downtown natchez 326-328 main street

326-328 Main Street, Natchez, MS –

Peter W. Patout, Listing Agent

Historic House Specialist Licensed in Louisiana and Mississippi

Cell: (504) 481-4790

January 8, 2020

www.PeterPatout.com

Talbot Historic Properties

605 Congress Street, New Orleans, LA 70117 office: (504) 415-9730

Downtown Natchez Ground floor commercial space & second floor residential space

326-328 MAIN STREET Natchez, Adams County, Mississippi, 39120

Built c. 1900

New price!

$320,000




Cell: (504) 481-4790

January 8, 2020

www.PeterPatout.com



COPYRIGHT © 2020

PETER W. PATOUT

ALL RIGHTS RESERVED

THE INFORMATION CONTAINED WITHIN

IS FOR USE STRICTLY BY PETER W. PATOUT/TALBOT HISTORIC PROPERTIES

AND MAY NOT BE DUPLICATED WITHOUT SIGNED WRITTEN CONSENT

UNAUTHORIZED USE OF THIS MATERIAL WILL BE SUBJECT TO LEGAL ACTION AT

USERS EXPENSE.

DISCLAIMER ABOUT PROPERTY INFORMATION PACKET

The information set forth in this packet is believed to be correct. However, the mortgagee/owner of this

property and Talbot Historic Properties make no warranties or guarantees as to the accuracy of this

information.

Buyers shall rely entirely on their own information, judgement and inspection of the property and records.

This property is to be sold on an as-is, where-is basis, with all faults.

Listing Agent, Peter W. Patout discloses he is acting solely as an agent for the mortgagee in the

marketing, negotiations, and sale of this property. The purchase(s) agree that the mortgagee and agents

make no warranties of any kind of any kind regarding the use, condition, or value of the property.




Cell: (504) 481-4790

January 8, 2020

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TABLE OF CONTENTS

Sale of Real Estate 4

Public information

Utilities Building materials & systems

Size

Adams County Tax Assessor

Property Description 5

Architecture

Grounds

Map 6

Photographs 7

Zoning 20

Opportunity Zones 21

Historic Tax Credits 23

National Register of Historic Places 25

Realtor and Broker Biographies 26

Bibliography 28




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January 8, 2020

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SALE OF REAL ESTATE

PUBLIC INFORMATION

Address: 326-328 Main Street

Natchez, MS 39120

Built: 1900

Land: 2,754 sqft: 27’ feet fronting Main Street by 102 feet depth.

Stories 2 + finished basement.

UTILITIES

Energy: Entergy

Water: Natchez Water - City

Internet: Possible internet available

BUILDING MATERIALS & SYSTEMS

Roof Type: Wood trusses and decks

Roof Material: Tar and gravel

Floor: Double pine

Exterior Wall: Masonite

Interior Wall: Drywall

Electrical Yes, average condition

Basement Has a bathroom and plumbing. No central air and heat.

First floor 2,700 square feet with a bathroom, plumbing and central air and heat.

Second floor 2,160 square feet with access to plumbing. However, no systems like bathroom, kitchen,

shower were built. No central air or heat.

Fireplace Closed up fireplaces.

SIZE

Living sqftt: 4,860 sqft

First floor: 2,700 sqft

Second floor: 2,160 sqft

ADAMS COUNTY TAX ASSESSOR

Acreage: .06 acre

Parcel Pin: 008501

Parcel no: 41-111E-58

Square: 111

Lot: 58




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January 8, 2020

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PROPERTY DESCRIPTION

ARCHITECTURE – The 2-story Romanesque Revival store at 326-328 Mains Street is eligible for

commercial use on the bottom floor and flex residential or commercial use on the second floor. There is a

finished basement with a ventilated entresol.

It is a contributing building in the historic Natchez On-Top-of-the-Hill National Register of Historic

Places District. It is under the jurisdiction of the Natchez historic preservation board. Built between 1897

and 1904.1

This commercial building is a shop on the first floor and flex space on the second floor. It is clad in

yellow stone with arched openings, and keystones, rough stone, and pilasters. It is four bays wide and

one bay deep (no side windows). It has a flat roof, is on grade on a concrete or brick foundation.

The floors are double pine, and the walls are remodeled from plaster to drywall.

GROUNDS: The size of the lot is 27 feet fronting Main Street, depth of 120 feet, 2,754 square feet,

approximately .06 acre. There are two small trees on the sidewalk in the front. The building begins at the

property line and sits on a concrete/brick foundation. The property next door was built in tandem (334

Main Street) as evidence in its matching architectural styles. The buildings of this block each share a

brick fire-wall. The rear is accessed through a common alley, Banks Alley, shared by all the buildings on

the block.

1 According to the National Register of Historic Places district nomination form for the Natchez On-Top-of-the-Hill

Historic District.




