TO: Denville Board of Education 400 Morris Ave Suite 279 Denville, - - PDF document
TO: Denville Board of Education 400 Morris Ave Suite 279 Denville, NJ 07834 APPRAISAL OF PROPERTY: 501 Openaki Rd, Denville, NJ 07834 Block #20203, Lot #13 OWNED BY: Denville Board of Education PERFORMED BY: Myron M. Bytz, #00252 PO Box
Myron M. Bytz Appraisals
TO: Denville Board of Education 400 Morris Ave Suite 279 Denville, NJ 07834 APPRAISAL OF PROPERTY: 501 Openaki Rd, Denville, NJ 07834 Block #20203, Lot #13 OWNED BY: Denville Board of Education PERFORMED BY: Myron M. Bytz, #00252 PO Box 1177 Denville, NJ 07834 973.989.5800 Fax 973.989.0033 appraisalonenj@gmail.com
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MYRON M. BYTZ #00252000 PO BOX 1177, Denville, NJ 07834 973.989.5800 Fax 973.989.0033 AppraisalOneNJ@gmail.com
January 29, 2015 Denville Board of Education 400 Morris Ave Suite 279 Denville, NJ 07834 Re: Property Located at: Block 20203,Lot #13 501 Openaki Rd Denville, NJ 07834 Dear Sirs: Per your request, we have completed an Appraisal of the property located at Block 20203, Lot 13, 501 Openaki Rd, Denville, NJ 07834. The purpose of this appraisal is to estimate the market value of Fee simple title of this property as of January 23, 2015. Market Value is defined in the body of this report. Value influencing conditions are reported whatever their nature and whenever they are found, analyzed and adjusted for their impact on the subject property value. Explanations are given for all steps taken in the nationally recognized approaches employed in estimating value. It is the opinion of this appraiser that the appraisal process employed indicated a Market Value estimate of: TWO HUNDRED FORTY THREE THOUSAND AND NO/00 ($243,000) DOLLARS
Myron M. Bytz
MYRON M. BYTZ #00252 MMB Attachments
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TABLE OF CONTENTS
PAGE NO. SUMMARY OF SALIENT FACTS AND CONCLUSIONS 4 PURPOSE OF APPRAISAL, MARKET VALUE DEFINITION, PROPERTY RIGHTS APPRAISED, CONTINGENT AND LIMITING CONDITIONS, ENVIRONMENTAL DISCLAIMER, HIGHEST AND VEST USE, PHYSICALLY POSSIBLE, LEGALLY PERMISSIBLE, FINANCIALLY FEASIBLE, MAXIMALLY PRODUCTIVE, CONCLUSION 5 – 8 LEGAL DESCRIPTION 9 CENSUS TRACT, SCOPE OF APPRAISAL, FUNCTION OF APPRAISAL 10 IMPROVEMENT DATA 11-12 MAP OF NEW JERSEY SHOWING COUNTY 13 HISTORY OF NEW JERSEY 14-16 MORRIS COUNTY MAP 17 HISTORY OF MORRIS COUNTY 18-20 MUNICIPALITIES OF MORRIS COUNTY 21 MAP OF MORRIS COUNTY 22 MAP OF DENVILLE 23 HISTORY OF DENVILLE 24-25 DEMOGRAPHICS OF DENVILLE, NJ 26-27 ZONING 28 MARKET DATA APPROACH 29 MARKET DATA APPROACH, Comparables 1, 2, 3, 4 30-33 ADJUSTMENT GRID 34 ADJUSTMENTS 35 LAND SALES 36 LAND ADJUSTMENT GRID/CONCLUSION 37-38 RECONCILIATION 39 ADDENDA 41 QUALIFICATIONS OF APPRAISER 42 COMPETENCY OF THE APPRAISER 43 EXTENT OF THE ASSIGNMENT 44 ASSUMPTIONS AND LIMITING CONDITIONS 45-46 MAPS SHOWING LOCATION OF SUBJECT AND COMPARABLES 47-48 SUBJECT PROPERTY PHOTOGRAPHS 49-53
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SUMMARY OF SALIENT FACTS AND CONCLUSIONS
LOCATION: Block 20203 Lot 13 501 Openaki Rd Denville, NJ 07834 OWNER OF RECORD: Denville Board of Education IMPROVEMENTS: 1554 sq ft 1 story schoolhouse/Office SITE: .852 acre ZONING: R 1 HIGHEST AND BEST USE: school/offices Value Indications: MARKET DATA APPROACH: $ 218,000 LAND VALUE: (no building) $ 243,000 FINAL VALUE ESTIMATE: TWO HUNDRED FORTY THREE THOUSAND AND NO/00 ($243,000) DOLLARS DATE OF APPRAISAL: January 29, 2015 APPRAISER: Myron M. Bytz, #00252
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Purpose of the Appraisal This appraisal was made for the purpose of estimating the market value of the subject property, including land and improvements, as of January 23, 2015. Market Value Definition The most probable price which a property should bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: Buyer and seller are typically motivated; Both parties are well informed or well advised and each acting in what he considers his
A reasonable time is allowed for exposure in the open market; Payment is made in terms of cash in U.S. dollars or in terms of financial arrangements comparable thereto; and The price represents the normal consideration for the property sold unaffected by special
Property Rights Appraised The property rights appraised are all rights existing in the lease fee and fee simple estate as of the appraisal date. These rights are the legal and economic properties of the owner that may be rightfully exchanged for money or equivalent goods. Property rights inherent in the ownership of tangible personal property or intangible benefits of the property itself are not the subject of this report. Contingent and Limiting Conditions The appraiser assumes no responsibility for matters legal in character, nor render any opinion as to the title, which is assumed to be good. All existing liens and encumbrances have been disregarded and the property is being appraised as though free and clear under responsible
A personal inspection of the property has been made. Areas and dimensions of the property were not physically measured, but were furnished by the principal, or from plot plans furnished by the
the property. We have made no survey of the property and assume no responsibility for its accuracy. An analysis of local conditions and all relevant data has been made. Verification of factual matters contained in this report has been made to the extent deemed practicable. The appraiser certifies that to the best of his knowledge and belief, such factual matters are true and correct and that no important factors affecting the value of this property were knowingly overlooked or
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be verified in all cases. The resulting estimate of market value is predicated on the financial structure prevailing as of the date of value. The appraisal report sets forth all of the limiting conditions (imposed by the terms of the assignment or by the undersigned) affecting the analyses, opinions and conclusions contained herein. Possession of this report, or a copy thereof, does not carry with it the right of publication, nor may all or any part of the contents of this report be conveyed to the public through advertising, public relations, news, sales, or other media without written consent and approval of the authors, particularly as to value conclusions, and the identity of the appraisers of the firm with which they are connected. The distribution of the total valuation in this report between land and improvements applies only under the existing program of utilization. The separate valuations for land and building must not be used in conjunction with any other appraisal and are invalid if so used. The appraiser shall not be required to give testimony or appear in court by reason of this appraisal, unless a specific agreement for these services is otherwise arranged. All major improvements on the land under appraisement appear to be structurally sound, unless
