RockSpringCluB-Hendricks Appraisal.pdf

REGIONAL & AREA DATA State of New Jersey The State of New Jersey has an area of approximately 8,721 square miles and is situated in the Middle Atlantic Region of the country. It was admitted as a State in 1787. It had a population of 7,364,823 in 1980, a population of 7,730,188 in 1990, a population of 8,414,360 in 2000 and a reported 2010 population of 8,821,155. According to published statistics, there were 3,499,406 total housing units in 2007 (estimate) with a median value level for owner-occupied properties of $372,300.00. The median household income was $67,035.00 in 2007 and a median family income of $81,823.00 as of the same date. Essex County Essex County is located in the northeast section of the State of New Jersey. It comprises approximately 126.26 square miles. There are twenty-two (22) municipalities in the county with a 1980 population of 850,451, a 1990 population of 778,206, a 2000 population of 793,633 and a reported 2010 population of 783,969. The per capita income for 2007 was $31,260.00. According to county tax records, there were 151,966 residential parcels, 12,098 commercial parcels, 1,952 industrial properties, 2,674 apartment properties and 8,448 vacant parcels. The median single family value level for 2007 was $422,800.00. The typical apartment or non-owner occupied unit had a median monthly rental of $932.00 as of 2007. The geographic boundary formed by Essex County does not include the entire Newark SMSA area which typically includes all of Essex County, Union County and Morris County. However, for purposes of this appraisal, the influence of Essex County as well as portions of Union County, specifically the City of Elizabeth are also considered to be relevant. A critical improvement to the county was the completion in 1973 of the east-west freeway. Interstate Highway Route 280 provides direct access to the New Jersey Tumpike on the east, and the relatively undeveloped land masses in Morris and Sussex Counties to the west. Township of West Orange The Township of West Orange is located in the central portion of Essex County. The community is bounded on the north by the Township of Verona, on the south by the Village of South Orange Township, on the east by the City of Orange and the Township of Montclair and on the west by the Borough of Roseland and the Township of Livingston. The community comprises an area of approximately

ge Township, on the east by the City of Orange and the Township of Montclair and on the west by the Borough of Roseland and the Township of Livingston. The community comprises an area of approximately 12.22 square miles. The Per Capita Income for 2017 was $45,470.00. The Township of West Orange had a population of 43,715 in 1970, a 1980 population of 39,510, a 1990 population of 39,103 a 2000 population of 44,943, a population of 46,207 in 2010 and a reported 2017 population of 48,524 with a predominant age in the range of 35 to 54. The municipality had a reported median household income of $93,954.00 in 2017 and a reported median family income level of $113,286.00. There were 17,344 individual housing units within the municipality as of the same date. REAL ESTATE - 42 - [ | APPRAISALB |_| 6 RESEARCH