Offering Memorandum · 2020. 9. 4. · 185 ENGLE ST # OFFERING SUMMARY 5 EXECUTIVE SUMMARY EXPENSES CURRENT $/SF PRO FORMA $/SF Trash Removal $600 $0.15 $600 $0.15 Water $214 $0.05

185 ENGLE STEnglewood, NJ 07631

Offering Memorandum

1

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.

SPECIAL COVID-19 NOTICE

All potential buyers are strongly advised to take advantage of their opportunities and obligations to conduct thorough due diligence and seek expert opinions as they may deem necessary,

especially given the unpredictable changes resulting from the continuing COVID-19 pandemic. Marcus & Millichap has not been retained to perform, and cannot conduct, due diligence on

behalf of any prospective purchaser. Marcus & Millichap’s principal expertise is in marketing investment properties and acting as intermediaries between buyers and sellers. Marcus &

Millichap and its investment professionals cannot and will not act as lawyers, accountants, contractors, or engineers. All potential buyers are admonished and advised to engage other

professionals on legal issues, tax, regulatory, financial, and accounting matters, and for questions involving the property’s physical condition or financial outlook. Projections and pro forma

financial statements are not guarantees and, given the potential volatility created by COVID-19, all potential buyers should be comfortable with and rely solely on their own projections,

analyses, and decision-making.

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.

185 ENGLE ST

Englewood, NJ

ACT ID ZAB0280404

2

TABLE OF CONTENTS

SECTION

INVESTMENT OVERVIEW 01Offering Summary

Regional Map

Local Map

Aerial Photo

FINANCIAL ANALYSIS 02Tenant Summary

Lease Expiration Summary

Operating Statement

Notes

Pricing Detail

Acquisition Financing

MARKET OVERVIEW 03Market Analysis

Demographic Analysis

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3

185 ENGLE ST

4

INVESTMENT

OVERVIEW

185 ENGLE ST

#

OFFERING SUMMARY

5

EXECUTIVE SUMMARY

EXPENSES

CURRENT $/SF PRO FORMA $/SF

Trash Removal $600 $0.15 $600 $0.15

Water $214 $0.05 $214 $0.05

Landscaping $600 $0.15 $600 $0.15

Snow Removal $1,000 $0.25 $1,000 $0.25

PSEG $1,920 $0.48 $1,920 $0.48

Outside Lighting $600 $0.15 $600 $0.15

Insurance $3,591 $0.90 $3,591 $0.90

Real Estate Taxes $18,719 $4.68 $18,719 $4.68

Total Expenses $27,244 $6.81 $27,244 $6.81

VITAL DATA

CURRENT PRO FORMA

Price $1,050,000 CAP Rate 0.26% 0.26%

Down Payment100% /

$1,050,000Net Operating Income $2,756 $2,756

Loan Type All Cash Net Cash Flow After Debt Service 0.26% / $2,756 0.26% / $2,756

Rentable SF 4,000 Total Return 0.26% / $2,756 0.26% / $2,756

Price/SF $262.50

Current Occupancy 47.5%

Year Built

Lot Size 0.23 acre(s)

DEMOGRAPHICS

1-Miles 3-Miles 5-Miles

2019 Estimate Pop 19,348 139,3441,057,69

9

2010 Census Pop 18,723 135,3551,018,79

6

2019 Estimate HH 7,056 51,549 387,833

2010 Census HH 6,721 48,992 368,071

Median HH Income $84,932 $101,074 $53,481

Per Capita Income $50,084 $54,848 $31,828

Average HH Income $137,099 $147,973 $86,204

185 ENGLE ST

OFFERING SUMMARY

• Three Tenant Professional Office Building

• Located Walking Distance to Downtown Englewood

• 0.3 Miles From Englewood Hospital and Medical Center

• 0.5 Miles From Downtown Englewood Shopping District

• Located In A Dense Medical and Professional Office Corridor

• 15 Miles To New York City

• Conveniently Located Right Off Of Route 4 (Direct Access To Paramus and George

Washington Bridge)

• Densely Populated Area – 1,072,428 People In a Five Mile Radius

• High Average Household Income - $137,099 Within A One Mile Radius

• Additional Income From Existing Tenant – COMPU-STAT, INC (Bookkeeping

Services)

• Parking Lot Was Resurfaced In 2018

INVESTMENT HIGHLIGHTS

Marcus & Millichap is pleased to exclusively list for sale a three-tenant office building.