not been instructed to secure a qualified engineer’s certifications to structural soundness of said improvements or functional utility of major appliances or mechanical units. Therefore, no legal responsibility is hereby accepted for structural or mechanical failures which would not be
prudent purchaser. The appraiser assumes no responsibility for site, soil or subsurface conditions that are not readily evident upon a visual inspection of the property. It is further assumed that the land is environmentally sound as per instructions. The appraisal report has been made in conformity with the Uniform Standards of Professional Practice (USPAP), and Title XI of the financial Institutional Reform Recovery and Enforcement Act
Environmental Disclaimer The value estimated in this report is based on the assumption that the property is not negatively affected by the existence of hazardous substances or detrimental environmental conditions. The appraiser is not an expert in the identification of hazardous substances or detrimental environmental conditions. The appraiser’s routine inspection of and inquiries about the subject property did not develop any information that indicated any apparent significant hazardous substances or detrimental environmental conditions which would affect the property negatively. It is possible that tests and inspections made by a qualified hazardous substance and environmental expert would reveal the existence of hazardous materials and environmental conditions on or around the property that would negatively affect its value.
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Highest and Best Use Real estate is valued in terms of its Highest and Best Use. The highest and best use of the land (or site) if vacant and available for use may be different from the highest and vest use of the improved property. This will be true when the improvement is not an appropriate use and yet makes a contribution to total value in excess of the value of the site. Highest and Best Use May be Defined as: The reasonably probable and legal use of vacant land or an improved property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value.1 In arriving at the Highest and Best Use of the subject property, it was necessary to carefully examine the area in which the property is located and the sections of the market, past, present and future. The highest and best use of a property generally sets the parameter within which the property is valued or evaluated. The subject site consists of approximately .806 acre zoned B 2. In order for the subject site to fulfill its Highest and Best Use, that use must meet four criteria: It must be: (1) physically possible; (2) legally permissible; (3) financially feasible and (4) maximally productive. Physically Possible The size, shape, location, utility, availability, and terrain impose physical restraints upon the type of uses possible of the subject property. Any use incompatible with the utility capacity or constraints imposed by the size, shape or terrain would not be considered physically possible. The site is large enough to accommodate existing improvements and amenities. The shape, size, terrain is physically compatible to the design, layout and construction of the existing
If Vacant The subject would be limited to similar commercial type uses due to the size of the lot. Legally Permissible The subject site encompasses approximately .852 acre of land and is zoned R 1, which allows for Residential use. The subject property is a legally permitted conforming use. The site is in compliance with the current requirements of the code. Financially Feasible Any use of the subject site which provides a financial return to the land in excess of the cost of the land limits those uses which are financially feasible. The subject site has been improved with a use which provides financial returns to the land since it will produce income sufficient to satisfy operating expenses, financial expenses and capital amortization. The present use of the land as retail/office is considered financially feasible.
1 American Institute of Real Estate Appraisers. The Appraisal of Real Estate, Chicago, Illinois, Ninth Edition, 1987.
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Maximally Productive Taking all of the aforementioned factors into consideration, it has been determined that the subject property physically supports its given improvements; is legally permissible; and the costs incurred in development represent an equitable investment. Therefore, all criteria have been estimated on a minimal basis to equitably produce a reasonable return to the land. Conclusion Based on the above, it is my opinion that the Highest and Best Use of the site is for the continued use of the site as residential with allowance for school use.
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LEGAL DESCRIPTION
Property Identification The subject is identified as: 3025 Route 10 East Denville, NJ 07834 Block 11203, Lot 2 Owner of Record: The current owner of record is: Denville Board of Education Effective Date of Appraisal Value: January 29, 2015 Date of the Inspection: January 23, 2015 History of Past Sale: The property has not transferred in the past three years and is not currently on the market, according to the owners. Real Estate Tax Data: The tax rolls of the Township of Denville, Morris County, New Jersey indicate that the subject is taxed as follows: Assessments Block 11203 Lot 2 Land $142800 Building $121600 Total $264400 Tax Rate $per $100 Taxes $NONE - EXEMPT Compared to similar properties in the area, the assessed value is considered reasonable. The current ration to value is 80%. The Town was last revalued in 2006.
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Census Tract The subject is located in SMSA #5640 and Census Tract #449. Scope of the Appraisal The appraiser has conducted an extensive search of publicized and available data together with in-depth discussions with knowledgeable realtors, appraisers and government officials in the Morris County area. We have applied the Direct Sales Comparison Approach and Income Approaches to Value. The cost Approach is not appropriate for age of building. Function of the Appraisal The function of the appraisal is to assist the client to estimate the fair market value of the subject property.
