On my birthday, September 1st, I wrote about one of Yountville’s last vacant commercial properties selling. In this post was a promise to follow up and let anyone looking for something similar, just how much commercial property sells for. This is the keeping of the promise.
I haven’t been able to ascertain the selling price for 6725 Washington Street, the piece bought by Restoration Hardware and Michael Poelnske of Ma(i)sonry but there are two recent other sales which will give you some idea of commercial values here. Even though downtown St Helena is the most expensive commercial real estate in the Napa Valley, Yountville’s price are just a small amount less.
The two parcels I refer to are the one at 6548 Washington which was five rental units and became the new home of Hestan Wine Tasting room as well as selling gourmet cookware from the owner’s other company. The other is the vacant lot next to the Ranch Market Too at 6490 Washington Street. The Ranch Market is home to the Yountville Deli, one of the best places to get a sandwich in Town.
The Hestan parcel sold September 1, 2011 (no wonder I relate to it, for $1,100,000. Being only 7,405 sf, this figures to nearly $149 per square foot (psf). The one at 6490 was bigger at 16,553 sf and sold for $1,575,000 in October 2010, $95 psf. No doubt the sales price for 6725 is somewhere in between these two numbers and my guess higher to the $149 psf figure. Thus at 25,265 sf, my guess for the price is somewhere around $3 million. Quite the number and I will confirm the actual price as soon as it closes. Not a bad profit being the owners bought this parcel with the restaurant building in tack for $2,215,500 back in 2007.
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