Jersey Johnny's House of Dogs

Market Positioning and Pricing Analysis

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

PRESENTED BY Greg Babaian Vice President Investments New Jersey Office Tel: (201) 742-6123 Fax: (201) 742-6110 [email protected] License: NJ 0016093 NON - ENDORSEMENT AND DISCLAIMER NOTICE

Non-Endorsements Marcus & 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.

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Disclaimer THIS 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.

JERSEY JOHNNY’S HOUSE OF DOGS Pequannock, NJ ACT ID Y0281057

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TABLE OF CONTENTS

SECTION

FINANCIAL ANALYSIS 01 INVESTMENT OVERVIEW 02 Location Overview Regional and Local Map Aerial Photo

MARKET OVERVIEW 03 Market Analysis Demographic Analysis

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FINANCIAL ANALYSIS

4 PROPERTYJERSEY JOHNNY'SNAME HOUSE OF DOGS

PRICINGPRICING ANDAND VALUATIONVALUATION MATRIXMATRIX 25 Newark Pompton Tpke, Pequannock, NJ 07440

NOTES

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OFFERINGOFFERING SUMMARY SUMMARY PROPERTY SUMMARY

NOTES

6# JERSEY JOHNNY’S HOUSE OF DOGS

INVESTMENT OVERVIEW

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TENANT PROFILES

Jersey Johnny’s House of Dogs Jersey Johnny’s House of Dogs is a local restaurant chain with General Information multiple locations in the nearby neighboring municipalities of Tenant Name Jersey Johnny’s House of Dogs Denville, Woodland Park, and Pequannock Township. Jersey Website www.jerseyjohnnys.com Parent Company Jersey Johnn'y LLC Johnny’s offers their homemade hot dogs and burgers, along Headquartered Woodland Park, NJ with salads, sandwiches and various side dishes. Jersey Rentable Square Feet 1,700 SF Johnny’s is a classic American grill that has been serving the Percentage of RBA 100.00% local community since 2010. Jersey Johnny’s also has a food Lease Commencement 1/1/2010 truck that goes to various events and festivals throughout New Lease Expiration 12/31/2019

Jersey and Pennsylvania. No. of Locations 3

128 PROPERTYJERSEY JOHNN'YJOHNNY’SNAME HOUSE HOUSE OF OF DOGS DOGS

PRICINGPRICING ANDANDLOCATIONLOCATION VALUATIONVALUATIONTENANT SUMMARYOVERVIEWOVERVIEW MATRIXMATRIX

25 Newark Pompton Tpke, Pequannock, NJ 07440

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. . 1,700 Square Feet Single Tenant Building . Situated on 0.63 Acre Lot . 10 Year NNN Lease Term . 3% Annual Increases

CLOSE PROXIMITY TO:

9# PROPERTYJERSEY JOHNN'YJOHNNY’SNAME HOUSE HOUSE OF OF DOGS DOGS

PRICINGPRICINGREGIONAL ANDANDLOCATION VALUATIONVALUATIONTENANT AND LOCAL SUMMARYOVERVIEW MATRIXMATRIX MAP 25 Newark Pompton Tpke, Pequannock, NJ 07440

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AERIAL PHOTO

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PROPERTY PHOTO

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PROPERTY PHOTO

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PROPERTY PHOTO

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COMPARABLES MAP

JERSEY JOHNNY'S HOUSE OF DOGS (SUBJECT)

1 909 Ringwood Ave

2 529 Goffle Rd

3 16 Greenwood Lake Tpke

4 640 Wyckoff Ave

SALES COMPARABLES

15 PROPERTYJERSEY JOHNNY'SNAME HOUSE OF DOGS

SALES COMPARABLES SALES COMPARABLES SALES COMPS AVG

Average Cap Rate Average Price Per Square Foot

7.0 $600.00

6.3 $540.00

5.6 $480.00

4.9 $420.00

4.2 $360.00 Avg. $327.51

3.5 $300.00

2.8 $240.00

2.1 $180.00

1.4 $120.00

0.7 $60.00 Avg. 0.00% 0.0 $0.00 Jersey 909 529 16 640 Wyckoff Jersey 909 529 16 640 Wyckoff Johnn'y Ringwood Goffle Rd Greenwood Ave Johnn'y Ringwood Goffle Rd Greenwood Ave House Ave Lake Tpke House Ave Lake Tpke of Dogs of Dogs

