170 FAIRFIELD ROAD · Marcus & Millichap has been selected to exclusively market for sale 170 Fairfield Road, Fairfield, New Jersey – a 93,654 square foot lot, prime for townhome

TOWNHOME DEVELOPMENT OPPORTUNITY

170 FAIRFIELD ROADFAIRFIELD, NEW JERSEY

Fairfield Road

170 Fairfield Road

EXCLUSIVELY LISTED BY

FAHRI OZTURKVice President Investments

New Jersey Off iceTel: (201) 742.6170

Fahri .Ozturk@marcusmill ichap.com

RICHARD GATTOMulti Family Housing Group

New Jersey Off iceTel: (201) 742.6137

[email protected]

170 FAIRFIELD ROAD

170 FAIRFIELD ROAD

01INVESTMENT OVERVIEWInvestment OverviewInvestment Highlights

02PROPERTY MAPS & PHOTOSProperty Maps

03PLANS AND RENDERINGSFloor PlansProperty Survey

04MUNICIPAL INFOMRATONZoning MapTax Map

05MARKET OVERVIEWMarket OverviewLocation OverviewDemographics

TABLE OF CONTENTS

01S E C T I O N

EXECUTIVESUMMARY

170 FAIRFIELD ROAD

Marcus & Millichap has been selected to exclusively market for sale 170 Fairfield Road, Fairfield, New Jersey – a 93,654 square

foot lot, prime for townhome development. Currently, two vacant buildings rest on the property totaling 4,000 square feet. The

subject property is located in the MDO (Multi-Family Dwelling Overlay Zone) and is approved for 28 townhomes, three of which will

be required COAH housing. This is a contract assignment.

The property is ideally located about three miles from the Willowbrook Mall, Costco, HomeGoods, Target, The Home Depot, Dicks

Sporting Goods, AMC theatre, and many more national retailers. The property is located 14 miles from Newark, 20 miles from Jersey

City and 24 miles from New York City. Additionally, the property is 0.5 miles from I-80, close to Route 46 and Route 21.

OFFERING SUMMARY – CONTRACT ASSIGNMENT

PROPERTY SUMMARY

Address 170 Fairfield Road, Fairfield NJ 07004

Block & Lot 1107 / 13

Price $2,250,000

Zoning MDO (Multi-Family Dwelling Overlay Zone)

Lot Size 2.15 Acres

Existing Building Size 4,000 Sq. Feet

Number of Structures 2

Occupancy Vacant

Real Estate Taxes $20,890

EXECUTIVE SUMMARY 5

UNIT MIX MARKET UNITS AVG. SF.

3 Bed / 2 Bath 25 2,098

COAH UNITS AVG. SF.

1 Bed / 1 Bath 1 676

2 Bed / 1 Bath 1 854

3 Bed / 1 Bath 1 1,653

TOTAL 28

C E N T R AL LOCAT I O N

The property is located 200 feet from the Fairfield Bus

Stop, 3.6 miles from the Mountainview/ Wayne Station and

3.8 miles from the Wayne/Route 23 Station.

M A J O R R E T A I L E R SThe property is ideally located about three miles from the

Willowbrook Mall, Costco, HomeGoods, Target, The Home Depot, Dicks Sporting Goods, AMC theatre, and many more

national retailers.

INVESTMENT H I G H L I G H T S

D E S I R E B A L E T O W N H O M E D E V E L O P M E N T

The subject property is approved for 28 townhome. Three of those

units are required COAH. The property will be delivered with

approvals.

T R A N S P O R T A T I O N

The property is located 0.5 miles from I-80,

close to Route 46, Route 21 and 24 miles from

NYC.

Z O N I N G

The subject property is zoned in MDO which is

the multi-family dwelling overlay zone.

EXECUTIVE SUMMARY 6

02S E C T I O N

PROPERTYMAPS & PHOTOS

170 FAIRFIELD ROAD

PROPERTY MAPS 8

161 FAIRFIELD ROAD

Located directly across from the subject property, is

approved for 25 townhouses with 3 required COAH.

