Offering Memorandum€¦ · OVERVIEW. 39 RIDGEDALE AVE # EXECUTIVE SUMMARY OFFERING SUMMARY MAJOR...
Transcript of Offering Memorandum€¦ · OVERVIEW. 39 RIDGEDALE AVE # EXECUTIVE SUMMARY OFFERING SUMMARY MAJOR...
39 RIDGEDALE AVEEast Hanover, NJ 07936
Offering Memorandum
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
Confidentiality and DisclaimerThe information contained in the following Marketing Brochure is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from Marcus & Millichap and
should not be made available to any other person or entity without the written consent of Marcus & Millichap. This Marketing Brochure has been prepared to provide summary, unverified
information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due
diligence investigation. Marcus & Millichap has not made any investigation, and makes no warranty or representation, with respect to the income or expenses for the subject property, the
future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCB's or
asbestos, the compliance with State and Federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any
tenant's plans or intentions to continue its occupancy of the subject property. The information contained in this Marketing Brochure has been obtained from sources we believe to be
reliable; however, Marcus & Millichap has not verified, and will not verify, any of the information contained herein, nor has Marcus & Millichap conducted any investigation regarding these
matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to
verify all of the information set forth herein. Marcus & Millichap is a service mark of Marcus & Millichap Real Estate Investment Services, Inc. © 2018 Marcus & Millichap. All rights reserved.
Non-Endorsement NoticeMarcus & 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.
39 RIDGEDALE AVE
East Hanover, NJ
ACT ID Z0281424
2
TABLE OF CONTENTS
SECTION
INVESTMENT OVERVIEW 01Offering Summary
Location Overview
FINANCIAL ANALYSIS 02Tenant Summary
Lease Expiration Chart
Operating Statement
Notes
Pricing Detail
Acquisition Financing
MARKET OVERVIEW 03Market Analysis
Demographic Analysis
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INVESTMENT
OVERVIEW
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EXECUTIVE SUMMARY
OFFERING SUMMARY
MAJOR EMPLOYERS
EMPLOYER# OF
EMPLOYEES
ADP Atlantic Inc 60,000
Collabera Technologies 12,000
Briad Main Street Inc 7,000
ADP 4,725
NPS 4,600
Morristown Memorial Hospital 4,236
G C I 4,200
B&G Foods Inc 2,934
Quest Diagnostics 2,831
Prudential 2,607
Alvogen 2,300
Bioscrip Infusion Services LLC 2,000
DEMOGRAPHICS
1-Miles 3-Miles 5-Miles
2017 Estimate Pop
1,678 34,231 157,436
2010 Census Pop 1,654 33,650 154,465
2017 Estimate HH 557 12,579 58,074
2010 Census HH 547 12,309 56,775
Median HH Income
$143,894 $120,659 $107,239
Per Capita Income $61,046 $62,051 $57,525
Average HH Income
$184,041 $166,606 $154,635
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MAJOR TENANTS
TENANT GLA LEASE EXPIRATION LEASE TYPE
Cresthill Academy 12,862 5/31/2024 NNN
Wazu 2,370 11/30/2023 NNN
VITAL DATA
YEAR 1 YEAR 2
Price $4,100,000 CAP Rate 7.35% 7.35%
Down Payment25% /
$1,025,000Net Operating Income
$301,283 $301,283
Loan Amount $3,075,000Net Cash Flow After Debt Service
8.61% / $88,248 8.61% / $88,248
Loan Type Proposed New Total Return 14.91% / $152,807 15.22% / $156,025
Interest Rate / Amortization
4.88% / 25 Years
Gross Leasable Area (GLA)
15,232 SF
Price/SF $269.17
Current Occupancy 100.0%
Lot Size 1.06 acre(s)
39 RIDGEDALE AVE
OFFERING SUMMARY
15,232 SF Multi-Tenant Retail Building - 100% Occupancy
Both Tenants on NNN Lease with Option & Increases
Both Tenants Have Been in Same Location Since 2014
Proximity to Route 10, Interstate 287 & Interstate 280
Cresthill Academy Operator Personally Guarantees Lease with 9 Month
Floating Guarantee
Less Than 0.25 Miles From Novartis Pharmaceutical Headquarter
Campus
Large Corporate Headquarters Offices in Nearby
INVESTMENT HIGHLIGHTS
Marcus & Millichap is pleased to present a two-tenant retail building located at 39 Ridgedale Avenue, in East Hanover (Morris
County), New Jersey. The 15,232+/- building is 100 percent occupied, with Cresthill Academy occupying 2 units which account
for 84.4% of the GLA. The tenants have 4+ years remaining on their lease with additional option periods which include rent
escalations. The tenants are responsible for 100 percent of their pro-rata share for all expenses on the property. The building is
situated right off Route 10, a major retail thoroughfare traveling to Interstate 287 and Interstate 280 with many large
pharmaceutical and corporate headquarters nearby including but not limited to Novartis Pharmaceutical, Tiffany’s & Co., Intel
Corporation and the IRS Office.
