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    1 Mill St Bernardsville, NJ 07924

    For Sale
    $3,990,000

    Iconic, remodeled restaurant property in downtown Bernardsville with parking.

    Lot size:
    0.40 Acres

    Property Features for 1 Mill St

    General Information

    Lot size
    0.40 Acres

    Building Details

    Year built
    1849

    Source: TURPIN REAL ESTATE, INC. Agent RICHARD BURGSTRESSER

    Displayed information is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Historic Olcott Square Landmark Restaurant

    This historic landmark, originally built in 1849 as The Old Stone Hotel, has been remodeled and revitalized. The three-story stone and wood building, with almost 10,000 square feet of space, has hosted generations of patrons as a lodging, food, libations, and entertainment venue. Major multi-million dollar exterior and interior improvements were completed in 2007, including repointing of the stone walls and a complete interior renovation. Subsequent remodeling was conducted in 2016 and 2021. The property currently operates as a multi-floored upscale restaurant offering formal and casual dining. This turnkey property includes a generous private parking area and is located near public parking spaces and the Quimby Lane Redevelopment Plan District. An outdoor dining area is also available. The property is located in downtown Bernardsville and has been in operation for 175 years.
    Insight Report Location Intelligence

    Current Use by Public Records

    Ristorante MV Restaurant

    Suggested Use

    Realty agency Restaurant Law Firm Spa & Massage Dental Office Hair Salon Nail Salon Building Supply Clothing Store Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Bernardsville
    County
    Somerset
    State
    New Jersey
    Longitude
    -74.5698387
    Latitude
    40.7190809

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    FAQs

    What type of property is this?
    Conventional restaurant - Iconic, remodeled restaurant property in downtown Bernardsville with parking.
    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 $3,990,000.
    What are key features of this property?
    This property features: - Turnkey, multi-floored upscale restaurant property with almost 10,000 sq ft of space.; - Historic landmark building in Olcott Square, originally built in 1849.; - Major multi-million dollar exterior and interior improvements completed in 2007, with subsequent remodeling in 2016 and 2021.
    (908) 439-3300
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    1 Mill St Bernardsville, NJ 07924
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    Bernardsville, NJ 07924
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    1 Mill St Bernardsville, NJ 07924
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