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MAP

326-328 Main Street is located in Downtown Natchez.




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January 8, 2020

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PHOTOGRAPHS

Photographs provided by Douglas Adams Photography, January 2020.




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ZONING

B-3, Central Business District.




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OPPORTUNITY ZONES

An explanation of Opportunity Zones as it relates to real estate.

Qualified Opportunity Zones are low income areas proposed by governors and authorized by the U.S.

Department of the Treasury into which investors can reintroduced capital toward financing new projects

and enterprises in exchange for federal capital gains tax advantages. Currently, there are more than 8,700

Opportunity Zones in all 50 states and U.S. territories. The designations will remain until December 31,

2028. An investor can form private investment vehicles known as Qualified Opportunity Funds, when at

least 90 percent of capital in qualifying assets is placed in Opportunity Zones. A Qualified Opportunity

Fund can be organized as a corporation, LLC, or a partnership under the tax code.

Tax breaks from Opportunity Zones: Investors can defer capital gains, the longer the investment is held.

Normal rate: 20% + 3.8% surtax

After 7 years, investors only pay 85% (15% taxed)

After 10 years, investor pays 0%

Capital gains = a profit from the sale of property or an investment (such as real state). It may also

refer to a different form of profit received from an asset that refers to “investment income” in the form of

cash flow or passive income that arises in relation to real assets, like property.

Capital gains tax (CGT) = a tax on capital gains, the profit realized of a non-inventory asset that was

great than the amount realized on the sale.

Courtesy of Silas Simmons, LLC June 3. 2019. Email.




Cell: (504) 481-4790

January 8, 2020

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Q. What is an Opportunity Zone?

A. An Opportunity Zone is an economically-distressed community where new investments, under certain

conditions, may be eligible for preferential tax treatment. Localities qualify as Opportunity Zones if they

have been nominated for that designation by the state and that nomination has been certified by the

Secretary of the U.S. Treasury via his delegation of authority to the Internal Revenue Service.

You must sell an asset and reinvest your profit into an Opportunity Zone, and then that portion is what

you will be incentivized. You can do a 1031-exchange with real estate this, for example.

Q. How were Opportunity Zones created?

A. Opportunity Zones were added to the tax code by the Tax Cuts and Jobs Act on December 22, 2017.

Q. How do Opportunity Zones spur economic development?

A. Opportunity Zones are designed to spur economic development by providing tax benefits to investors.

First, investors can defer tax on any prior gains invested in a Qualified Opportunity Fund (QOF) until the

earlier of the date on which the investment in a QOF is sold or exchanged, or December 31, 2026. If the

QOF investment is held for longer than 5 years, there is a 10% exclusion of the deferred gain. If held for

more than 7 years, the 10% becomes 15%. Second, if the investor holds the investment in the

Opportunity Fund for at least ten years, the investor is eligible for an increase in basis of the QOF

investment equal to its fair market value on the date that the QOF investment is sold or exchanged.

Q. Where are the Opportunity Zones?

A. The map in the link shows which communities have been designated as Opportunity Zones:

https://eig.org/opportunityzones

https://eig.org/opportunityzones




Cell: (504) 481-4790

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HISTORIC TAX CREDITS

TAX CREDIT EXPLANATION

SUMMARY

326-38 Main Street, Natchez, MS is eligible for a combination of federal and state commercial

rehabilitation tax credits totaling 40% of eligible costs for a potential rehabilitation of the property.

FEDERAL REHABILITATION TAX CREDIT – 20%

The 20% rehabilitation tax credit applies to any project that the Secretary of the Interior designates a

certified rehabilitation of a certified historic structure. A certified historic structure is deemed as a

building that is listed in the National Register of Historic places, either individually or as a contributing

building in a National Register historic district that has been certified by the Department of the Interior

(National Park Service).

Minimum to spend: building’s adjusted base minimum.

Adjusted base minimum = + acquisition price

(ABM) – land cost

– depreciation

+ capital improvements

Length to apply credits to income tax: 20 years forward, as well as 1 year back.

Credits may not be sold.

MISSISSIPPI STATE INCOME TAX CREDIT – 25%

The 25% MS State Income Tax Credit program is administered by the Mississippi Department of

Archives and History. To be eligible a building must listed individually in the National Register of

Historic Places, be certified as a contributing property in a National Register-listed historic district,

or be designated a Mississippi Landmark.

Minimum to spend: 50% of ABM (above)

Length to apply credits to income tax: 10 years forward.

Credits may be sold for $.88 on the dollar.