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IMPROVEMENT DATA
The subject consists of a one story structure encompassing 1554 total square feet. Overall condition is fair. Features Year Built 1940 Type Frame Number of stories One Current use School Administration/Office Gross building area 1554 square feet Foundation concrete Footings concrete Frame wood Roof compo Exterior Walls wood Interior Walls sheetrock Floors carpet, wood, asbestos tile Ceilings sheetrock Gutters/Leaders aluminum Heating/AC Hwbb, radiators, propane Electricity 100amp Plumbing pvc Windows wood Doors wood
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Basement full finished On-Site Parking yes 25+- spaces Storage Area
Alarm yes Sewer septic Water municipal Comments The subject property is in fair condition with average maintenance program in effect. There is asbestos tile flooring, visible signs of mold and moisture. The property is suitable for its present use if rehabbed or torn down. The zoning prohibits any structure other than residential or municipal use. The effective age of the property is 75± years; economic life of 5± years is anticipated assuming a aggresive maintenance and management program is applied.
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MAP OF NEW JERSEY SHOWING COUNTY
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HISTORY OF NEW JERSEY
The first people to live on the land now known as New Jersey were the Delaware Indians. They lived here starting at least 10,000 years ago. Anywhere from 8,000 to 20,000 Delaware Indians lived in the area when the first Europeans arrived. Their name means "original people" or "genuine people." They spoke an Algonquian dialect. Though they were considered one tribe, the Delaware Indians didn't act as one unified group. Instead, they lived in small communities made up mostly of extended family members. The men would hunt or fish during the day. Depending on the season they might search for clams off the Jersey shore or hunt in the woods. The women worked in the gardens. They grew squash, beans, sweet potatoes, and corn. When the first explorers came, the Delaware Indians lived in parts of Delaware, New Jersey, and eastern Pennsylvania. Europeans called them the Delaware Indians. Around 1524, Giovanni de Verrazano became the first European to explore New Jersey. He sailed along the coast and anchored off Sandy Hook. The colonial history of New Jersey started after Henry Hudson sailed through Newark Bay in 1609. Although Hudson was British, he worked for the Netherlands, so he claimed the land for the Dutch. It was called New Netherlands. Small trading colonies sprang up where the present towns of Hoboken and Jersey City are
founded in 1660, was New Jersey's first permanent European settlement. In 1664 the Dutch lost New Netherlands when the British took control of the land and added it to their colonies. They divided the land in half and gave control to two proprietors: Sir George Carteret (who was in charge of the east side) and Lord John Berkley (who was in charge of the west side). The land was officially named New Jersey after the Isle of Jersey in the English
Berkeley and Carteret sold the land at low prices and allowed the settlers to have political and religious freedom. As a result, New Jersey was more ethnically diverse than many other colonies. Primarily a rural society, the colony grew to have about 100,000 people. Eventually, governing power was transferred back to England. For many years, New Jersey shared a royal governor with New York. The governorship was finally split in 1738 when New Jersey got its own governor, Lewis Morris. In the years before the Revolution, anti-British feelings spread throughout the state. About one- third of the people living here supported the rebels, one-third supported England, and one-third remained neutral. In 1776 New Jersey declared itself an independent state and joined the colonial side in the Revolutionary War. New Jersey was an important state during the Revolutionary War because of its location near the center of the thirteen colonies and between New York City and Philadelphia. Because of this, more battles were fought in New Jersey than in any other state. The Americans and British fought 100 battles, both large and small, here.
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Many people consider the Battle of Trenton to be the turning point of the Revolution. Immediately after winning Trenton, General George Washington won the battle of Princeton. Having lost two battles in a matter of hours, the British fled New Jersey for New York. Washington and his troops spent the rest of the winter in Morristown, and the United States was well on its way to victory. In November of 1776 the British gained control of New Jersey and forced Washington to flee into
in New Jersey divided into camps to stay until spring. Trenton was considered the most desirable post, and it went to the Hessian soldiers as a reward for their good service. The Hessians used the Old Barracks in Trenton as a headquarters. The British didn't chase Washington across the Delaware River because it was full of blocks of ice that made it dangerous to cross. The Hessians didn't patrol along the river because they thought Washington couldn't cross back. But in December, Washington and his men decided to cross. Washington's men had to push away blocks of ice from the boat's path while paddling hard to fight the strong current. Once across, Washington decided to separate and surprise the Hessians in Trenton from two
soldiers were wounded. In 1787, New Jersey became the third state to ratify the U.S. Constitution and the first state to sign the Bill of Rights. In 1790, Trenton officially became the state capital of New Jersey. William Livingston became New Jersey's first state governor. New Jersey grew and prospered during the early 1800s. New factories sprung up throughout the
Trenton produced clay products, iron, and steel. Camden, Elizabeth, Jersey City, Newark, and Passaic all became major manufacturing centers in the 1800s. New canals and railroads helped industry grow. Europeans came by the thousands to New Jersey to work in the factories. South Jersey remained rural for the most part, growing the crops to feed the urban areas nearby. Railroads were important in helping the South Jersey seashore areas expand. In 1850, New Jersey's population of nearly half a million and the industries in which most of those people worked were concentrated in the north. During the Civil War, New Jersey provided 31 regiments (groups of soldiers), including cavalry (soldiers on horseback) and infantry (soldiers on foot). Over 25,000 New Jersey men fought for the Union, and New Jersey soldiers participated in almost every major Eastern battle. After the Civil War, the industrial revolution was under way, and New Jersey continued to grow. More factories opened, and cities like Trenton, Newark, Paterson, and Camden got bigger as immigrants from Europe came to work in them. Railroads were laid to connect the cities and to transport materials. At first, most immigrants came from Ireland and Germany. Later, people came from Italy and from countries throughout Eastern Europe. In 1910 half the state's population was born or had parents who were born outside the United States. As city populations grew, farm populations shrank.