16 PROPERTYJERSEY JOHNNY'SNAME HOUSE OF DOGS

SALESMARKETING COMPARABLES TEAM

SALES COMPARABLES

909 RINGWOOD AVE 529 GOFFLE RD JERSEY JOHNN'Y HOUSE OF DOGS 909 Ringwood Ave, Haskell, NJ, 07420 529 Goffle Rd, Wyckoff, NJ, 07481 25 Newark Pompton Tpke, Pequannock, NJ, 07440 1 2

rentpropertyname1 rentpropertyname1 rentpropertyname1

SUBJECT PROPERTY Close Of Escrow 9/29/2017 Close Of Escrow 7/17/2017 Asking Price $868,643 Sales Price $400,000 Sales Price $900,000 Price/SF $510.97 Price/SF $215.52 Price/SF $450.00 CAP Rate 7.00% GLA 1,856 SF GLA 2,000 SF GLA 1,700 SF Lot Size .25 acre(s) Lot Size .34 acre(s) Lot Size 0.63 acre(s) Year Built 1975 Year Built 2011 Lease Term Remaining 2.1 Years

rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1

17 PROPERTYJERSEY JOHNNY'SNAME HOUSE OF DOGS

SALESMARKETING COMPARABLES TEAM

SALES COMPARABLES

16 GREENWOOD LAKE TPKE 640 WYCKOFF AVE 16 Greenwood Lake Tpke, Ringwood, NJ, 07456 640 Wyckoff Ave, Wyckoff, NJ, 07481

3 4

rentpropertyname1 rentpropertyname1 rentpropertyname1

Close Of Escrow 12/2/2016 Close Of Escrow 10/14/2016 Sales Price $870,000 Sales Price $2,135,000 Price/SF $217.50 Price/SF $427.00 GLA 4,000 SF GLA 5,000 SF Lot Size 1.86 acre(s) Lot Size .42 acre(s) Year Built 1970 Year Built 1987

rentpropertyaddress1 rentpropertyaddress1 rentpropertyaddress1

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MARKET OVERVIEW

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MARKET OVERVIEW NORTHERN NEW JERSEY OVERVIEW

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. 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.

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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.

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 * Forecast ISO Services Inc.

SHARE OF 2016 TOTAL EMPLOYMENT

6% 17% 14% 8% 7% MANUFACTURING PROFESSIONAL AND GOVERNMENT LEISURE AND HOSPITALITY FINANCIAL ACTIVITIES BUSINESS SERVICES

22% 4% + 16% 2% 4% TRADE, TRANSPORTATION CONSTRUCTION EDUCATION AND INFORMATION OTHER SERVICES AND UTILITIES HEALTH SERVICES

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MARKET OVERVIEW

DEMOGRAPHICS

. The borough is expected to add nearly 60,000 people and approximately 35,000 households through 2021, generating demand for housing. SPORTS . 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.

2016 Population by Age

6% 19% 6% 28% 27% 14% 0-4 YEARS 5-19 YEARS 20-24 YEARS 25-44 YEARS 45-64 YEARS 65+ YEARS EDUCATION

2016 2016 2016 2016 MEDIAN POPULATION: HOUSEHOLDS: MEDIAN AGE: HOUSEHOLD INCOME: 4M 1.5M 38.3 $69,800 Growth Growth U.S. Median: U.S. Median: 2016-2021*: 2016-2021*: 1.5% 2% 37.7 $54,500

QUALITY OF LIFE 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 ARTS & ENTERTAINMENT 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.

