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    1 Mill St Bernardsville, NJ 07924

    Sponsored
    For Sale
    $3,990,000

    Upscale eatery, 9,909 SF, high NOI

    Property size:
    9,909 SF

    Description

    Added:
    Dec 11, 2024
    Days on Market:
    392
    This exceptional fee-simple property, located at 1 Mill Street in Bernardsville, New Jersey, presents a rare opportunity to acquire a thriving, upscale restaurant. The 9,909-square-foot building, originally constructed in 1846 and extensively renovated in 2021, boasts a rich history as a landmark in Olcott Square. Currently operating under a modified lease with a corporate guarantee, the single-tenant lease has a remaining term of approximately 1.1 years, expiring December 31, 2025, with a 5-year renewal option. The property features three stories, 30 parking spaces, and sits on a 0.4-acre lot. The building is zoned D-CO and offers a compelling net operating income (NOI) of $178,000, resulting in a 4.46% cap rate. The asking price is $3,990,000, translating to a price per square foot of $402.66. The property's prime location in the heart of Bernardsville, near public parking and the Quimby Lane Redevelopment Plan District, ensures high visibility and accessibility. This turnkey operation includes a multi-floored restaurant with both formal and casual dining areas, along with an outdoor dining space. The extensive renovations completed in 2021, along with previous upgrades in 2007 and 2016, ensure the property is in excellent condition. This is an exceptional investment opportunity for discerning buyers seeking a high-performing asset in a desirable location.

    Property Features for 1 Mill St

    General Information

    Property type
    Restaurants
    Square Feet
    9,909 SF
    Class
    A
    Lot Size
    17,424 SF

    Building Details

    Year Built/Renovated
    1846/2021
    Buildings
    1
    Stories
    3
    Units
    1

    HighLights

    • Fee‑simple ownership of a thriving upscale restaurant in Bernardsville, NJ.
    • 9,909 SF building on a 0.4‑acre lot with 30 parking spaces.
    • Currently leased to a corporate‑guaranteed tenant with 1.1 years remaining, plus a 5‑year option.
    • $3,990,000 asking price, $402.66/SF, with a 4.46% cap rate and $178,000 NOI.
    • Prime location in Olcott Square, near public parking and the Quimby Lane Redevelopment Plan District.
    Property Profile 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
    -74.569716
    Latitude
    40.7191139

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    Nearby Similar for Sale

    • $2,200,000
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    • $500,000

      Auto Body Shop Opportunity

      Auto body shop for sale with long lease, 25 parking.
      57 Morristown Rd, Bernardsville, NJ 07924
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      Historic Bernardsville Landmark

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      Prime Bernardsville Auto Body Shop

      Established Auto Body Shop, Long Lease
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    FAQs

    What type of property is this?
    Restaurant - Upscale eatery, 9,909 SF, high NOI
    Where is this 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: Fee-simple ownership of a thriving upscale restaurant in Bernardsville, NJ.; 9,909 SF building on a 0.4-acre lot with 30 parking spaces.; Currently leased to a corporate-guaranteed tenant with 1.1 years remaining, plus a 5-year option.
    Request Owner's contact information
    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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