Englewood is a borough located in Bergen County, New Jersey. The subject property is approximately 13 miles north of Midtown Manhattan in

New York City. The boroughs that share their border with Englewood are Englewood Cliffs, Teaneck, Tenafly, Bergenfield and Leonia.

Englewood is accessible by many major highways such as Route 17, Route 80, Route 4, Route 93, the New Jersey Turnpike, County Road

501 and County Road 505. NJ Transit provides bus service from Englewood to Port Authority Bus Terminal in Midtown Manhattan on Bus

Route 166. Service to the George Washington Bridge Bus Station is available on Routes 171, 175, 178 and 186. NJ Transit has proposed the

Northern Branch Corridor Project which will extend the Hudson-Bergen Light Rain into a newly built, Englewood Town Center.

The asking price is $1,050,000.

INVESTMENT OVERVIEW

6

REGIONAL MAP

185 ENGLE ST

7

LOCAL MAP

185 ENGLE ST

8

AERIAL PHOTO

185 ENGLE ST

9

Englewood Train Station0.6 Miles From Subject Property

SUBJECT PROPERTY

Englewood Hospital0.3 Miles From Subject Property

Downtown Englewood0.7 Miles From Subject Property

11.1 Miles(20 Min Drive)

FromSUBJECT PROPERTY To Bronx via George Washington Bridge

0.3 Miles From Hospital

0.6 Miles From Train Station

0.7 Miles From Downtown

4.2 Miles(10 Min Drive)

FromSUBJECT PROPERTY

To George Washington Bridge

AERIAL PHOTO

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10

Subject Property

Chandler Fashion Center





• The Brownstones: Built in 2007, 350 units, 5 stories

• Vivian Luxury Rentals: Built in 2016, 195 uni, 5 stories luxury rental building

• Englewood Village: Built in 2000, 144 units, 3 Stories

• The Sheffield: Built in 2008, 252 Units, 4 Stories

• One William: Built in 2018, 185 Units, 5 Stories

• Englewood Properties: Built in 2000, 98 Units, 4 Stories

Englewood Properties


Renaissance Office Center: 2,225 SF Office Building12-14 Engle Street: 1,600 SF Office Building

PROPERTY PHOTO

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11

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FINANCIAL

ANALYSIS

FINANCIAL ANALYSIS

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TENANT SUMMARY

FINANCIAL ANALYSIS

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OPERATING STATEMENT

14

FINANCIAL ANALYSIS

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PRICING DETAIL

15

MARCUS & MILLICHAP ADVANTAGE

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 for the benefit of our clients.

Optimum financing solutions to

enhance value

Enhanced control through

investor qualification support


MMCC’s ability to qualify

investor finance contingencies


MMCC’s ability to monitor

investor/due diligence and

underwriting to ensure timely,

predictable closings

Enhanced control through quickly

identifying potential debt/equity

sources, processing, and closing

buyer’s finance alternatives

WHY MMCC?

National platform

operating

within the firm’s

brokerage offices

$ 7.18 billion

total national

volume in 2019

Access to more

capital sources

than any other

firm in the

industry

Closed 1,994

debt and equity

financings

in 2019

16

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185 ENGLE ST

17

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

811,500 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 draws an

array of businesses.

UNIQUE ECONOMY

Northern New Jersey has its own economic drivers

and is also well connected to New York City’s robust

economy.

185 ENGLE ST

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.

MAJOR AREA EMPLOYERS

Prudential Financial

United Airlines Holdings

Wells Fargo

Hackensack University Medical Center

Bank of America

Wakefern Food Corp

TD Bank

St. Joseph’s Hospital and Medical Center

Merck & Co. Inc.

