$4,200,000
1221 Seminary ST Napa, CA 94559
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Listed by Erin Lail • Coldwell Banker Brokers of the Valley
$4,200,000
Est. payment /mo
Active
1221 Seminary ST Napa, CA 94559
UPDATED:
09/09/2024 06:42 PM
Key Details
Property Type Commercial
Sub Type Hotel-Motel
Listing Status Active
Purchase Type For Sale
MLS Listing ID 324069774
HOA Y/N No
Year Built 1861
Property Description
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.
Location
State CA
County Napa
Area Napa
Zoning Bed and Breakfast/Hotel, PD Overlay
Others
Special Listing Condition Offer As Is, None
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