Jersey Johnny's House of Dogs

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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. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONSULT YOUR MARCUS & MILLICHAP AGENT FOR MORE DETAILS. 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. © 2017 Marcus & Millichap. All rights reserved. JERSEY JOHNNY’S HOUSE OF DOGS Pequannock, NJ ACT ID Y0281057 2 JERSEY JOHNNY’S HOUSE OF DOGS 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 3 JERSEY JOHNNY’S HOUSE OF DOGS FINANCIAL ANALYSIS 4 PROPERTYJERSEY JOHNNY'SNAME HOUSE OF DOGS PRICINGPRICING ANDAND VALUATIONVALUATION MATRIXMATRIX 25 Newark Pompton Tpke, Pequannock, NJ 07440 NOTES 55 JERSEY JOHNNY'S HOUSE OF DOGS OFFERINGOFFERING SUMMARY SUMMARY PROPERTY SUMMARY NOTES 6# JERSEY JOHNNY’S HOUSE OF DOGS INVESTMENT OVERVIEW 7 JERSEY JOHNNY’S HOUSE OF DOGS 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 10# JERSEY JOHNNY’S HOUSE OF DOGS AERIAL PHOTO 11 JERSEY JOHNNY’S HOUSE OF DOGS PROPERTY PHOTO 12 JERSEY JOHNNY’S HOUSE OF DOGS PROPERTY PHOTO 13 JERSEY JOHNNY’S HOUSE OF DOGS PROPERTY PHOTO 14 JERSEY JOHNNY'S HOUSE OF DOGS 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 18 JERSEY JOHNNY’S HOUSE OF DOGS MARKET OVERVIEW 19 JERSEY JOHNNY’S HOUSE OF DOGS 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. 20 JERSEY JOHNNY’S HOUSE OF DOGS 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 21 JERSEY JOHNNY’S HOUSE OF DOGS 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.
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