East Hanover is a city located in Morris County, New Jersey. The subject property is approximately 21 miles west of New York
City. NJ Transit provides rail service at the Union train station on the Raritan Valley Line to Newark Penn Station.
Within a five-mile radius of East Hanover, the average household income is $154,635 among the 157,436 individuals who reside
within a five-mile radius of the subject property.
The asking price of $4,100,000 represents a 7.35 percent cap rate.
INVESTMENT OVERVIEW
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OFFERING SUMMARY
PROPERTY OVERVIEW
East Hanover is township located in Morris County, New Jersey. The subject property is approximately 21 miles east of New York
City. The municipalities that share their borders with East Hanover are Whippany, Florham Park, Livingston, West Caldwell and
Roseland. The major roads that pass through or near East Hanover are Interstate-280, Interstate-287, Route 46, Route 10 and
Route 24. NJ Transit provides bus service to Newark on bus route 73 with local service available on route 872. Private bus service
is available to and from John F. Kennedy International Airport.
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39 RIDGEDALE AVE
PROPERTY SUMMARY
OFFERING SUMMARY
PROPOSED FINANCING
First Trust Deed
Loan Amount $3,075,000
Loan Type Proposed New
Interest Rate 4.875%
Amortization 25 Years
Loan Term 5 Years
Loan to Value 75%
Debt Coverage Ratio 1.41
THE OFFERING
Price $4,100,000
Property Address 39 Ridgedale Ave, East Hanover, NJ
Assessors Parcel Number 10 00129-0000-00006
Zoning B-2
SITE DESCRIPTION
Number of Stories 1
Gross Leasable Area 15,232 SF
Ownership Fee Simple
Lot Size 1.06 acre(s)
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#
LOCATION OVERVIEW
PROXIMITY TO:
39 Ridgedale Avenue, East Hanover, NJ 07936
LOCATION OVERVIEWTENANT SUMMARYPRICING AND VALUATION MATRIX
PROPERTY NAME39 RIDGEDALE AVE
PRICING AND VALUATION MATRIX
PROPERTY NAME39 RIDGEDALE AVE
LOCATION OVERVIEW
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REGIONAL MAP
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LOCAL MAP
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AERIAL PHOTO
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PROPERTY PHOTO
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PROPERTY PHOTO
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FINANCIAL
ANALYSIS
FINANCIAL ANALYSIS
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TENANT SUMMARY
FINANCIAL ANALYSIS
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OPERATING STATEMENT
17
FINANCIAL ANALYSIS
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PRICING DETAIL
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TENANT PROFILE
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Cresthill Academy
General Information
Tenant Name Cresthill Academy
Website www.cresthillacademy.com
Parent Company Cresthill Holdings LLC
Headquartered East Hanover
Rentable Square Feet 12,862 SF
Percentage of RBA 84.40%
Lease Commencement 6/1/2014
Lease Expiration 5/31/2024
No. of Locations 5
Founded in 2010, Cresthill Academy is the premiere child care
center in New Jersey with full time and part time programs for
infant, toddler, preschool and Kindergarten. Their services include
before school care, after school care and summer camp programs
Cresthill Aopen year round and have five child care locations in
Northern New Jersey; East Hanover, Harrison, Hoboken Uptown,
Hoboken Downton, and Lyndhurst. Cresthill is proud of their
progressive and holistic approach to education and care.