RWJBarnabas Health * Forecast

2

185 ENGLE ST

SHARE OF 2019 TOTAL EMPLOYMENT

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

18%

4%

14% 8% 7%

16%

MARKET OVERVIEW

DEMOGRAPHICS

SPORTS

EDUCATION

ARTS & ENTERTAINMENT

▪ Northern New Jersey will add nearly 67,500 people and approximately 33,000

households over the next five years, generating demand for housing.

▪ The homeownership rate of 51 percent is below the national rate of 57 percent,

maintaining a strong rental market.

▪ Approximately 39 percent of residents hold a bachelor’s degree, including 15 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,

William Paterson University and Bergen Community College.

QUALITY OF LIFE

3

* Forecast

Sources: Marcus & Millichap Research Services; BLS; Bureau of Economic Analysis; Experian; Fortune; Moody’s

Analytics; U.S. Census Bureau

185 ENGLE ST

2019 Population by Age

0-4 YEARS

6%5-19 YEARS

18%20-24 YEARS

6%25-44 YEARS

28%45-64 YEARS

27%65+ YEARS

14%

38.6

2019MEDIAN AGE:

U.S. Median:

38.1

$78,100

2019 MEDIAN HOUSEHOLD INCOME:

U.S. Median:

$60,800

4M

2019POPULATION:

Growth2019-2024*:

1.7%

1.5M

2019HOUSEHOLDS:

2.2%

Growth2019-2024*:

21

Employment gains, rent affordability boost office space demand. Fueled by the

robust tri-state area economy, the Northern New Jersey office market is rapidly

tightening. Space demand has maintained positive momentum, contracting vacancy

350 basis points since peaking at 18.6 percent in 2013. Meanwhile, the rental discount

compared with nearby New York City has exceeded $35 per square foot, drawing

greater tenant interest as firms look to exploit meaningfully cheaper accommodations.

Locations near mass transit have generated the most interest, particularly in Hudson

and Essex counties. Despite the steady improvement, developers have shown only

passing interest in new projects, with new supply primarily targeting pre-identified

tenants. However, rent growth has yet to accelerate, with operators focused on

clearing the excess inventory still on the market.

Essex County assets, LG Electronics headquarters highlight pipeline. As

vacancy rates continually slide, firms remain interested in high-quality offerings.

Developers have begun to expand the pipeline marginally, lifting deliveries to a four-

year high. Incoming supply will be primarily located in Essex County, led by the

Ironside mixed-use project in Newark. Elsewhere, the long-awaited North American

headquarters for LG Electronics will finally be brought to market in Englewood Cliffs.

Together, these two offerings account for nearly three-quarters of incoming supply,

promoting a bright outlook for the market this year.

Rental Arbitrage Sparks Significant Net Absorption

In Northern New Jersey

NORTHERN NEW JERSEY

* Cap rates trailing 12 months through 1Q19

Sources: CoStar Group, Inc.; Real Capital Analytics

Investment Trends

Office 2019 Outlook

1.04 million sq. ft. will be

completed

1.6% increase in

asking rents

30 basis point

increase in vacancy

Construction:

Rents:

Vacancy:

Development soars nearly seven times the

previous year;s level, when 154,800 square

feet was brought online.

The average asking rent reaches $27.41 per

square foot as new Class A projects in high-

rent locations are delivered. Last year, a 2.9

percent gain was recorded.

Vacancy falls 30 basis points to 15.1 percent

as firms exploit the significant rent discounts

available in Northern New Jersey compared

with New York City.

• Motivated by cap rates that can exceed New York City by up to 300 basis

points in some instances, New York-based investors remain the primary

capital allocators to Northern New Jersey office properties. Locations in

Hudson and Essex County remain the primary focus, lifting dollar volume

above $1.6 billion over the past 12 months.

• Cap rates will broadly price in the mid-6 to mid-7 percent range, fueled by

properties along major mass-transit routes. While assets along the Hudson

River in Jersey City and Hoboken command a considerable premium, even

more lucrative yields can be achieved farther into Essex and Morris counties.

