1221 Seminary St Napa, CA 94559

Property Details for 1221 Seminary St

Year built

1861

Lot size

0.31 lot acres

Property type

Commercial real estate

Description

This exceptional Napa Valley property presents a unique investment opportunity. Recently rezoned from residential to a boutique bed and breakfast (B&B) with a Planned Development (PD) overlay, this 0.31-acre lot at 1221 Seminary Street boasts approved plans for an eight-key establishment. The rezoning process received unanimous support from the Cultural Heritage Commission, Planning Commission, and City Council, reflecting the community's enthusiasm for the project. Neighbor support was also significant, further solidifying the project's viability. Detailed design development (DD) plans are in place, and permits are already approved. A substantial portion of the infrastructure work is complete, making this a truly "shovel-ready" project. The property is eligible for the Mills Act, offering a significant tax advantage. With Napa County's tax rate at 1.33%, a $10 million assessment would result in $1.26 million in property tax savings over ten years. Furthermore, the project is structured to utilize an Opportunity Fund, enabling investors to leverage prior capital gains for funding and deferring capital gains taxes for a decade. This allows for complete project financing using existing capital gains and provides a tax-sheltered exit strategy. The current project plan and building plans are available for review. Owners are also open to exploring financing options, making this an attractive and streamlined investment opportunity in the thriving Napa Valley market.