* Forecast Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s Analytics; U.S. Census Bureau

22 NATIONAL NET-LEASED RETAIL REPORT

SECOND QUARTER 2016 Net-Lease Assets Favored Amid Limited Development Cycle

Consumption growth steady as hiring extends into sixth year. The continued 2016 Net-Leased Retail Market Overview employment growth cycle has helped support consistent gains in retail sales despite tepid wages. For retail center owners, positive economic momentum has steadily Auto-Part Retailers: Auto-part retailer cap tightened vacancy without sparking significant construction. To address limited space Y-O-Y Average rates continue to contract as investors flock availability, retailers have been working with developers to expand the pipeline of Cap Rates to the sector. Average cap rates will begin in down 10 Basis the high-5 percent range and extend into the single-tenant floor plans, with deliveries topping 39 million square feet in 2015, Points mid-7 percent band, depending on tenancy accounting for the vast majority of retail completions. While internationally driven and location. headwinds prompted some volatility in the first quarter, positive traction has boosted Casual-Dining Establishments: Performance confidence and limited caution, at least for the short term. Considering bars and Y-O-Y Average in the sector has become increasingly restaurants have been a leading retail growth sector, the outlook for these and other Cap Rates bifurcated, with new leases dropping trading properties’ caps into the mid-5 percent range. net-leased assets remains strong. down 10 Basis Points Tenancy and credit considerations will push the top end of the range into the mid-7 percent region. 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 Dollar Stores: Although deal flow fell following Y-O-Y Average the announcement of store dispositions by the transition their investment portfolios from apartment assets that are trading at a Cap Rates combined Family Dollar/Dollar Tree, cap rates premium into net-leased retail properties throughout the U.S. Benefits can include down 50 Basis in the sector slipped into the mid-7 percent band on average. Properties with new leases higher initial yields than other low-maintenance options and reduced volatility relative Points will change hands with average cap rates in the mid-6 percent range. 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. Drugstores: Assets with new leases in this While pending mergers and minimum-wage concerns made headlines in several net- Y-O-Y Average space will trade at cap rates starting in the low- leased sectors, deal flow was limited by a lack of available listings rather than a Cap Rates 5 percent range, with Walgreens commanding down 20 Basis a premium to both CVS and Rite Aid. slowdown in demand. Investors typically use cash to close transactions, underscoring Points Uncertainty surrounding the Wagreens/Rite Aid the amount of capital readily available for well-positioned assets with corporate credit merger may slow trading volume. 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 Quick-Service Restaurants: The average Y-O-Y Average cap rate in the QSR space dropped into the offerings. With several states considering more stringent definitions of like-kind Cap Rates low-5 percent range, with stalwarts including exchanges, potentially limiting where acquisitions can be made, the current demand down 20 Basis Starbucks and McDonald’s pricing in the mid- Points 4 percent range. Shorter leases and regional for net-leased properties remains robust. credits will push yields closer to 6 percent.

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SECOND QUARTER 2016

Economy

. 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.

Auto-Part Retailers . 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, * Through first quarter ** Trailing 12 months through first quarter supporting a tactical acquisition strategy in the sector. Sources: Marcus & Millichap Research Services; CoStar Group, Inc.

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SECOND QUARTER 2016

Casual-Dining Establishments

. 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 . 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 ** Trailing 12 months through first quarter Sources: Marcus & Millichap Research Services; CoStar Group, Inc. contraction of volume and sales activity. This may continue for some time until investors are more confident in the outlook for store counts.

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SECOND QUARTER 2016

Drugstores

. 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.

Quick-Service Restaurants . 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 ** Trailing 12 months through first quarter Sources: Marcus & Millichap Research Services; CoStar Group, Inc. by purchasing net-leased assets in the QSR space that are leased by a Fortune 500 tenant.

