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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
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