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With so many people working in factories, issues like child labor and protection for workers became important. The popularity of these reforms brought Woodrow Wilson to power as governor in 1910. He left office in 1913 to become President of the United States and is the only New Jersey governor to become president. As both governor and president Wilson supported welfare reforms to protect workers and to keep companies from becoming too big. The state's economic expansion had a lot to do with the genius of its inventors. Thomas Edison is probably most famous. Among his thousands of inventions, including the light bulb, Edison helped develop the motion picture while working in New Jersey. Fort Lee became the motion picture capital of the world in the early 1900s. There, Fatty Arbuckle, Mary Pickford, Pearl White, and other stars revolutionized entertainment with their movies. Between 1900 and 1930, New Jersey's population more than doubled, and manufacturing became a $4 billion industry. Unfortunately, the Great Depression of the 1930s hit New Jersey hard, bringing massive unemployment. The state rebounded during World War II in the 1940s as New Jersey's electronics and chemical industries began large-scale operations. In the mid-1900s, people began moving back into the rural areas from the overcrowded cities. A number of transportation projects helped better connect New Jersey. The New Jersey Turnpike and the Garden State Parkway opened in the 1950s. The history of air travel has close ties to New Jersey. On May 3, 1919, the first passenger flight in American history was flown from New York to Atlantic City. Today, New Jersey is home to two international airports, Newark and Atlantic City. Newark Airport expanded its passenger and cargo services in 1963. In the 1980s, it became one of the world's busiest airports. Today New Jersey is recognized for its present as well as its past. While remembering its proud history, New Jersey will continue to be the setting for many of the great events of the future.
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MAP OF MORRIS COUNTY
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HISTORY OF MORRIS COUNTY
Morris County, among the fastest growing counties in the New Jersey, New York, Connecticut metropolitan region, nestles amid rolling hills, broad valleys and glittering lakes approximately 30 miles northwest of New York City. Rich in historic lore and tradition, Morris County was created by an Act of the State Legislature
The county, first penetrated by the white man in 1700, today combines natural beauty and pleasant suburban living with proximity to metropolitan surroundings. Its rolling landscape is dotted with lakes and rivers which form most of its boundaries with the adjacent counties of Essex, Union, Somerset, Warren, Sussex and Passaic. Much of its beauty has been protected and preserved by the Board of Chosen Freeholders through its Park Commission, formed by referendum in 1955 to set aside and develop land for leisure time and recreational use. Nearly 11,000 acres make up the system, one of New Jersey's
skating arena, cultural center, arboretums, and numerous types of hiking, cycling, wildflower and nature trails. At its most distant points, the county stretches 30 miles from east to west and 30 miles from north to south. Its temperatures vary widely from area to area, averaging in the middle 20's in the winter months and the low 70's in the summer. About 50 inches of rain and 35 inches of snow fall each year. Hills and valleys that run east-west, with rocky out-croppings as high as 1,000 feet above sea level, have long hindered transportation from north to south. Major interstate highways (80, 10, 46, 287, 280) connect many municipalities. There are 39 municipalities in the 477.8 square mile county, varying in size from tiny Victory Gardens Borough with 1,314 residents to Parsippany-Troy Hills Township, with almost 48,500
During the Revolutionary War, Morris County was known as The Military Capital of the American Revolution , because of its strategic location, which prompted Gen. George Washington and his Continental Army to make their winter encampments near Morristown on two different winters. Much of the historic lore of these encampments is preserved today in Morristown National Historical Park. In the years following the Revolution, Morris County was a leader in the iron ore industry, a fact made possible by the abundance of iron ore, timber to fuel the forges, and swiftly flowing streams to provide power. By 1880 Morris was the third county in the nation in the amount of iron ore mined, with 568,420 tons. To process the iron ore, works and mills were built at several locations, including Morristown, Boonton and Dover. It was in Morristown that the steam boiler and some of the machinery for the Savannah, the first steamship to cross the Atlantic Ocean, and parts of the first American locomotive were manufactured and the telegraph perfected by Samuel F. B. Morse and Alfred
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“A patient waiter is no loser ", is still standing. The Morris iron dynasty faced ruin, when in 1882 the iron industry discovered that iron ore could almost literally be picked off the surface in the Meabi region near Lake Superior. The Dickerson mine became one of the most prominent of the 1880's after giving up more than one million tons of iron ore. Another famous mine, Hurdtown, closed down in 1898 after shafts had been sunk more than 2,600 feet into the earth in search of the elusive ore. Some of the last mines in Hibernia closed in 1913. As the population grew and the methods of transportation improved, industries sprang up throughout the county, many of them using the iron ore as raw materials for their finished
tremendous foundry of the Replogle Steel Company, which closed in 1919; Kenvil, the giant Powder Company of California, later the Hercules Powder Company, and Dover, an extensive plant for making mine equipment. In 1831 the Morris Canal, conceived and developed by a Morristown resident, George F. MacCulloch, was completed through the county. Crossing the state from Phillipsburg to Newark, a distance of 90 miles, it played a major role in movement of iron ore, coal and freight until, after many years of service, it fell into disuse and was dismantled in the 1920's. The tracks of the then fledgling Morris & Essex Railroad reached Morristown in 1838, and 10 years later were extended to Dover, where the railroad's car shops were a major industry at the turn of the century. By 1900 the nation's business and financial leaders, seeking escape from New York City, the financial capital of the nation, discovered Morris County, its isolation, ideal climate and unspoiled countryside, and started the construction of large country estates. Within a few years it was claimed that more millionaires lived within a one mile radius of the Morristown Green than elsewhere in the world. The fabulous estates were numerous enough to fill the pages of a pre-World War I vintage picture book entitled Beautiful Homes of Morris County . Possibly the most opulent were those of Otto H. Kahn, Hamilton McK. Twombly, Charles Mellon, Eugene Higgins, the Frelinghuysens, Claflins, James, Allens, Wolffs and Kountzes. The introduction of the Income Tax sounded the death knell for the large estates and the society style of living they bred. Slowly, through the 1930's and the 1940's the large mansions that lined Madison Avenue, for years known as "Millionaires Row", were demolished to avoid rising property taxes, increased cost of domestic help and the rising cost of living. Within two years of Morris County's creation, the Townships of Hanover, Pequannock and Morris were formed, followed in 1740 by Roxbury Township and in 1749 by Mendham Township. Several years after its founding the community of West Hanover was renamed "Morristown" and designated the county seat of government. At first, governing Morris County was a function of the judiciary. As the judges' court responsibilities grew, however, the need for help increased and two Freeholders were elected from each municipality. They were called "Freeholders" because they were men who owned land free and clear of debt.