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SECOND QUARTER 2016

Capital Markets Recent Marcus & Millichap Transactions

Price per Property Name City, State Sales Price Cap Rate . The U.S. economy grew nominally in the first quarter as respectable consumer Sq. Ft. trends were partly offset by softness in manufacturing, exports and business Wal-Mart Neighborhood Murfreesboro, TN $14,858,956 $345 5.2% investment. The lull in economic activity in the first three months of 2016, and Market volatility in the stock and debt markets, will likely delay any action on monetary Walgreens Sauk Rapids, MN $11,517,857 $795 5.6% policy by the Federal Reserve until midyear at the earliest. Against this broader Red Lobster Atlanta, GA $8,278,252 $1,122 6.2% economic backdrop, retail properties continued to gain traction behind growing CVS Lago Vista, TX $6,355,160 $451 6.0% space demand and limited construction. This year, retailers will absorb an McDonald’s Tacoma, WA $4,933,000 $1,083 3.8% additional 61 million square feet of space to cut the U.S. vacancy rate 30 basis points to 5.9 percent. Advance Auto Parts Ft. Lauderdale, FL $3,404,261 $486 5.8% . CMBS issuance declined in the first quarter from the corresponding period one Panera Bread New Berlin, WI $3,100,000 $715 4.8% year ago, offering the latest evidence of disruption in the securitized market. Jack in the Box Granada Hills, CA $3,000,000 $1,429 4.8%

Although spreads on the highest-rated bonds in a securitized pool compressed Popeyes Lakewood, WA $3,000,000 $1,391 5.0% slightly during this year’s opening quarter, they remain wider than one year ago, Taco Bell Las Vegas, NV $2,598,500 $1,071 5.0% meaning borrowers face slightly higher costs. Bond investors also require higher returns on loans perceived as being aggressively underwritten with higher LTVs Applebee’s Delray Beach, FL $2,525,000 $531 5.5% and on loans issued to lower-rated borrowers, putting a squeeze on securitized Starbucks Sugar Land, TX $2,360,000 $1,276 5.0%

lenders that could potentially limit lending capacity. Dollar General Medford, OR $2,250,000 $250 6.0%

. Bank lenders remain positioned and capitalized to compete for market share, Buffalo Wild Wings Olive Branch, MS $2,166,000 $393 7.5% perhaps gaining business that CMBS cannot fill. The Federal Reserve’s Wendy’s Jenison, MI $2,163,200 $640 6.0% accommodative monetary stance continues to support a low cost of capital to these lenders. National, regional and local banks offer leverage on retail property Family Dollar Arabi, LA $1,892,677 $206 6.5% loans that averages in the 65 percent range and loan terms vary from five, seven Pep Boys Harrisburg, NC $1,740,000 $314 6.0% and 10 years. Spreads vary depending on asset location and quality but generally Denny’s Warwick, RI $1,710,000 $428 6.2% start in the low- to mid-200-basis-point range above corresponding swap rates. Burger King Crystal Lake, IL $1,650,000 $420 5.9% Bridge financing spread over short-term benchmarks is also available for properties Pizza Hut Coraopolis, PA $1,400,000 $389 6.5% in transition. Jimmy John’s Austin, TX $1,175,000 $592 5.4%