• While performance in Union County has been robust, with vacancy rates the

lowest in the region, investors have shown little impetus to acquire properties

priced below the market average. As a result, cap rates can reach nearly 8

percent.

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22

• Over the past four quarters,

Northern New Jersey employers

created 24,900 jobs, expanding

total employment by 1.2 percent.

This represents a moderate

acceleration from the previous

year, when 20,200 positions

were created.

• The education and health

services and leisure and

hospitality sectors led

employment gains in the metro,

tacking on roughly 5,100

positions each. Unemployment

has fallen below 2 percent.

EMPLOYMENT

• Deliveries cooled dramatically

over the past year, sliding

from more than 430,600

square feet in the previous 12-

month period. Both Hudson

and Essex counties received

more than 80,000 square feet.

• Roughly 1.04 million square

feet is expected to be

completed this year, led by the

mixed-use Ironside project in

Newark at 400,000 square feet

of office space.

CONSTRUCTION

• The metro vacancy rate slid 70

basis points to 15.1 percent

over the past year as net

absorption soared to 1.46

million square feet, far

outpacing supply growth.

• Improvement was most

pronounced in Passaic

County, where net absorption

of 303,000 square feet and no

new development dropped

vacancy 280 basis points to

11 percent.

VACANCY

• During the past four quarters,

the average asking rent tacked

on 1.9 percent to $26.83 per

square foot, reversing the 1.9

percent decline recorded in

the previous yearlong period.

• Proximity to Manhattan

continues to power dramatic

rent growth in Hudson

County, where the average

asking rent vaulted 8.6

percent to $30.16 per square

foot. The gain was even more

dramatic in Class A spaces,

where a 12.4 percent

advancement occurred.

RENTS

NORTHERN NEW JERSEY

decrease in the

average asking rent

Y-O-Y

1.9%basis point decrease

in vacancy Y-O-Y70square feet

completed

Y-O-Y

238,000increase in total

employment Y-O-Y1.2%

* Forecast

1Q19 – 12-Month Trend

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Hudson, Essex County Assets Power Price Appreciation; Yield Strategies Pervasive

Outlook: Relatively more affordable

spaces will prompt continued tenant

migration across the Hudson River,

rewarding investors in well-located assets

with modern amenities and construction.

Vacancy

Rate

Y-O-Y

BasisPoint

Change

SubmarketAsking

Rent

Y-O-Y%

Change

Union County 8.7% -130 $25.00 0.2%

Passaic County 11.0% -280 $22.24 4.7%

Bergen County 13.2% -120 $26.36 0.1%

Essex County 14.5% -110 $26.45 -2.3%

Hudson County 14.9% 40 $30.16 8.6%

Morris County 21.3% 20 $27.18 2.3%

Overall Region 15.1% -70 $26.83 1.9%

Submarket Trends

Lowest Vacancy Rates 1Q19

Sales Trends

NORTHERN NEW JERSEY

• Overall deal flow moderated somewhat as the average price per square foot reached

nearly $210. Properties in Hudson and Essex counties underpinned considerable

appreciation as New York-based investors sought higher yields.

• First-year returns were broadly in the high-6 to low-7 percent range, providing

significant opportunities for yield-based strategies.

* Trailing 12 months through 1Q19 over previous time period

Pricing trend sources: CoStar Group, Inc.; Real Capital Analytics

185 ENGLE ST

*1Q19

**2018

24

NORTHERN NEW JERSEY

185 ENGLE ST

• Ongoing trade concerns weigh on growth outlook; Fed plots next steps. Amid rising

trade tensions between the U.S. and China and slowing global growth, the outlook has turned

more cautious. Market volatility, along with a flight to safety trade, has flattened the yield curve

dramatically, with the 10-Year Treasury trading below 2.2 percent. This has pushed the

broader yield curve into inversion, a closely watched precursor to a potential recession.

