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

November 22, 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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