27 27 PROPERTYJERSEY JOHNNY’SNAME HOUSE OF DOGS

MARKETINGDEMOGRAPHICS TEAM Created on December 2017

POPULATION 1 Miles 3 Miles 5 Miles HOUSEHOLDS BY EXPENDITURE 1 Miles 3 Miles 5 Miles Total Average Household Retail . 2021 Projection $81,712 $82,268 $80,998 Expenditure Total Population 6,294 62,897 155,694 . Consumer Expenditure Top 10 . 2016 Estimate Categories Total Population 6,312 62,602 153,705 Housing $26,586 $26,822 $26,413 . 2010 Census Shelter $17,506 $17,655 $17,359 Total Population 6,273 62,069 151,349 Transportation $13,141 $13,057 $12,844 . 2000 Census Personal Insurance and Pensions $8,565 $8,653 $8,368 Total Population 6,379 60,613 146,798 Food $7,587 $7,597 $7,475 . Current Daytime Population Health Care $5,744 $5,851 $5,807 2016 Estimate 6,333 65,578 183,694 Utilities $5,004 $4,979 $4,911 HOUSEHOLDS 1 Miles 3 Miles 5 Miles Entertainment $2,823 $2,829 $2,782 . 2021 Projection Education $2,430 $2,391 $2,251 Total Households 2,134 22,923 57,674 Apparel $1,915 $1,980 $1,957 . 2016 Estimate POPULATION PROFILE 1 Miles 3 Miles 5 Miles Total Households 2,119 22,530 55,792 . Population By Age Average (Mean) Household Size 2.88 2.69 2.66 2016 Estimate Total Population 6,312 62,602 153,705 . 2010 Census Under 20 24.83% 23.83% 23.77% Total Households 2,092 22,135 54,408 20 to 34 Years 16.41% 14.82% 15.82% . 2000 Census 35 to 39 Years 5.21% 5.19% 5.34% Total Households 2,091 21,351 51,178 40 to 49 Years 14.92% 14.68% 14.28% . Occupied Units 50 to 64 Years 22.74% 23.00% 22.46% 2021 Projection 2,134 22,923 57,674 Age 65+ 15.88% 18.50% 18.31% 2016 Estimate 2,150 22,957 56,969 Median Age 42.81 44.74 43.99 HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles . Population 25+ by Education Level . 2016 Estimate 2016 Estimate Population Age 25+ 4,345 44,362 107,970 $150,000 or More 25.50% 26.63% 26.29% Elementary (0-8) 1.36% 2.25% 3.01% $100,000 - $149,000 24.03% 23.55% 21.45% Some High School (9-11) 4.10% 3.81% 4.33% $75,000 - $99,999 14.74% 13.28% 13.07% High School Graduate (12) 30.86% 27.33% 28.58% $50,000 - $74,999 15.62% 13.91% 13.54% Some College (13-15) 15.47% 14.35% 15.11% $35,000 - $49,999 7.36% 7.81% 9.09% Associate Degree Only 7.82% 6.06% 5.79% Under $35,000 12.75% 14.83% 16.55% Bachelors Degree Only 25.70% 29.07% 26.86% Average Household Income $131,609 $130,116 $130,206 Graduate Degree 13.55% 16.22% 15.50% Median Household Income $99,139 $100,316 $95,597 Per Capita Income $44,299 $47,106 $47,659

28 PROPERTYJERSEY JOHNNY’S NAME HOUSE OF DOGS

MARKETINGDEMOGRAPHICS TEAM

Population Race and Ethnicity In 2016, the population in your selected geography is 153,705. The The current year racial makeup of your selected area is as follows: population has changed by 4.71% since 2000. It is estimated that the 83.83% White, 3.22% Black, 0.02% Native American and 7.45% population in your area will be 155,694.00 five years from now, which Asian/Pacific Islander. Compare these to US averages which are: represents a change of 1.29% from the current year. The current 70.60% White, 12.83% Black, 0.19% Native American and 5.43% population is 48.45% male and 51.55% female. The median age of Asian/Pacific Islander. People of Hispanic origin are counted the population in your area is 43.99, compare this to the US average independently of race. which is 37.69. The population density in your area is 1,953.70 people per square mile. 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%.

Households Housing There are currently 55,792 households in your selected geography. The median housing value in your area was $393,428 in 2016, The number of households has changed by 9.02% since 2000. It is compare this to the US average of $190,673. In 2000, there were estimated that the number of households in your area will be 57,674 41,855 owner occupied housing units in your area and there were five years from now, which represents a change of 3.37% from the 9,323 renter occupied housing units in your area. The median rent at current year. The average household size in your area is 2.66 persons. the time was $818.

Income Employment In 2016, the median household income for your selected geography is In 2016, there are 95,002 employees in your selected area, this is also $95,597, compare this to the US average which is currently $55,159. known as the daytime population. The 2000 Census revealed that The median household income for your area has changed by 29.49% 72.57% of employees are employed in white-collar occupations in since 2000. It is estimated that the median household income in your this geography, and 27.19% are employed in blue-collar occupations. area will be $108,863 five years from now, which represents a change In 2016, unemployment in this area is 6.36%. In 2000, the average of 13.88% from the current year. time traveled to work was 30.00 minutes.

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.

29 PRESENTED BY

Greg Babaian Vice President Investments New Jersey Office Tel: (201) 742-6123 Fax: (201) 742-6110 [email protected] License: NJ 0016093