Property Details
About this Property
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.
MLS Listing Information
MLS #
BA324069774
MLS Source
Bay Area Real Estate Information Services, Inc.
Days on Site
63
Commercial Information
# Buildings / # Units
0
Parking Spaces
0
Present Use
Hotel/Motel, None
Parking, School, and Other Information
Zoning
Bed and Breakfast/Hotel,
Unit Information
| # Buildings | # Leased Units | # Total Units |
|---|---|---|
| 0 | – | – |
Neighborhood: Around This Home
Neighborhood: Local Demographics
Nearby Homes for Sale
1221 Seminary St is a Commercial Sale in Napa, CA 94559. This 0 square foot property sits on a 0.305 Acres Lot and features – bedrooms & – full bathrooms. It is currently priced at $4,200,000 and was built in 1861. This address can also be written as 1221 Seminary St, Napa, CA 94559.
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This listing information is up-to-date as of September 09, 2024. For the most current information, please contact Erin Lail, (707) 333-5596
