444 Alabama St - Veteran Hall
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444 Alabama St - Veteran Hall
29,112 SF Speciality Building Offered at £938,070 at a 13.35% Net Initial Yield in Vallejo, CA 94590
Investment Highlights
- Opportunity Zone, eligible for 40-80% Mills Act tax relief, possible 10-20% reno. Historic Tax credit, close to SF Ferry, pub. trans. & Mare Island.
- Approved event space plans, across from park with 100+ street parking, 20 car private lot.
- Legendary Music History. Great mix of space sizes across 3 floors, with 17' ceilings and 20' main ballroom ceiling.
- Could carry-over existing financing
Executive Summary
What do Ella Fitzgerald, James Brown, Little Richard, Fats Waller, B.B. King, The Kingston Trio, Benny Goodman and the 211th Massachusetts Artillery Battalion have in common? They've all been to the Veteran's Hall. For the full story on the Vet's Hall's musical chops follow these links:
Brendan Riley’s Solano Chronicles Column about the Vet’s Hall.
https://www.facebook.com/profile.php?id=100030913793688
https://www.timesheraldonline.com/2023/02/09/brendan-rileys-solano-chronicles-old-music-mecca-for-sale/
For a narrated video walk thru of the property go to this link. https://vimeo.com/805403940
This could be the North Bay's Fillmore Auditorium for a new generation, yet, far more versatile.
Outstanding Historical Opportunity Zone Investment or Owner User potential near SF Ferry, Mare Island and public transportation. Eligible for 40-80% annual Mills Act tax relief. Also likely eligible for 10-20% Historic Tax credits for renovations. The Veteran's Hall has vintage architecture with a grand staircase, natural light with high enormous windows throughout the property. Three levels which include a Ground Floor that formerly included a commercial kitchen, a Main Floor that has three ballrooms and a large bar with great high ceilings. The top floor ballroom is maybe 95' x 80' x 20' high with an open floor plan and original hardwood floors, stage and balcony. Approved renovation plans for event center use. The floor plan is configured for multi-tenant use, build to suit or create your own space opportunity. The driveway into the ground floor can accommodate low-rise vehicles. 20 space on-site parking lot with alley access. There's ample neighborhood parking around the City Park across the street. Minutes from Mare Island and the Vallejo Waterfront which are slated to be some of the hottest development areas over the coming decade. Take a piece of Vallejo's amazing past and bring it into your future! Forbes Magazine rates Vallejo number 6 - Best Places to Live in California 2023
https://www.forbes.com/advisor/mortgages/best-places-to-live-in-california/
Brendan Riley’s Solano Chronicles Column about the Vet’s Hall.
https://www.facebook.com/profile.php?id=100030913793688
https://www.timesheraldonline.com/2023/02/09/brendan-rileys-solano-chronicles-old-music-mecca-for-sale/
For a narrated video walk thru of the property go to this link. https://vimeo.com/805403940
This could be the North Bay's Fillmore Auditorium for a new generation, yet, far more versatile.
Outstanding Historical Opportunity Zone Investment or Owner User potential near SF Ferry, Mare Island and public transportation. Eligible for 40-80% annual Mills Act tax relief. Also likely eligible for 10-20% Historic Tax credits for renovations. The Veteran's Hall has vintage architecture with a grand staircase, natural light with high enormous windows throughout the property. Three levels which include a Ground Floor that formerly included a commercial kitchen, a Main Floor that has three ballrooms and a large bar with great high ceilings. The top floor ballroom is maybe 95' x 80' x 20' high with an open floor plan and original hardwood floors, stage and balcony. Approved renovation plans for event center use. The floor plan is configured for multi-tenant use, build to suit or create your own space opportunity. The driveway into the ground floor can accommodate low-rise vehicles. 20 space on-site parking lot with alley access. There's ample neighborhood parking around the City Park across the street. Minutes from Mare Island and the Vallejo Waterfront which are slated to be some of the hottest development areas over the coming decade. Take a piece of Vallejo's amazing past and bring it into your future! Forbes Magazine rates Vallejo number 6 - Best Places to Live in California 2023
https://www.forbes.com/advisor/mortgages/best-places-to-live-in-california/
Financial Summary (Pro forma - 2024) |
Annual | Annual Per SF |
|---|---|---|
| Gross Rental Income |
£270,603
|
£9.30
|
| Other Income |
-
|
-
|
| Vacancy Loss |
-
|
-
|
| Effective Gross Income |
£270,603
|
£9.30
|
| Taxes |
£15,649
|
£0.54
|
| Operating Expenses |
£129,762
|
£4.46
|
| Total Expenses |
£145,411
|
£4.99
|
| Net Operating Income |
£125,192
|
£4.30
|
Financial Summary (Pro forma - 2024)
| Gross Rental Income | |
|---|---|
| Annual | £270,603 |
| Annual Per SF | £9.30 |
| Other Income | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Vacancy Loss | |
|---|---|
| Annual | - |
| Annual Per SF | - |
| Effective Gross Income | |
|---|---|
| Annual | £270,603 |
| Annual Per SF | £9.30 |
| Taxes | |
|---|---|
| Annual | £15,649 |
| Annual Per SF | £0.54 |
| Operating Expenses | |
|---|---|
| Annual | £129,762 |
| Annual Per SF | £4.46 |
| Total Expenses | |
|---|---|
| Annual | £145,411 |
| Annual Per SF | £4.99 |
| Net Operating Income | |
|---|---|
| Annual | £125,192 |
| Annual Per SF | £4.30 |
Property Facts
Amenities
- Bus Route
Walk Score ®
Very Walkable (89)
PROPERTY TAXES
| Parcel Number | 0056-071-110 | Total Assessment | £629,206 (2023) |
| Land Assessment | £188,761 (2023) | Annual Taxes | £15,649 (£0.54/sf) |
| Improvements Assessment | £440,444 (2023) | Tax Year | 2024 |
PROPERTY TAXES
Parcel Number
0056-071-110
Land Assessment
£188,761 (2023)
Improvements Assessment
£440,444 (2023)
Total Assessment
£629,206 (2023)
Annual Taxes
£15,649 (£0.54/sf)
Tax Year
2024
zoning
| Zoning Code | Commercial Linear/Pedest (Neighborhood Corridor) |
| Commercial Linear/Pedest (Neighborhood Corridor) |
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444 Alabama St - Veteran Hall
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