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As the number of municipalities in the county increased, the Freeholder Board grew in size to 25 to 30 members. The appropriate number was a subject of controversy for many years. Eventually the State Legislature passed a "Small Board Law" limiting the number of Freeholders in each
the board's size was increased to seven. All are elected at large. Since the turn of the century, the character of industry in Morris County has changed from iron mining to research, pharmaceuticals and light manufacturing. In the same period, the character
predominate, both in housing developments, many of them located on the estates of former millionaires, to small country estates. New construction, residential, commercial and industrial, is constant. There are large numbers of garden type apartments and condominiums, both in the towns and the countryside. Today, Morris County is New Jersey's seventh largest county. Multi-million dollar shopping centers and highway merchandising malls have combined with construction of world headquarters of name brand firms, discount houses, chain stores and food markets. New Jersey Transit, the former Erie Lackawanna Railroad, serves thousands of county commuters daily. In addition, the Central Railroad of New Jersey, the Morristown & Erie Railroad and the New York, Susquehanna & Western Railroad cross the county. Bus service links the 39 municipalities to the metropolitan region. Two airports are located within Morris County. The county is bisected by a fine network of approximately 2,000 miles of federal interstate freeways, and state, county and municipal roads. The area work force exceeds 240,000. More than 50,000 are employed within the county at world headquarters and numerous research centers, and laboratories. The Morris County Chamber of Commerce reports there are 1,139 non-retail employers in the county with 10 or more employees. Morris County is the home of three universities, a two-year County College, and a County Vocational Technical School. One of every four high school graduates in Morris County attend the County College of Morris which reports a capacity attendance both for full-time and part-time
institutions. The Morris County Vocational-Technical School in Denville provides programs that will offer students the opportunity to acquire knowledge, skills and insight which will enable them to make appropriate choices in regard to their future, and to develop personal and professional options for an evolving technical society. Museums and cultural facilities abound in Morris County to augment those in the nearby metropolitan area.
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MUNICIPALITIES OF MORRIS COUNTY
Municipalities and communities of Morris County, New Jersey County seat: Morristown
Boroughs
Butler | Chatham | Chester | Florham Park | Kinnelon | Lincoln Park | Madison | Mendham | Morris Plains | Mount Arlington| Mountain Lakes | Netcong | Riverdale | Rockaway | Victory Gardens | Wharton
Towns
Boonton | Dover | Morristown
Townships
Boonton | Chatham | Chester | Denville | East Hanover | Hanover | Harding | Jefferson | Long Hill | Mendham | Mine Hill |Montville | Morris | Mount Olive | Parsippany-Troy Hills | Pequannock | Randolph | Rockaway | Roxbury | Washington
CDPs
Budd Lake | Lake Telemark | Long Valley | Succasunna- Kenvil | White Meadow Lake
Unincorporated communities
Brookside | Cedar Knolls | Cedar Lake | Convent Station | Flanders | Gillette | Green Pond | Green Village | Hibernia |Lake Hiawatha | Lake Swannanoa | Landing | Ledgewood | Mount Freedom | Millington | Mount Tabor | New Vernon |Oak Ridge | Pine Brook | Port Morris | Schooley's Mountain | Shongum | Speedwell | Stirling | Towaco | Union Hill |Vasa Park | Whippany
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MAP OF MORRIS COUNTY SHOWING LOCATION
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MAP OF DENVILLE, NJ
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HISTORY OF DENVILLE, NJ
Native Lenape Native Americans were known to travel the Minisink Trail for centuries before Europeans arrived in New Jersey. Part of that trail cut across what is now southern Denville, roughly following the course of Route 10 and Mount Pleasant
in Denville, on or near the Ayres / Knuth Farm Historic Site along Route 10. When Dutch and English settlers began to arrive in the new world in the early 17th century, the Minisink Trail was the likely route they traveled to explore the interior. Daniel Denton, one of the purchasers of what is known as the Elizabethtown Tract in 1664, led an expedition into the interior of northern New Jersey. In 1670, he wrote the first English language description of the area. Some researchers would later conclude that it was Denton who lent his name to the naming of Denville. Some researchers have suggested that European settlers began to come to the Denville area as early as 1690. These early settlers were primarily Dutch and English from Long Island, Quakers from Philadelphia, and Germans. William Penn and several
proprietors began to survey and stake out lands in the Denville area around 1715. These surveys are the first documentation of Denville. Between 1730 and 1760, several forges and mills were erected in Denville along the Rockaway River and the Denbrook. A number of communities associated with the forges and mills began to emerge. Ninkey and Franklin in southern Denville developed around the forges there of the same names. Denville village developed around the Job Allen Iron Works. Early developers of Denville, such as the Hussa family and A.B Crane & Co., were intrinsic in shaping the residential and lake communities. A letter from early Denville settler John Hinchman in the year 1800, recounts some of the oral history of Denville from 50 years earlier, as stated to him by some of the elders of the time. Hinchman explains in his letter that the naming of Denville can be traced to a "den" of wild animals located in the swampy regions along the Denbrook and Rockaway
were hunted by the native Lenape. This "den", Hinchman states, was the basis for the name of Denville and the Denbrook. Geography According to the United States Census Bureau, the township has a total area of 12.6 square miles (32.7 km²), of which, 12.1 square miles (31.4 km²) of it is land and 0.5 square miles (1.3 km²) of it (4.12%) is water. Community Denville has eleven named bodies of water within township limits. The four major residential lake communities are Cedar Lake, Indian Lake, Rock Ridge, and Lake Arrowhead (including Great Bay and Bay of Deep Waters). Estling Lake is a private summer community, which has some full year residents. The three minor lakes are
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Cooper Lake, Hollstein Lake, and Openaki Lake. The town also has Cooks Pond, which is a recreational lake available for public use by membership. Most residents of Denville live in the non-lake communities in town, including Bald Hill, Union Hill, Beacon Hill, Ivy Crest, and Denville Farms communities among others. The game of American Flag Rugby was first played in Denville, introduced to the town by resident Tom Feury. Demographics As of the census of 2000, there were 15,824 people, 5,990 households, and 4,312 families residing in the township. The population density was 1,307.1 people per square mile (504.5/km²). There were 6,178 housing units at an average density of 510.3/sq mi (197.0/km²). The racial makeup of the township was 92.64% White, 1.14% African American, 0.08% Native American, 4.64% Asian, 0.03% Pacific Islander, 0.44% from other races, and 1.03% from two or more races. Hispanic or Latino of any race were 2.64% of the population. There were 5,990 households out of which 33.0% had children under the age of 18 living with them, 62.8% were married couples living together, 6.4% had a female householder with no husband present, and 28.0% were non-families. 23.6% of all households were made up of individuals and 11.4% had someone living alone who was 65 years of age or
In the township, the population was spread out with 23.9% under the age of 18, 4.9% from 18 to 24, 30.5% from 25 to 44, 25.7% from 45 to 64, and 15.0% who were 65 years
The median income for a household in the township was $76,778, and the median income for a family was $90,651. Males had a median income of $63,413 versus $42,392 for females. The per capita income for the township was $38,607. About 1.7% of families and 2.8% of the population were below the poverty line, including 2.4% of those under age 18 and 5.3% of those age 65 or over.
