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 Market219
Property Features for 1 Mill St
General Information
Standard status
Active
Size
10,000 SF
Zoning
D30
Additional Details
Business Included
Yes
Liquor License
Yes
Taxes and HOA fees
Annual Taxes
$38,339
Amenities
Central Air
Forced Air, Natural Gas
Off Street
Building Details
Building Size
10,000 SF
Year Built
1849
Buildings
1
Stories
3
Listed By:
ROBERT H STEEG
(908) 963-0099
Source:
Evrealestate
Added: Apr 2
Changed: Oct 26
Last Checked: Nov 4 at 11:06AM
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 ROBERT H STEEG
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Review the available facts, identify missing information and prepare questions for the agent.
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 / Yr
$152,928
Cap Rate
3.88%
Suggested Prices Based on Cap Rates
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
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 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.
How Realmo checks its estimates
Property Analytics
Who owns this building?
See the owner, sales and loan history
Open Analytics
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
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
View Realmo Analytics
Market
Vacancy Rate% for Retail in Northeast region
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