Meanwhile, many measures of the domestic economy remain buoyant, including continued

job and wage growth, historically low unemployment and muted inflationary pressure. These

conditions have prompted a dichotomy, with Federal Reserve officials signaling more

accommodative policies. The impending end of quantitative tightening in September, coupled

with potential cuts to the Fed funds rate in the second half of the year, highlight the shift in Fed

policy. As a result, long-term interest rates are likely to remain subdued, with Fed policy

leaning toward accommodation.

• Conservative underwriting balances abundant marketplace liquidity. While debt

availability for office assets remains widely available from a wide range of sources including

local, regional and national banks and insurance companies, sentiment surrounding the health

of the economy has fallen somewhat in recent months. Lenders remain broadly cautious in

underwriting, with loan-to-value (LTV) ratios typically in the 55 to 70 percent range, depending

on the borrower, asset and location. The conservative approach has filtered into a focus on

proven property results, with much less willingness to lend against pro forma rents. This has

prompted investors to turn toward short-term mezzanine debt and bridge loans to cover

capital improvements, while seeking long-term solutions once returns have been solidified.

Construction origination remains muted, with lenders focusing on core locations with proven

demand. * Trailing 12 months through 1Q19

Include sales $2.5 million and greater

Sources: CoStar Group, Inc.; Real Capital Analytics

Capital Markets

PROPERTY NAME

MARKETING TEAM

185 ENGLE ST

DEMOGRAPHICS

Source: © 2019 Experian

Created on August 2020

POPULATION 1 Miles 3 Miles 5 Miles

▪ 2024 Projection

Total Population 19,490 141,044 1,072,528

▪ 2019 Estimate


▪ 2010 Census


▪ 2000 Census


▪ Current Daytime Population

2019 Estimate 21,868 130,124 851,732

HOUSEHOLDS 1 Miles 3 Miles 5 Miles

▪ 2024 Projection

Total Households 7,138 52,382 395,594

▪ 2019 Estimate


Average (Mean) Household Size 2.72 2.68 2.68

▪ 2010 Census


▪ 2000 Census


HOUSEHOLDS BY INCOME 1 Miles 3 Miles 5 Miles

▪ 2019 Estimate

$200,000 or More 16.49% 19.04% 7.16%

$150,000 - $199,999 9.28% 11.86% 6.26%

$100,000 - $149,000 17.48% 19.58% 13.04%

$75,000 - $99,999 11.60% 11.16% 10.63%

$50,000 - $74,999 13.12% 12.42% 15.36%

$35,000 - $49,999 9.56% 8.20% 11.62%

$25,000 - $34,999 6.24% 4.97% 8.84%

$15,000 - $24,999 6.37% 5.50% 10.45%

Under $15,000 9.36% 7.63% 13.96%

Average Household Income $137,099 $147,973 $86,204

Median Household Income $84,932 $101,074 $53,481

Per Capita Income $50,084 $54,848 $31,828

POPULATION PROFILE 1 Miles 3 Miles 5 Miles

▪ Population By Age

2019 Estimate Total Population 19,348 139,344 1,057,699

Under 20 24.10% 24.70% 24.90%

20 to 34 Years 19.11% 16.47% 22.90%

35 to 39 Years 7.07% 6.40% 6.92%

40 to 49 Years 13.48% 13.36% 12.80%

50 to 64 Years 20.12% 21.27% 18.63%

Age 65+ 16.13% 17.80% 13.88%

Median Age 39.80 41.89 36.55

▪ Population 25+ by Education Level

2019 Estimate Population Age 25+ 13,489 97,021 717,840

Elementary (0-8) 3.35% 2.33% 9.01%

Some High School (9-11) 7.03% 4.22% 10.32%

High School Graduate (12) 26.55% 20.47% 23.88%

Some College (13-15) 15.04% 13.10% 15.16%

Associate Degree Only 3.82% 4.71% 5.80%

Bachelors Degree Only 24.03% 31.11% 20.32%

Graduate Degree 19.08% 23.06% 12.91%

25

PROPERTY NAME

MARKETING TEAM

185 ENGLE ST

DEMOGRAPHICS


Created on August 2020

POPULATION BY

TRANSPORTATION TO WORK1 Miles 3 Miles 5 Miles

▪ 2019 Estimate Total Population

Bicycle 0.25% 0.22% 0.26%

