$2,600,000

The subject property is a three-parcel, approximately 0.85-acre redevelopment opportunity just two blocks from downtown Calistoga, California. Zoned Community Commercial, the assemblage offers frontage and access along Foothill Boulevard and Pine Street, existing residential income and the potential for mixed-use development in Napa Valley. The property currently includes seven residential units comprising six one-bedroom apartments and one two-bedroom apartment, generating current annual gross scheduled rent of $37,200. This established income stream provides a source of interim cash flow to help offset property taxes, insurance, maintenance and other holding costs while a buyer evaluates development alternatives and pursues entitlements. The existing residential improvements, together with the adjoining vacant parcel, offer flexibility to maintain rental operations while planning a future mixed-use project. This combination of current income and redevelopment potential positions the assemblage as a covered-land investment opportunity. Preliminary development underwriting evaluates 30 residential units and approximately 4,000 square feet of ground-floor commercial space. The site's base residential density of 20 units per acre supports approximately 17 units; the 30-unit scenario assumes additional density through applicable mixed-use provisions and density allocations, subject to City approval. The property is not entitled for this development program. The combined assemblage provides flexibility for building placement, parking, circulation and commercial frontage while allowing fixed development costs to be distributed across a larger project. Existing residential improvements at 912 Foothill Boulevard and 1116 Pine Street provide interim income, complemented by an approximately 0.37-acre vacant development parcel. The preliminary development model projects stabilized annual net operating income of approximately $896,000, indicating a completed-project value of approximately $18.9 million at a 4.75 capitalization rate. These projections are illustrative and depend on final entitlements, development costs, achievable rents and market conditions.