170 FAIRFIELD ROAD

FAIRFIELD ROAD

IN CLOSE PROXIMITY TOInterstate-80 0.5 Miles

Willowbrook Mall 2.7 Miles

Mountain View-Wayne Station 3.6 Miles

Wayne/ Route 23 Station 3.8 Miles

170 FAIRFIELD ROAD

MO U N T A I N V I EW -W AYN E S T A T I O N

PROPERTY MAPS 9

W I L L OW BR OO K MA L L

W AY NE/ RO UTE 2 3 S T A T I O N

MANHATTAN

BROOKLYN

JERSEY CITYNEWARK

24 MILES TO NEW YORK CITY

170 FAIRFIELD ROAD

PROPERTY MAPS 10

03S E C T I O N

PLANS & RENDERINGS

170 FAIRFIELD ROAD

12APPROVALS

13APPROVALS

14APPROVALS

15APPROVALS

16APPROVALS

17APPROVALS

18APPROVALS

19APPROVALS

20APPROVALS

PROPERTY SURVEY

21PROPERTY SURVEY

04S E C T I O N

MUNICIPAL INFORMATION

170 FAIRFIELD ROAD

170 FAIRFIELD ROAD

MDOMulti-family Dwelling Overlay Zone

23ZONING MAP

Multi-family Dwelling Overlay ZoneMDO

Per Zoning Regulations

Min. Lot Area 2.0 Acres

Min. Front Yard 30 Feet

Min. Side Yard 30 Feet

Min. Rear Yard 30 Feet

Min. Dist. Between Buildings 20 Feet

Min. Dist. Building to Parking 10 Feet

Max. Building Height -/35 Feet

Max. Building Coverage 25%

Max. Impervious Lot Coverage 55%

Max. Density 13 Acres

Min Buffer Around Site 15 Feet

The MDO Zone permitted uses shall include mixed use at-grade retail or office uses and apartments above the at-grade uses,

and also attached residential development. Uses and buildings customarily and incidental to the principal use and building.

Townhouse parking requires 2.3 spots for every two bedrooms including 1 garage space and 2.4 spots for three bedrooms

including two garage spaces. A fee-simple lot arrangement shall be permitted to enable townhouse units on their own individual

lots. In such case, a minimum lot area of three thousand three hundred (3,300) square feet shall be provided for each townhouse

lot. All other regulations set forth above for townhouses shall apply.

24ZONING INFORMATION

BLOCK 1107 / LOT 13

25TAX MAP

BLOCK 1107 / LOT 13

Spielman Road

Gloria Lane

26TAX MAP

05S E C T I O N

MARKETOVERVIEW

170 FAIRFIELD ROAD

33 PACIO COURTRoseland, New Jersey

4 SCHINDLER WAYFairf ield, New Jersey

21

TOWNHOME COMPARABLES

DATE SOLD PRICE BED/BATH SQ. FT. P.P.S.F.

3/28/2017 $490,000 2/3 2,43 $201

DATE SOLD PRICE BED/BATH SQ. FT. P.P.S.F.

11/15/2016 $665,000 3/5 3,354 $198

28LAND COMPARABLES

MOUNTAIN VIEW CROSSINGWayne, New Jersey

Woodcrest at Fairfield29 Greenbrook Rd, Fairf ield, New Jersey

21

RENTAL COMPARABLES

UNIT TYPE SQ. FT. RENT $ / SF

1 Bd / 1 Ba 776 $1,810-$3,220 $2.33-$4.14

2 Bd / 2 Ba 1,139 $2,330-$3,935 $2.04-$3.45

UNIT TYPE SQ. FT. RENT $ / SF

1 Bd / 1 Ba 912 $1,830-$1,880 $1.96-$2.09

2 Bd / 2 Ba 1,330 $2,275-$2,425 $1.71-$1.86

29RENTAL COMPARABLES

$32.00

$31.00

$30.00

$0 Achievable Multifamily

Rents

MARKET RENTPERSF

$32.56

1

MOUNTAIN VIEW CROSSING

2

MAGNOLIA LANE

Magnolia Lane Mountain View Crossing

MULTIFAMILY

$34.00

$33.00

$35.00

$32.56

$35.94

$29.17

30MARKET RENT ANALYSIS

Source: © 2017 Experian

DEMOGRAPHICS

31MARKET OVERVIEW

IncomeIn 2017, the median household income for your selected geography is$116,010, compare this to the US average which is currently $56,286.The median household income for your area has changed by 32.36%since 2000. It is estimated that the median household income in yourarea will be $124,959 five years from now, which represents a changeof 7.71% from the current year.

The current year per capita income in your area is $52,619, comparethis to the US average, which is $30,982. The current year averagehousehold income in your area is $153,862, compare this to the USaverage which is $81,217.

PopulationIn 2017, the population in your selected geography is 3,355. Thepopulation has changed by 0.39% since 2000. It is estimated that thepopulation in your area will be 3,352.00 five years from now, whichrepresents a change of -0.09% from the current year. The currentpopulation is 49.37% male and 50.63% female. The median age ofthe population in your area is 45.68, compare this to the US averagewhich is 37.83. The population density in your area is 1,066.07 peopleper square mile.