MARCUS & MILLICHAP CAPITAL CORPORATION
CAPABILITIES
MMCC—our fully integrated, dedicated financing arm—is committed to
providing superior capital market expertise, precisely managed execution, and
unparalleled access to capital sources providing the most competitive rates and
terms.
We leverage our prominent capital market relationships with commercial banks,
life insurance companies, CMBS, private and public debt/equity funds, Fannie
Mae, Freddie Mac and HUD to provide our clients with the greatest range of
financing options.
Our dedicated, knowledgeable experts understand the challenges of financing
and work tirelessly to resolve all potential issues to the benefit of our clients.
National platform
operating
within the firm’s
brokerage
offices
$5.63 billion
total national
volume in 2017
Access to
more capital
sources than
any other firm
in the industry
Optimum financing solutions
to enhance value
Our ability to enhance
buyer pool by expanding
finance options
Our ability to enhance
seller control
• Through buyer
qualification support
• Our ability to manage buyers
finance expectations
• Ability to monitor and
manage buyer/lender
progress, insuring timely,
predictable closings
• By relying on a world class
set of debt/equity sources
and presenting a tightly
underwritten credit file
WHY MMCC?
Closed 1,707
debt and equity
financings
in 2017
ACQUISITION FINANCING
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MARKET
OVERVIEW
MARKET OVERVIEW
NORTHERN NEW JERSEYOVERVIEW
1
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
nearly 1 million people, while Essex County, which includes the city of
Newark, has approximately 805,000 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 and
access to workers in other nearby metros draw
businesses.
UNIQUE ECONOMY
Northern New Jersey has its own economic drivers
and is connected to New York City’s robust
economy.
39 RIDGEDALE AVE
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. Vehicle imports account for a substantial amount of the
Port Newark-Elizabeth Marine Terminal’s business.
Spillover from Wall Street bolsters finance jobs in Essex, Hudson and Bergen counties.
SHARE OF 2017 TOTAL EMPLOYMENT
MAJOR AREA EMPLOYERS
Prudential Financial
UAL (United Continental Holdings)
JPMorgan Chase & Co.
Hackensack University Medical Center
Bank of America
Englewood Hospital Association
Novartis Pharmaceuticals Corp.
St. Joseph’s Hospital and Medical Center
Valley Health Systems
RWJBarnabas Health* Forecast
2
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%
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MARKET OVERVIEW
DEMOGRAPHICS
SPORTS
EDUCATION
ARTS & ENTERTAINMENT
Northern New Jersey will add nearly 38,000 people and approximately 36,300
households over the next five years, 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.
QUALITY OF LIFE
3
2017 Population by Age
0-4 YEARS
6%5-19 YEARS
19%20-24 YEARS
6%25-44 YEARS
27%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
39 RIDGEDALE AVE
38.4
2017MEDIAN AGE:
U.S. Median:
37.8
$71,700
2017 MEDIAN HOUSEHOLD INCOME:
U.S. Median:
$56,300
4M
2017POPULATION:
Growth2017-2022*:
0.9%
1.5M
2017HOUSEHOLDS:
2.5%
Growth2017-2022*:
25
Select retailers fill needs of expanding consumer base. Regional retail sales will
grow at a faster pace in 2018, aided by the projected highest rate of household
formation in seven years. Retailers that provide necessities and services are well
positioned to benefit from these added homes, as made apparent by recent store
openings. Tens of thousands of square feet were leased last year by tenants like
Wegmans, Weis and Planet Fitness. Grocery and convenience stores will also anchor
2018 completions. Bergen County will host the most new space, but larger individual
construction projects are underway in Morris County and along the Route 22 East
Corridor in Union County.
