Three-Story Remodeled
For Sale
$3,940,000
1 Mill St, Bernardsville, NJ 07924
Historic restaurant building with a liquor license and dedicated off-street parking lot.
Property Size10,000 SF
Price / SF$394
Days on Market40
Property Features for 1 Mill St
General Information
Standard status
Active
Size
10,000 SF
Additional Details
Business Included
Yes
Liquor License
Yes
Building Details
Year Built
1849
Buildings
1
Stories
3
Listing Agency:
HAVEN REAL ESTATE COLLECTIVE
(908) 224-2836
Listed By:
ROBERT H STEEG
Source:
Goldstandardrealty
Added: Jul 21
Changed: Aug 29
Last Checked: Aug 25 at 4:45AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of HAVEN REAL ESTATE COLLECTIVE
Investment Insights
Based on property information with market context.
This three-story restaurant property contains 10,000 square feet and includes a bar component, a dedicated off-street parking lot, and an existing liquor license. The building dates to 1849 and underwent remodeling in 2016 and 2021.
Located at 1 Mill St in Bernardsville Boro, New Jersey, the property is positioned in Olcott Square and is suited to continued restaurant operations under new ownership.
Located at 1 Mill St in Bernardsville Boro, New Jersey, the property is positioned in Olcott Square and is suited to continued restaurant operations under new ownership.
Key Highlights
- 10,000‑square‑foot restaurant building
- Three‑story configuration
- Built in 1849
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$152,928
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
3.88%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,058,560
$3.1M
Cap Rate 7%
$2,184,686
$2.2M
Cap Rate 9%
$1,699,200
$1.7M
Market Conditions
NOI Build-Up for 10,000 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$216.0K $21.60/SF
− Vacancy
−$12.1K −$1.21/SF
EGI
$203.9K $20.39/SF
− OpEx
−$51.0K −$5.10/SF
NOI
$152.9K $15.29/SF
Area
Somerset County, NJ
Vacancy
5.60%
Lease Rate
$21.60 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$3,058,560
Cap Rate 7%
$2,184,686
Cap Rate 9%
$1,699,200
Alternative Uses
Best Use
Specialty Retail
$2.18M
$1.91M – $2.55M
NOI $152,928 @ 7.0% cap · market cap 3.88%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.61M
$2.28M – $3.05M
NOI $182,784 @ 7.0% cap · market cap 4.64%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Turnkey business
Opportunity
Yes
Liquor license
Location Intelligence
Trade Area within ½ mile
767
Businesses Nearby
80k
Monthly Visits Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Foot Traffic Nearby
Groceries 45%
Dining 32%
Shops & Services 15%
Beauty & Spa 4%
ShopRite
Groceries
35,799 visits/mo
0.5 miles
Chipotle Mexican Grill
Dining
12,814 visits/mo
0.4 miles
Starbucks
Dining
12,117 visits/mo
0.4 miles
TD Bank
Shops & Services
3,925 visits/mo
0.4 miles
Blo Blow Dry Bar
Beauty & Spa
3,355 visits/mo
0.4 miles
Demographics for 07924, NJ
7,650
Population
2,683
Households
2.9
Avg Household Size
41
Median Age
69%
College-Educated
93%
High-School Grad
12.0 sq mi
ZIP Area
638
Density / Sq Mi
$230,752
Median Household Income
$74,760
Median Earnings
$2,155
Median Rent
$733,800
Median Home Value
Market
Vacancy Rate% for Retail in Northeast region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Conventional restaurant - Historic restaurant building with a liquor license and dedicated off-street parking lot.
Where is this conventional restaurant located?
The property is located at 1 Mill St Bernardsville, NJ.
What is the asking price?
The asking price for this property is $3,940,000.
What are key features of this property?
This property features: 10,000‑square‑foot restaurant building; Three‑story configuration; Built in 1849