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DEMOGRAPHICS OF DENVILLE, NJ
Population: 17,883 Population Density / Mile: 1,531 Median Age: 41.81 Number of Households: 6,806 Average Household Size: 3 Households with Children: 2,376 Median Household Income: $102,441 Median Years in Residence: 4.46 Annual Residential Turnover: 9.93 Median Dwelling Age: 38 People People Denville, NJ United States Population 18,458 306,877,652
1,581 87
4.19% 9.00% Median Age 42.2 36.8 Households 7,089 115,306,103 Household Size 2.56 2.59 Male Population 48.86% 49.34% Female Population 51.14% 50.66% Married Population 66.35% 57.41% Single Population 33.65% 42.59% Housing Housing Denville, NJ United States Median Home Age 43 33 Median Home Cost $361,900 $183,450 Home Appreciation
Homes Owned 81.68% 60.14% Housing Vacant 3.92% 10.50% Homes Rented 14.40% 29.36% Property Tax Rate $18.49 $11.20 OWNER-OCCUPIED HOUSING UNITS BY VALUE Less Than $20,000 0.00% 2.71% $20,000 to $39,999 0.07% 3.86% $40,000 to $59,999 0.05% 5.09% $60,000 to $79,999 0.03% 6.10% $80,000 to $99,999 0.00% 7.33% $100,000 to $149,999 0.53% 18.53% $150,000 to $199,999 2.90% 14.38% $200,000 to $299,999 16.76% 17.52% $300,000 to $399,999 27.67% 9.26% $400,000 to $499,999 18.56% 5.11%
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Education Education Denville, NJ United States School Expend. $6,995 $5,678 Pupil/Teacher Ratio 13.2 14.9 Students per Librarian 640 803 Students per Counselor 244 513 2 yr College Grad. 6.24% 6.39% 4 yr College Grad. 28.09% 15.74% Graduate Degrees 18.04% 8.87% High School Grads. 92.47% 80.61% Transportation Transportation Denville, NJ United States Commute Time 31.2 27.8 COMMUTE MODE Auto (alone) 85.16% 76.33% Carpool 5.61% 12.15% Mass Transit 4.22% 4.44% Work at Home 3.57% 3.33% COMMUTE TIME TO WORK Commute Less Than 15 min. 24.85% 28.88% Commute 15 to 29 min. 33.77% 36.09% Commute 30 to 44 min. 21.14% 19.38% Commute 45 to 59 min. 9.92% 7.59% Commute greater than 60 min. 10.32% 8.06% Cost of Living Cost of living Denville, NJ United States Overall 141 100 Food 111 100 Utilities 114 100 Miscellaneous 114 100 $500,000 to $749,999 20.37% 5.76% $1,000,000 or more 4.55% 2.07%
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ZONING
The subject is located in a R1 zoning district of the Township of Denville, New Jersey. The restrictions are as follows: PRINCIPAL PERMITTED USES: Residential/schools and municipal, churches MAXIMUM BUILDING HEIGHT: 35 feet MINIMUM LOT SIZE: 30,000 square feet MINIMUM LOT FRONTAGE: No minimum MINIMUM LOT DEPTH: No maximum MAXIMUM LOT COVERAGE: No maximum
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MARKET DATA APPROACH
The Approach is predicated on the principals of substitution, which affirms that the value of a property tends to coincide with prices paid for similar substitute properties. It examines prices paid in actual market transactions and current listings, the former generally setting the lower limit of value and the latter the upper limits. Subject property consists of a 1 story 1554 square foot building on a .852 acre lot. The following pages summarize transactions which were developed from our investigations of the market area. Each sale was analyzed and compared to the subject property. The unit of comparison utilized was price per square foot.
