Property profile

1 Mill St Bernardsville, NJ 07924

FOR SALE
Commercial real estate
Property ID
US59-0781566
9,909 SF 0.4 ac lot
Individually Owned 10-yr Hold ~ Est. High Equity
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Property summary

AI-generated overview

This iconic Bernardsville property, located at 1 Mill Street, presents a rare opportunity to acquire a piece of history. Originally constructed in 1849 as The Old Stone Hotel, this three-story building boasts nearly 10,000 square feet of space, meticulously remodeled and revitalized over the years. Major renovations, including exterior stone repointing and a complete interior overhaul, were completed in 2007, with subsequent updates in 2016 and 2021. The property's rich history is evident in its stunning stone faГ§ade and charming character, while modern updates ensure functionality and appeal. Currently operating as a multi-floored upscale restaurant offering both formal and casual dining options, this turnkey operation includes a generous private parking area, supplementing the readily available public parking nearby. The property sits on a 0.4-acre lot and benefits from its proximity to the Quimby Lane Redevelopment Plan District, promising future growth and development in the area. The restaurant's expansive interior space is complemented by an outdoor dining area, providing ample seating for patrons. This exceptional property offers a unique blend of historical charm and modern amenities, making it an ideal investment for discerning buyers seeking a high-profile, established business in a vibrant downtown location. The asking price is $3,990,000.

Property profile

Verified
Property type Commercial real estate
Use group COMMERCIAL (GENERAL)
Construction FRAME
Total area 9,909 SF
Lot 0.4 ac (17,424 SF)
Zoning code D-CO
APN 03 00069-0000-00038
UPID US59-0781566

Cap rate & NOI

Priority signal for investors
Implied cap rate, NOI & suggested price
Cap rate vs submarket · NOI estimate · 3 price anchors

Current use

Occupant on record · Public records
  • Restaurant

Location

1 Mill St Bernardsville, NJ 07924
Bernardsville metro Census 52701 NEW YORK-NORTHERN NEW JERSEY-LONG ISLAND, NY-NJ-PA METROPOLITAN STATISTICAL AREA
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Value estimations

Realmo proprietary · 4 methods
AI Approach AI
by Request
CAP Approach CAP
by Request
Comparable Approach Comparable
$1.70M
Blend (final) Blend
$1.40M

Owner & transaction history

since 2016
3 recorded transactions
2016
$1.5M
2007
Price N/A
2007
$999,000

Zoning & alternative use

D-CO · Bernardsville, NJ
Zoning description

Downtown Corridor Subdistrict (D-Co). 1. Description and Intent. The Downtown Corridor subdistrict extends along Morristown Road east of the core and serves as a portion of the eastern gateway into Bernardsville. The are…

General category CIVIC_INSTITUTIONAL

Comparables

6 recent transactions · within 1.5 mi
Comparable in this city
6 recent transactions
Recent comparable sales
Sale price & price/SF · Sale date & distance · Adjustments & confidence
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