@Daniel Lizik gave an good answer (now deleted) for the part: how to output the value, e.g. using his answer:
#!/usr/bin/env node
function f() {
return "test";
}
console.log(f())
And for the part how to capture the value in bash, do exactly as in your question:
#!/bin/bash
val=$(node app.js)
echo "node returned: $val"
the above prints:
node returned: test