HouseholdsThere are currently 1,147 households in your selected geography. Thenumber of households has changed by 4.56% since 2000. It isestimated that the number of households in your area will be 1,156five years from now, which represents a change of 0.78% from thecurrent year. The average household size in your area is 2.90 persons.

EmploymentIn 2017, there are 10,760 employees in your selected area, this is alsoknown as the daytime population. The 2000 Census revealed that73.25% of employees are employed in white-collar occupations inthis geography, and 28.19% are employed in blue-collar occupations.In 2017, unemployment in this area is 3.89%. In 2000, the averagetime traveled to work was 25.00 minutes.

Race and EthnicityThe current year racial makeup of your selected area is as follows:94.19% White, 0.55% Black, 0.00% Native American and 3.02%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 countedindependently of race.

People of Hispanic origin make up 6.19% of the current yearpopulation in your selected area. Compare this to the US average of17.88%.

HousingThe median housing value in your area was $505,062 in 2017,compare this to the US average of $193,953. In 2000, there were1,023 owner occupied housing units in your area and there were 73renter occupied housing units in your area. The median rent at thetime was $907.

DEMOGRAPHICS

32MARKET OVERVIEW

POPULATION 1 Miles 3 Miles 5 Miles 2022 Projection

Total Population 3,352 46,618 169,942

2017 Estimate

Total Population 3,355 46,177 168,611

2010 Census

Total Population 3,229 44,581 164,636

2000 Census

Total Population 3,342 45,841 162,160

Daytime Population

2017 Estimate 13,956 72,645 217,106

HOUSEHOLDS 1 Miles 3 Miles 5 Miles 2022 Projection

Total Households 1,156 17,460 63,462

2017 Estimate

Total Households 1,147 17,161 62,433

Average (Mean) Household Size 2.90 2.63 2.61

2010 Census

Total Households 1,100 16,510 60,471

2000 Census

Total Households 1,097 16,370 60,609

HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles 2017 Estimate

$250,000 or More 10.74% 12.58% 11.20%

$200,000 - $249,999 7.57% 7.44% 7.36%

$150,000 - $199,999 13.21% 11.94% 12.44%

$125,000 - $149,999 13.34% 9.52% 8.86%

$100,000 - $124,999 14.14% 11.91% 12.16%

$75,000 - $99,999 11.50% 12.83% 11.95%

$50,000 - $74,999 10.72% 12.64% 13.25%

$35,000 - $49,999 8.97% 6.92% 7.50%

$25,000 - $34,999 3.21% 4.94% 5.25%

$15,000 - $24,999 2.98% 4.44% 5.10%

Under $15,000 3.64% 4.84% 4.94%

Average Household Income $153,862 $155,700 $148,437

Median Household Income $116,010 $106,826 $104,014

Per Capita Income $52,619 $58,106 $55,524

POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population by Age

0 to 4 Years 4.24% 4.81% 4.69%

5 to 14 Years 12.74% 12.18% 11.76%

15 to 17 Years 4.29% 3.96% 3.85%

18 to 19 Years 2.06% 2.14% 3.14%

20 to 24 Years 5.18% 4.73% 6.07%

25 to 29 Years 4.87% 4.65% 4.64%

30 to 34 Years 3.69% 5.00% 4.85%

35 to 39 Years 5.12% 5.82% 5.53%

40 to 49 Years 14.93% 15.07% 14.11%

50 to 59 Years 14.47% 16.28% 15.78%

60 to 64 Years 7.04% 6.83% 6.70%

65 to 69 Years 6.76% 5.96% 5.81%

70 to 74 Years 5.81% 4.23% 4.27%

75 to 79 Years 4.13% 3.00% 3.15%

80 to 84 Years 2.22% 2.20% 2.40%

Age 85+ 2.44% 3.16% 3.27%

Median Age 45.68 44.85 44.28

POPULATION PROFILE 1 Miles 3 Miles 5 Miles Population 25+ by Education Level

2017 Estimate Population Age 25+ 2,398 33,336 118,858

Elementary (0-8) 1.36% 1.90% 2.03%

Some High School (9-11) 4.75% 3.93% 3.58%

High School Graduate (12) 29.21% 23.21% 24.03%

Some College (13-15) 16.58% 14.33% 14.59%

Associate Degree Only 5.07% 5.58% 5.34%

Bachelors Degree Only 26.59% 30.61% 30.18%

Graduate Degree 16.27% 19.94% 19.33%

170 FAIRFIELD ROAD

FAIRFIELD, NEW JERSEY

Fairfield Road

170 Fairfield Road