Demand exceeds supply to lower vacancy. Over half of this year’s completions are
already pre-leased, helping propel absorption to a four-year high. Regional vacancy
will drop by a small amount as a result. The steepest decline is in Union County,
where retailers are readily leasing new space along the Route 22 East Corridor. As
more existing inventory is occupied, the characteristics of vacant properties currently
on the market, such as age, are changing. The average marketed rent payment is
shifting as a result, dropping below 2017’s amount. This trend is most apparent in
Hudson County, where rent is highest.
• The Hudson Waterfront remains the most sought-after section of the region
by investors. Population density and tight quarters add appeal to storefront
properties of 5,000 square feet or less, often as ground-floor retail space in
residential buildings. The premium location drives high prices, $170 a square
foot above the market average of $322. Yields are around mid-5 percent.
• Buyers acquired small storefronts situated along the Garden State Parkway
near Cranford. In contrast to riverfront property, prices here average $285
per square foot with cap rates 60 basis points above the regional average of
mid 6 percent.
• Demand intensified year over year for stand-alone, single-tenant space.
Buyers acquired these across the region, with the highest concentration of
transactions in the western suburbs of Newark as well as in the north-central
part of Bergen County.
Retail 2018 OutlookDevelopers Active on Western Side of
Market as Investors Target Riverfront
NORTHERN NEW JERSEY REGION
870,000 sq. ft.
will be completed
3.1% decrease in
asking rents
20 basis point
decrease in vacancy
Construction:
A smaller pool of vacant retail property has
shifted the average marketed rent
downward. The average asking rent for 2018
is $24.75 per square foot.
The vacancy rate will decrease to 4.4
percent, following a similar decline from last
year. Regional vacancy has not been this low
in at least a decade.
* Cap rates trailing 12 months through 1Q18; 10-Year Treasury up to March 29, 2018
Sources: CoStar Group, Inc.; Real Capital Analytics
Annual completions rise after falling the past
two years. The most new space is heading to
Bergen County, led by a new ShopRite in
Wyckoff.
Vacancy:
Rents:
Investment Trends
39 RIDGEDALE AVE
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• Even with the unemployment rate
below 2 percent, regional
employers were still able to hire
16,600 more individuals in the
year ending March 2018.
Approximately half of those
positions are in the fields of
education, administration and
heathcare.
• Job growth slowed in late 2017
and early 2018 as some office-
using and retail-related positions
left the market.
EMPLOYMENT
• Deliveries picked up over the
course of the year ending March
2018. During the preceding 12-
month period, 551,000 square
feet of retail space was
completed.
• Developers were most active in
the town of Montvale in Bergen
County, which welcomed a new
Wegmans supermarket. New
multi-tenant shopping centers
were completed in Parsippany
and Elizabeth as well.
CONSTRUCTION
• Demand rose above supply
growth, lowering the metrowide
vacancy rate to 4.4 percent. In
the year ending March 2017,
vacancy also fell 20 basis points.
• Vacancy declined across half
the region but stayed flat in
Bergen County and rose 40
basis points in Morris County.
Out of all the counties in the
region, Union County reported
the sharpest fall of 140 basis
points.
VACANCY
• Rent growth subsided after the
marketed rate increased 9.6
percent in the year ending March
2017, when an influx of new
space pushed the average
upward.
• The average asking rent fell to
$24.82 by the end of March
2018. Rates improved the most
in Union County, up 10.9
percent, although growth also
occurred for single-tenant
properties in Essex, Morris and
Passaic counties.
RENTS
NORTHERN NEW JERSEY REGION
decrease in the
average asking rent
Y-O-Y
2.5%basis point decrease
in vacancy Y-O-Y20square feet
completed
Y-O-Y
763,000increase in total
employment Y-O-
Y
0.8%
* Forecast
1Q18 - 12-Month Trend
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Multi-tenant Prices Outclimb Single-tenant; Smaller Spaces Highly Sought-After
Outlook: Small footprints near population
centers will garner the most offers this
year. Demand also exists for larger inland
spaces well-suited for restaurants, fast-
food establishments, drug stores or auto
parts vendors.