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MARKET DATA APPROACH Comparable #1
ADDRESS: 176 Route 46, Denville, NJ Block 50202 Lot 2 DATE OF SALE: 2.22.2013 SALES PRICE: $ 600,000. SQUARE FOOTAGE: 3900 square feet Retail/Office Lot Size .30 acre MLS/Book/Page 2931010 INDICATES: $ 153.85
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MARKET DATA APPROACH
Comparable #2
ADDRESS: 170 E Main St Denville,NJ Block 30704, Lot 3 DATE OF SALE: 3.10.2013 SALES PRICE: $272,000 SQUARE FOOTAGE: 2035 square foot office LOT SIZE: .148 acre MLS/Book/Page 2932447 INDICATES: $133.67 per square foot
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MARKET DATA APPROACH Comparable #3
ADDRESS: 3017 Route 10 Denville, NJ Block 11203 , Lot 8.1 DATE OF SALE: 10.18.2013 SALES PRICE: $ 245,000 SQUARE FOOTAGE: 2100 square foot retail/office LOT SIZE: 1.05 acre MLS/Book Page 2996741 INDICATES: $ 116.67 per square foot
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MARKET DATA APPROACH Comparable # 4
ADDRESS: 317 Rt 46 Denville, NJ Block 50104, Lot 502 DATE OF SALE: 6.26.2013 SALES PRICE: $232,700 SQUARE FOOTAGE: 2200 square feet retail/office LOT SIZE: .20 acres MLS/Book/Page 2996869 INDICATES: $ 105.77
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ADJUSTMENT GRID
SALE #1 SALE #2 SALE #3 SALE # 4 Sale Date 2.22.2013 3.10.2013 10.18.2013 6.26.2013 Sales Price 600,000 272,000 245,000 232,700 Size/Sq. Ft. 3900 sq ft 2035 sq ft 2100 sq ft 2200sq ft Zone B 2 B 3 B 2 B 2 Unit Price/Sq. Ft. 153.85 133.67 116.67 105.77 Time/Market Adjustment Adjusted Unit Price/Sq. Ft. 153.85 133.67 116.67 105.77 Adjustments Location
Square Footage/Lot size +10% Utility
Zone
Quality/Construction
Total Adjustments
+2%
Adjusted Price/Sq. Ft. 141.54 122.98 119.00 97.31 Positive adjustments indicate the degree of superiority of the subject relative to the comparables. Negative adjustments indicate the degree of subject inferiority relative to the comparables.
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ADJUSTMENTS
Time/Market Because all of the sales occurred within the past two year period, the appraiser has applied an adjustment to cover inflation over this period. Location All of the comparables are in Business Areas. Subject is not. Location Comparables are in a superior overall location. The infrastructure of the comparables is recognized with an adjustment versus the subject neighborhood's location. Utility The comparable sales are all similar in utility with the subject. Adjustments were made since comparables allowed office/retail Quality/Condition These adjustments reflect the appraiser’s perception of the overall appeal of the various properties if measured against the subject based upon materials, design, and uses. Conclusion Having adjusted for all factors including time/market, size, location, utility, zoning and condition/quality, the appraiser concluded that the stabilized range of values supported a market value range of $97.31 to $141.54 per square foot, land and building with a mean of $ 120.21. Equal weight is given to Sales. The estimated market value per square foot, land and building, is in line with the market. $ 140.00 x 1554 square feet = 217,560 ROUNDED TO = 218,000 Marketing/Exposure Based upon our discussions with brokers, the subject should sell in less than a one-year period if marketed aggressively at the appraised value and assuming the availability of conventional financing. Americans with Disabilities Act There is no elevator/ramp access for the handicapped. However, this is common to properties of this type in this neighborhood and is not considered a major detriment to value. Therefore, the estimate market value of the fee simple estate of the subject property as of January 23, 2015 is: TWO HUNDRED EIGHTEEN THOUSAND AND NO/00 ($218,000) DOLLARS
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LAND SALES 1.307 Palmer Rd Block 40102 Lot 4.01 Denville-MLS 2762676;7.1.2014 $ 510,000 2 acres Denotes 255,000 per acre
Denotes 202,000 per acre
Denotes 209,000 per acre
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LAND ADJUSTMENT GRID
SALE #1 SALE #2 SALE #3 Sale Date 7.1.2014 2.4.2014 10.6.2014 Sales Price 510,000 125,000 90,000 Size/Sq. Ft./acres 2 acres .62 acre .43 acre Zone R R C Unit Price/Sq. Ft./acre 255,000 202,000 209,000 Time/Market Adjustment Adjusted Unit Price/Sq. Ft. 255,000 202,000 209,000 Adjustments Location +10% +10% +10% Lot size
+3% +5% Utility +5% +5% +5% Zone Quality/Construction Total Adjustments +12% +18% +20% Adjusted Price/Sq. Ft. 286,000 238,000 251,000 Positive adjustments indicate the degree of superiority of the subject relative to the comparables. Negative adjustments indicate the degree of subject inferiority relative to the comparables.
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Conclusion Having adjusted for all factors including time/market, size, location, utility, zoning and condition/quality, the appraiser concluded that the stabilized range of values supported a market value range of $238,000 to $286,000 per square acre, land with a mean of $ 258,000. Equal weight is given to Sales. The estimated market value per acre, land, is in line with the market. $285,000/acre. X 0 .852 acre = 243,000
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RECONCILIATION
The appraiser has considered the three traditional approaches to value. These approaches have provided the following conclusions: Direct Sales Comparison Approach $218,000 Land Value (no building) $243,000 Cost Approach receives no weight in the final value conclusion. The value indicated by this approach is derived by first estimating the value of the land. Secondly, the reproduction cost of the improvements is estimated. From this figure, the estimate accrued depreciation is deducted to determine the value of the improvements. Finally, the value of the land is added to the value
the structure, the Cost Approach was not considered appropriate. The Direct Sales Comparison Approach reflects an estimate of value as indicated by the market. In this approach, the appraiser searched the local market for comparable building sales. These properties were analyzed for comparative units of value. In the case of the subject property, the most appropriate indicator was value per square foot, land and building. The sales included in the report are representative of the current market in the area and are considered a good basis of valuation. The final “As Is” estimate of value as of January 23,2015 is: TWO HUNDRED FORTY THREE THOUSAND AND NO/00 ($243,000) DOLLARS
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ADDENDUM
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QUALIFICATIONS OF APPRAISER MYRON M. BYTZ – License #00252 PO Box 1177 Denville, NJ 07834 973.989.5800 Fax 973.989.0033 EDUCATION: Macomb College, Warren, MI – 1973 Wayne State University, Detroit, MI – 1977 Real Estate One, Inc. – Real Estate Principles, Warren, MI National Association of Independent Fee Appraisers Seminar for Appraisal Techniques, Camden, NJ Career Institute – Real Estate License, Parsippany NJ National Association of Independent Fee appraisers – Income Producing Property Seminar, Trenton, NJ National Association of Independent Fee Appraisers – Condominium Appraising County College of Morris – Real Estate Broker course, Randolph, NJ Castellano and Hric Insurance Broker School, Parsippany, NJ National Association of independent Fee Appraisers – Marshall and Swift Cost Approach National Association of Independent Fee Appraisers – Techniques of Capitalization Course, Bordentown, NJ American Association of Certified Appraisers – Appraisal Office Operation American Society of Home Inspectors, Inc. – Professional Techniques and Procedures AFFILIATIONS: International Organization of Real Estate Appraisers, ICA Candidate Member national Association of Independent Fee Appraisers National Association of Review Appraisers, CRA Society of Real Estate Appraisers, Candidate Member Institute of Real Estate Appraisers, Candidate Member International Institute of Valuers, SCV International Real Estate Institute, IREI National Fellowship of Appraisers, NFA Holder of NJ Real Estate License Morris County Board of Realtors EXPERIENCE: February 1974 – present -- Independent fee appraiser 1974 – present -- APPRAISAL ONE, President 1982 – 2000 -- REAL ESTATE ONE, President 1982 – 1996 -- HOME INSPECTION ONE, President 1977 – 1983 -- CARTEREST FINANCIAL SERVICES, Morristown, NJ, Chief Appraiser/Loan Officer October 1977 – December 1979 -- Staff Appraiser/Developer/Building – CARTERET SAVINGS & LOAN ASSOCIATION, Cranford, NJ September 1974 – July 1977-- Appraiser/Sales Consultant – REAL ESTATE ONE, INC., Warren, MI Actively engaged in the appraisal of real property in the State of New Jersey since 1976 and have made appraisals of many types of real estate including: multi-family, industrial, commercial and special purpose property, motels, theatres, service stations, truck terminals, waterfront properties and warehouses. Acted as general contractor for many renovations and building of residential and commercial structures.