Bus or Trolley Bus 14.04% 14.27% 14.30%

Carpooled 8.24% 9.45% 7.03%

Drove Alone 63.90% 64.11% 35.81%

Ferryboat 0.22% 0.18% 0.17%

Motorcycle 0.47% 0.14% 0.06%

Other Means 1.29% 0.84% 0.89%

Railroad 0.37% 1.10% 2.26%

Streetcar or Trolley Car 0.00% 0.02% 0.25%

Subway or Elevated 0.28% 1.71% 26.87%

Taxicab 0.08% 0.08% 0.54%

Walked 7.03% 3.35% 7.35%

Worked at Home 3.83% 4.53% 4.22%

POPULATION BY TRAVEL TIME

TO WORK1 Miles 3 Miles 5 Miles

▪ 2019 Estimate Total Population

Under 15 Minutes 20.02% 16.81% 13.38%

15 - 29 Minutes 28.94% 27.27% 21.50%

30 - 59 Minutes 26.04% 25.51% 28.23%

60 - 89 Minutes 14.16% 16.33% 18.38%

90 or More Minutes 2.59% 4.13% 5.48%

Worked at Home 3.83% 4.53% 4.22%

Average Travel Time in Minutes 35 38 43

26

Income

In 2019, the median household income for your selected geography is

$53,481, compare this to the US average which is currently $60,811.

The median household income for your area has changed by 42.09%

since 2000. It is estimated that the median household income in your

area will be $57,882 five years from now, which represents a change

of 8.23% from the current year.

The current year per capita income in your area is $31,828, compare

this to the US average, which is $33,623. The current year average

household income in your area is $86,204, compare this to the US

average which is $87,636.

Population

In 2019, the population in your selected geography is 1,057,699. The

population has changed by 3.43% since 2000. It is estimated that the

population in your area will be 1,072,528.00 five years from now,

which represents a change of 1.40% from the current year. The

current population is 47.81% male and 52.19% female. The median

age of the population in your area is 36.55, compare this to the US

average which is 38.08. The population density in your area is

13,444.23 people per square mile.

Households

There are currently 387,833 households in your selected geography.

The number of households has changed by 6.56% since 2000. It is

estimated that the number of households in your area will be 395,594

five years from now, which represents a change of 2.00% from the

current year. The average household size in your area is 2.68

persons.

Employment

In 2019, there are 293,264 employees in your selected area, this is

also known as the daytime population. The 2000 Census revealed that

62.81% of employees are employed in white-collar occupations in this

geography, and 37.31% are employed in blue-collar occupations. In

2019, unemployment in this area is 5.55%. In 2000, the average time

traveled to work was 43.00 minutes.

Race and Ethnicity

The current year racial makeup of your selected area is as follows:

37.34% White, 19.72% Black, 0.06% Native American and 11.02%

Asian/Pacific Islander. Compare these to US averages which are:

70.07% White, 12.87% Black, 0.19% Native American and 5.66%

Asian/Pacific Islander. People of Hispanic origin are counted

independently of race.

People of Hispanic origin make up 51.77% of the current year

population in your selected area. Compare this to the US average of

18.17%.

PROPERTY NAME

MARKETING TEAM

185 ENGLE ST

Housing

The median housing value in your area was $404,044 in 2019,

compare this to the US average of $212,058. In 2000, there were

105,972 owner occupied housing units in your area and there were

257,989 renter occupied housing units in your area. The median rent

at the time was $618.


DEMOGRAPHICS

27

8

185 ENGLE ST

DEMOGRAPHICS

28

Documents

Offering Memorandum · 2020. 9. 4. · 185 ENGLE ST # OFFERING SUMMARY 5 EXECUTIVE SUMMARY EXPENSES CURRENT $/SF PRO FORMA $/SF Trash Removal $600 $0.15 $600 $0.15 Water $214 $0.05