest-rated bonds in a securitized pool compressed

slightly during this year’s opening quarter, they remain wider than one year ago,

meaning borrowers face slightly higher costs. Bond investors also require higher

returns on loans perceived as being aggressively underwritten with higher LTVs

and on loans issued to lower-rated borrowers, putting a squeeze on securitized

lenders that could potentially limit lending capacity.

Bank lenders remain positioned and capitalized to compete for market share,

perhaps gaining business that CMBS cannot fill. The Federal Reserve’s

accommodative monetary stance continues to support a low cost of capital to

these lenders. National, regional and local banks offer leverage on retail property

loans that averages in the 65 percent range and loan terms vary from five, seven

and 10 years. Spreads vary depending on asset location and quality but generally

start in the low- to mid-200-basis-point range above corresponding swap rates.

Bridge financing spread over short-term benchmarks is also available for properties

in transition.

27

Property Name City, State Sales PricePrice per

Sq. Ft.Cap Rate

Wal-Mart Neighborhood

MarketMurfreesboro, TN $14,858,956 $345 5.2%

Walgreens Sauk Rapids, MN $11,517,857 $795 5.6%

Red Lobster Atlanta, GA $8,278,252 $1,122 6.2%

CVS Lago Vista, TX $6,355,160 $451 6.0%

McDonald’s Tacoma, WA $4,933,000 $1,083 3.8%

Advance Auto Parts Ft. Lauderdale, FL $3,404,261 $486 5.8%

Panera Bread New Berlin, WI $3,100,000 $715 4.8%

Jack in the Box Granada Hills, CA $3,000,000 $1,429 4.8%

Popeyes Lakewood, WA $3,000,000 $1,391 5.0%

Taco Bell Las Vegas, NV $2,598,500 $1,071 5.0%

Applebee’s Delray Beach, FL $2,525,000 $531 5.5%

Starbucks Sugar Land, TX $2,360,000 $1,276 5.0%

Dollar General Medford, OR $2,250,000 $250 6.0%

Buffalo Wild Wings Olive Branch, MS $2,166,000 $393 7.5%

Wendy’s Jenison, MI $2,163,200 $640 6.0%

Family Dollar Arabi, LA $1,892,677 $206 6.5%

Pep Boys Harrisburg, NC $1,740,000 $314 6.0%

Denny’s Warwick, RI $1,710,000 $428 6.2%

Burger King Crystal Lake, IL $1,650,000 $420 5.9%

Pizza Hut Coraopolis, PA $1,400,000 $389 6.5%

Jimmy John’s Austin, TX $1,175,000 $592 5.4%


27

SECOND QUARTER 2016

PROPERTY NAME

MARKETING TEAM


DEMOGRAPHICS

Source: © 2016 Experian

Created on December 2017

POPULATION 1 Miles 3 Miles 5 Miles

2021 Projection

Total Population 6,294 62,897 155,694

2016 Estimate


2010 Census


2000 Census


Current Daytime Population

2016 Estimate 6,333 65,578 183,694

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

2021 Projection

Total Households 2,134 22,923 57,674

2016 Estimate


Average (Mean) Household Size 2.88 2.69 2.66

2010 Census


2000 Census


Occupied Units

2021 Projection 2,134 22,923 57,674

2016 Estimate 2,150 22,957 56,969

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

2016 Estimate

$150,000 or More 25.50% 26.63% 26.29%

$100,000 - $149,000 24.03% 23.55% 21.45%

$75,000 - $99,999 14.74% 13.28% 13.07%

$50,000 - $74,999 15.62% 13.91% 13.54%

$35,000 - $49,999 7.36% 7.81% 9.09%

Under $35,000 12.75% 14.83% 16.55%

Average Household Income $131,609 $130,116 $130,206

Median Household Income $99,139 $100,316 $95,597

Per Capita Income $44,299 $47,106 $47,659

HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 Miles

Total Average Household Retail Expenditure

$81,712 $82,268 $80,998

Consumer Expenditure Top 10 Categories

Housing $26,586 $26,822 $26,413

Shelter $17,506 $17,655 $17,359

Transportation $13,141 $13,057 $12,844

Personal Insurance and Pensions $8,565 $8,653 $8,368

Food $7,587 $7,597 $7,475

Health Care $5,744 $5,851 $5,807

Utilities $5,004 $4,979 $4,911