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COMPETENCY OF THE APPRAISER
MYRON M. BYTZ is a real estate appraiser with experience appraising various types of real estate within New Jersey, which includes income and non-income producing
industrial facilities, apartment buildings, vacant land, residential subdivisions and special purpose properties. The writer of this report considers himself to be competent to complete this appraisal assignment.
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EXTENT OF THE ASSIGNMENT
This appraisal process involves the collection, verification and reporting of data. A thorough search of the competitive area was made to locate the most recent and relevant data which could impact on the value of subject property. Information is collected through face-to-face interviews, telephone conversations, and printed materials. Sources of information include municipal records of property transfers, property deeds, recorded mortgages, published real estate sales services, newspaper articles, leads of brokers, local property owners and tenants. Verification includes the confirmation of data accuracy and conditions of sale or
recorded mortgages, interviews with buyers, sellers, landlords, tenants, brokers, attorneys, lenders and municipal tax assessors. Data is presents in the appraisal report in limited summary form. This data is analyzed and conclusions are made as to its impact on subject property. The appraisal follows generally accepted practices as set forth in both the Uniform Standards of Professional Appraisal Practice (USPAP) and Bank Appraisal Documentary Requirements. The Departure Provision of USPAP has not been invoked. The extent of the appraisal process performed and departures from specific guidelines are noted within the report.
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ASSUMPTIONS AND LIMITING CONDITIONS
This appraisal is made subject to the following assumptions and limiting conditions: 1. No responsibility is assumed for the legal description or for matters including legal or title
2. The property is appraised free and clear of any or all liens or encumbrances unless
3. Responsible ownership and competent property management are assumed. 4. The information furnished by others is believed to be reliable. No warrant, however, is given for its accuracy. 5. All engineering is assumed to be correct. The plot plan and illustrative material in this report are included only to assist the reader in visualizing the property. 6. It is assumed that there are no hidden or unapparent conditions of the property, subsoil,
conditions or for arranging for engineering studies that may be required to discover them. It is assumed that all mechanical equipment is in normal operating condition. No responsibility is assumed for any deficiencies of the mechanical equipment or for arranging for engineering studies that may be required to discover them. 7. It is assumed that there is full compliance with all applicable federal, state, and local environmental regulations and laws unless noncompliance is stated, defined and considered in the appraisal report. 8. It is assumed that all applicable zoning and use regulations and restrictions have been complied with, unless a nonconformity has been stated, defined, and considered in the appraisal report. 9. It is assumed that all required licenses, certificates of occupancy, consents, or other legislative or administrative authority from any local, state, or national government or private entity or organization have been or can be obtained or renewed for any use which the value estimate contained in this report is based.
including but not limited to water table, flood plain, flood hazard, rights, if any claimed now or in the future by the State of New Jersey or the United States in riparian lands and drainage.
may not be present on the property, was not observed by the appraiser. The appraiser has no knowledge of the existence of such materials on or in the property.
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The appraiser, however, is not qualified to detect such substances. The presence of substances such as asbestos, urea-formaldehyde foam insulation, and other potentially hazardous materials may affect the value of the property. The value estimate is predicated
loss in value. No responsibility is assumed for such conditions or for any expertise or engineering knowledge required to discover them. The client is urged to retain an expert in this field, if desired.
unless noted in the report.
improvements applies only under the stated program of utilization. The separate allocations for land and building must not be used in conjunction with any other appraisal and are invalid if so used.
testimony, or be in attendance in court with reference to the property in questions unless arrangements have been previously made.
value, the identity of the appraiser, or the firm with which the appraiser is connected), shall be disseminated to the public through advertising, public relations, news sales or
such prorating or division of interests has been set forth in the report.
made a specific compliance survey and analysis of this property to determine whether or not it is in conformity with the various detailed requirements of the ADA. It is possible that a compliance survey of the property, together with a detailed analysis of the requirements of the ADA, by a qualified professional, could reveal that the property is not in compliance with one or more of the requirements of the act. If so, this fact could have a negative effect upon the value of the property. Since I have no direct evidence relating to this issue, I did not consider possible noncompliance with the requirements of ADA in estimating the value of the property.
market conditions, anticipated short-term supply and demand factors, and a continued stable economy. These forecasts are, therefore, subject to changes with future conditions.
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SUBJECT AND COMPARABLES
COMPARABLE MAP
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SUBJECT PROPERTY PHOTOGRAPH
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SUBJECT PROPERTY PHOTOGRAPH
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SUBJECT PROPERTY PHOTOGRAPH
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