Vacancy
Rate
Y-O-Y
BasisPoint
Change
SubmarketAsking
Rent
Y-O-Y%
Change
Submarket Trends
Lowest Vacancy Rates 1Q18
Sales Trends
NORTHERN NEW JERSEY REGION
• Multi-Tenant: The number of multi-tenant sales picked up year over year, as did the
average price per square foot. Cap rates for such space typically lie in the high-6
percent zone.
• Single-Tenant: Sale prices for single-tenant properties ticked up in 2017 even as
listings stay on the market for longer.
* Trailing 12 months through 1Q18 over previous time period
Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics
Hudson County 1.7% -40 $29.13 -12.8%
Union County 4.0% -140 $23.12 10.9%
Bergen County 4.2% 0 $27.07 -0.4%
Essex County 5.1% 20 $23.63 1.8%
Passaic County 5.8% -30 $22.37 -4.3%
Morris County 6.6% 40 $20.25 -1.5%
Overall Metro 4.4% -20 $24.82 -2.5%
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* Forecast **2017-2022
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NORTHERN NEW JERSEY REGION
39 RIDGEDALE AVE
• Fed raises benchmark interest rate, plans additional increases. The Federal Reserve
increased the federal funds rate by 25 basis points in late March, raising the overnight lending
rate to 1.5 percent. While the Fed noted the inflation outlook moderated recently, an upgraded
economic forecast including tax cuts and a regulation rollback strengthened growth
projections through 2020. As a result, the Fed has guided toward at least two more rate hikes
this year, while setting the stage for up to four increases in 2019.
• Lending costs rise alongside Fed rate increase. As the Federal Reserve lifts interest rates,
lenders will face a rising cost of capital, which may lead to higher lending rates for investors.
However, greater competition for loan demand has prompted some lenders to absorb some
cost increases. While higher borrowing costs may prompt buyers to seek higher cap rates, the
positive economic outlook should boost rent growth above inflation over the coming year.
• The capital markets environment remains highly competitive. While the Federal Reserve
has committed to tightening policy, other major central banks have maintained easing policies.
The downward pressure on rates from foreign central banks is counteracting greater
economic growth and wider government deficits, keeping demand for fixed-income
investments stable. Loan pricing resides in the mid-4 percent range with maximum leverage of
70 percent. Portfolio lenders will require loan-to-value ratios closer to 65 percent with interest
rates, depending on term, in the high-3 to mid-4 percent range. The passage of tax reform and
rising fiscal stimulus will keep the U.S. economy growing strongly this year, while limited new
construction and steady absorption will contain office vacancy near 14 percent.
* Through May 1st
Sources: CoStar Group, Inc.; Real Capital Analytics
Capital Markets
PROPERTY NAME
MARKETING TEAM
39 RIDGEDALE AVE
DEMOGRAPHICS
Source: © 2017 Experian
Created on December 2018
POPULATION 1 Miles 3 Miles 5 Miles
2022 Projection
Total Population 1,698 35,388 161,430
2017 Estimate
Total Population 1,678 34,231 157,436
2010 Census
Total Population 1,654 33,650 154,465
2000 Census
Total Population 1,652 30,511 148,478
Current Daytime Population
2017 Estimate 4,510 72,336 263,817
HOUSEHOLDS 1 Miles 3 Miles 5 Miles
2022 Projection
Total Households 564 13,171 60,112
2017 Estimate
Total Households 557 12,579 58,074
Average (Mean) Household Size 2.97 2.70 2.63
2010 Census
Total Households 547 12,309 56,775
2000 Census
Total Households 532 10,992 54,859
Occupied Units
2022 Projection 564 13,171 60,112
2017 Estimate 566 12,888 60,363
HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles
2017 Estimate
$150,000 or More 47.78% 38.64% 33.11%
$100,000 - $149,000 18.49% 21.33% 20.32%
$75,000 - $99,999 11.12% 11.13% 11.70%
$50,000 - $74,999 9.95% 11.36% 13.13%
$35,000 - $49,999 4.84% 6.29% 7.54%
Under $35,000 7.80% 11.26% 14.19%
Average Household Income $184,041 $166,606 $154,635
Median Household Income $143,894 $120,659 $107,239