Entertainment $2,823 $2,829 $2,782

Education $2,430 $2,391 $2,251

Apparel $1,915 $1,980 $1,957

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

Population By Age

2016 Estimate Total Population 6,312 62,602 153,705

Under 20 24.83% 23.83% 23.77%

20 to 34 Years 16.41% 14.82% 15.82%

35 to 39 Years 5.21% 5.19% 5.34%

40 to 49 Years 14.92% 14.68% 14.28%

50 to 64 Years 22.74% 23.00% 22.46%

Age 65+ 15.88% 18.50% 18.31%

Median Age 42.81 44.74 43.99

Population 25+ by Education Level

2016 Estimate Population Age 25+ 4,345 44,362 107,970

Elementary (0-8) 1.36% 2.25% 3.01%

Some High School (9-11) 4.10% 3.81% 4.33%

High School Graduate (12) 30.86% 27.33% 28.58%

Some College (13-15) 15.47% 14.35% 15.11%

Associate Degree Only 7.82% 6.06% 5.79%

Bachelors Degree Only 25.70% 29.07% 26.86%

Graduate Degree 13.55% 16.22% 15.50%

28

Income

In 2016, the median household income for your selected geography is

$95,597, compare this to the US average which is currently $55,159.

The median household income for your area has changed by 29.49%

since 2000. It is estimated that the median household income in your

area will be $108,863 five years from now, which represents a change

of 13.88% from the current year.

The current year per capita income in your area is $47,659, compare

this to the US average, which is $30,249. The current year average

household income in your area is $130,206, compare this to the US

average which is $79,207.

Population

In 2016, the population in your selected geography is 153,705. The

population has changed by 4.71% since 2000. It is estimated that the

population in your area will be 155,694.00 five years from now, which

represents a change of 1.29% from the current year. The current

population is 48.45% male and 51.55% female. The median age of

the population in your area is 43.99, compare this to the US average

which is 37.69. The population density in your area is 1,953.70 people

per square mile.

Households

There are currently 55,792 households in your selected geography.

The number of households has changed by 9.02% since 2000. It is

estimated that the number of households in your area will be 57,674

five years from now, which represents a change of 3.37% from the

current year. The average household size in your area is 2.66 persons.

Employment

In 2016, there are 95,002 employees in your selected area, this is also

known as the daytime population. The 2000 Census revealed that

72.57% of employees are employed in white-collar occupations in

this geography, and 27.19% are employed in blue-collar occupations.

In 2016, unemployment in this area is 6.36%. In 2000, the average

time traveled to work was 30.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

83.83% White, 3.22% Black, 0.02% Native American and 7.45%

Asian/Pacific Islander. Compare these to US averages which are:

70.60% White, 12.83% Black, 0.19% Native American and 5.43%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 13.18% of the current year

population in your selected area. Compare this to the US average of

17.77%.

PROPERTY NAME

MARKETING TEAM


Housing

The median housing value in your area was $393,428 in 2016,

compare this to the US average of $190,673. In 2000, there were

41,855 owner occupied housing units in your area and there were

9,323 renter occupied housing units in your area. The median rent at

the time was $818.

Source: © 2016 Experian

DEMOGRAPHICS

29

www.MarcusMillichap.com

Greg Babaian

Vice President Investments

New Jersey Office

Tel: (201) 742-6123

Fax: (201) 742-6110

[email protected]

License: NJ 0016093

P R E S E N T E D B Y

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