For Sale
$3,990,000

1 Mill StBernardsville, NJ 07924

Upscale eatery, 9,909 SF, high NOI

Overview

Added:
Dec 11, 2024
Days on market:
116
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.

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 Details for 1 Mill St

Property type
Retail properties, Restaurants
Square Feet
9,909 SF
Class
A
Year Built/Renovated
1846/2021
Buildings
1
Stories
3
Lot Size (sq. ft)
17,424 SF
Units
1

Location Insight

City
Bernardsville
County
Somerset
State
New Jersey
Latitude
40.7191139
Longitude
-74.569716
1 Mill St, Bernardsville, New Jersey

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1 Mill St
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