Per Capita Income $61,046 $62,051 $57,525
HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 Miles
Total Average Household Retail Expenditure
$93,154 $89,639 $87,185
Consumer Expenditure Top 10 Categories
Housing $26,776 $25,895 $25,647
Transportation $19,056 $17,495 $16,710
Shelter $17,003 $16,496 $16,440
Personal Insurance and Pensions $8,966 $8,574 $8,619
Food $8,174 $7,853 $7,694
Health Care $5,469 $5,300 $5,088
Utilities $5,200 $5,013 $4,886
Entertainment $3,764 $3,575 $3,453
Education $3,563 $3,302 $3,154
Cash Contributions $2,537 $2,383 $2,184
POPULATION PROFILE 1 Miles 3 Miles 5 Miles
Population By Age
2017 Estimate Total Population 1,678 34,231 157,436
Under 20 22.62% 23.75% 24.01%
20 to 34 Years 13.95% 14.08% 17.26%
35 to 39 Years 4.91% 5.37% 6.26%
40 to 49 Years 14.44% 14.12% 14.16%
50 to 64 Years 22.60% 21.88% 20.88%
Age 65+ 21.48% 20.81% 17.43%
Median Age 46.39 45.27 41.92
Population 25+ by Education Level
2017 Estimate Population Age 25+ 1,206 24,111 110,089
Elementary (0-8) 1.88% 1.83% 2.09%
Some High School (9-11) 2.93% 2.38% 3.18%
High School Graduate (12) 24.83% 22.84% 20.52%
Some College (13-15) 14.76% 14.40% 12.66%
Associate Degree Only 5.36% 5.43% 5.17%
Bachelors Degree Only 25.77% 29.52% 30.65%
Graduate Degree 23.63% 23.21% 25.17%
29
Income
In 2017, the median household income for your selected geography is
$107,239, compare this to the US average which is currently $56,286.
The median household income for your area has changed by 39.56%
since 2000. It is estimated that the median household income in your
area will be $124,450 five years from now, which represents a change
of 16.05% from the current year.
The current year per capita income in your area is $57,525, compare
this to the US average, which is $30,982. The current year average
household income in your area is $154,635, compare this to the US
average which is $81,217.
Population
In 2017, the population in your selected geography is 157,436. The
population has changed by 6.03% since 2000. It is estimated that the
population in your area will be 161,430.00 five years from now, which
represents a change of 2.54% from the current year. The current
population is 48.52% male and 51.48% female. The median age of
the population in your area is 41.92, compare this to the US average
which is 37.83. The population density in your area is 2,001.18 people
per square mile.
Households
There are currently 58,074 households in your selected geography.
The number of households has changed by 5.86% since 2000. It is
estimated that the number of households in your area will be 60,112
five years from now, which represents a change of 3.51% from the
current year. The average household size in your area is 2.63 persons.
Employment
In 2017, there are 238,832 employees in your selected area, this is
also known as the daytime population. The 2000 Census revealed
that 76.53% of employees are employed in white-collar occupations
in this geography, and 23.45% are employed in blue-collar
occupations. In 2017, unemployment in this area is 4.72%. In 2000,
the average time traveled to work was 29.00 minutes.
Race and Ethnicity
The current year racial makeup of your selected area is as follows:
71.18% White, 4.44% Black, 0.03% Native American and 18.40%
Asian/Pacific Islander. Compare these to US averages which are:
70.42% White, 12.85% Black, 0.19% Native American and 5.53%
Asian/Pacific Islander. People of Hispanic origin are counted
independently of race.
People of Hispanic origin make up 10.72% of the current year
population in your selected area. Compare this to the US average of
17.88%.
PROPERTY NAME
MARKETING TEAM
39 RIDGEDALE AVE
Housing
The median housing value in your area was $493,062 in 2017,
compare this to the US average of $193,953. In 2000, there were
39,650 owner occupied housing units in your area and there were
15,209 renter occupied housing units in your area. The median rent at
the time was $837.
Source: © 2017 Experian
DEMOGRAPHICS
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