Active
1221 Seminary St
Napa CA, 94559
$4,200,000
Active
Commercial
Built in 1861
The property was rezoned from Residential to a Boutique Bed & Breakfast (B&B) with a Planned Development overlay (PD) under a new ordinance. This change received unanimous and enthusiastic support from the Cultural Heritage Commission, Planning Commission, and City Council, along with strong backing from neighbors who spoke up at crucial city meetings. The approved design development (DD) plans include 8 keys. The property is eligible for the Mills Act, allowing for historic buildings to have property taxes frozen for 10 years. With Napa County's tax rate at 1.33%, a $10M assessment results in $1.26M in savings over 10 years. Additionally, the project is funded through an Opportunity Fund, allowing deferred capital gains for 10 years, meaning investors can fund the project entirely with prior capital gains and shelter an exit. A current project plan and building plan exists with permits approved, and much of the infrastructure work completed. Owners are also open to financing, this property is shovel ready.
324069774
MLSⓇ ID
September 3, 2024
Listed
October 2, 2024
Updated
Map
1221 Seminary St
Napa CA, 94559
Interior Features
Total Stories
0
Fireplace
No
Cooling
No
Heating
No
Exterior/Building Features
Lot Size
0.31 Acres
Other Property Details
Area Name
Napa
Garage
No
Parking Total
0
View
No
County
Napa
Pool
No
Listed by Erin Lail (02027696) with Coldwell Banker Brokers of the Valley
Listing Contact:
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