DETAILS ON THE TAX CREDIT

The Tax Credit:

A tax credit is a direct, dollar for dollar reduction in the amount of money a taxpayer must pay in taxes for

a given year. For example, if a taxpayer owes $5,000 in taxes to the Department of Revenue (DOR), but

has a $3,000 credit, he only pays $2,000. Thus he pockets the $3,000 he would otherwise pay in taxes. A

credit is much better than a deduction which merely reduces a taxpayer’s income and may (or may not)

put him in a lower tax bracket. If a taxpayer earns more credit than he can use in a single tax year, he can

carry the tax credit forward up to five years or may transfer the credit balance to another Mississippi

taxpayer.

Figuring the Credit:

The tax credit is 20% of the cost of rehabilitating (restoring or improving) a historic structure. For

example, if a developer spent $100,000 rehabilitating a historic building, he would get 20%, or $20,000,

as a credit. The rehabilitation cost, which in the previous case was $100,000, is calculated by adding the

cost of materials, fixtures, mechanical equipment, labor, and fees. The rehabilitation cost, which is the

basis of the credit, does not include the following: 1) the cost of acquiring the property, 2) new additions

which are considered new construction, and 3) landscaping, fences, and parking lots.




Cell: (504) 481-4790

January 8, 2020

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Division of Historic Preservation Approval: All exterior and interior work must be certified by the Division of Historic Preservation as meeting the

Secretary of the Interior’s Standards for Rehabilitation. These are essentially guidelines for renovating

historic buildings. The Standards provide that a building’s historic features are preserved and that new

additions and alterations are compatible with its architectural integrity. The Division of Historic

Preservation (DHP) will, at the applicant’s request, meet on-site to ensure that the rehabilitation work

proposed will meet the Standards. State assistance is fee of charge; however, application fees are required.

These fees are subject to change and should be confirmed with DHP prior to the submission of any

application.

The Time Frame: Projects are generally completed within two years. Within 24 months, the project must have expended

enough funds to exceed the building’s adjusted basis. The project must be completed for the year for

which the credit is claimed. For example, if the project was completed in 2010, the credit can be claimed

for 2010. A project may take up to five years if permission is requested in advance and the work is

phased. Project completion dates may not exceed the sunset date of the program.




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NATIONAL REGISTER OF HISTORIC PLACES

Natchez On-Top-of-the-Hill Historic district is a historic district in Natchez, Mississippi that was on the

National Register of Historic Places in 1979.

Reference Number: 79003381




Cell: (504) 481-4790

January 8, 2020

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REALTOR AND BROKER BIOGRAPHIES

Peter W. Patout

Realtor & Historic Properties Specialist


Licensed in Louisiana & Mississippi

Peter W. Patout is a native of south Louisiana and grew up among the sugar cane fields of the Bayou

Teche country. He is a historic property specialist, and is a proud long term resident and property owner

in the French Quarter of New Orleans, in addition to owning a historic family home in Patoutville,

Louisiana. A consummate ambassador for Louisiana, Peter’s family have been land and plantation

owners for twelve generations in Louisiana and Mississippi. Peter studied architecture for two years and

received a business degree from University of Louisiana at Lafayette. He also studied Louisiana

Architectural History at Tulane University in New Orleans. The founder and owner of Peter Patout

Antiques & Appraisals in New Orleans since 1984, his areas of expertise are Louisiana furniture, fine art,

and decorative arts. For about 20 years, Peter has attended the Natchez Antiques Forum and the Historic

New Orleans Collection’s Forum. Blending his passions for art and architecture, Peter is a founding

member and active on the board of the Louisiana Chapter of the Institute of Classical Architecture & Art.

As a real estate agent with Talbot Historic Properties, he provides his clients with his expertise and

enhances their experience in finding the most beautiful and significant historic homes available.

Past listings

Historic Governor Jacques Dupré Plantation House,

Jarreau, Pointe Coupée Parish, Louisiana. c. 1790 Creole

Plantation.

Dunleith Historic Inn, Natchez, Mississippi. c. 1856 Greek

Revival Plantation.




Cell: (504) 481-4790

January 8, 2020

www.PeterPatout.com



Tracy Talbot

Broker, Talbot Historic Properties

Licensed in Louisiana & Mississippi

Tracy Talbot is from the Bayou Lafourche area not far from Madewood Plantation. Her parents owned

the land where Woodlawn Plantation home once stood. While attending Louisiana State University she

obtained her Louisiana Real Estate License. Once completing her business degree at LSU Tracy moved

west to Colorado. There she worked for a commercial real estate company and opened its residential

division. She held a Colorado license at this time. Tracy relocated to San Francisco and got involved in

the art business. When returning home to Louisiana she was able to combine art and architecture in her

real estate business. "Architecture is art", she always says. She started Talbot Historic Properties in 2001

in the French Quarter, but has extended her market as far as Albania Plantation in St. Mary Parish and

Lakeside Plantation in Point Coupee Parish. Tracy's passion is to combine smart business with historic

preservation.

Current and past listings

Albania Plantation House in Jeanerette, Louisiana.

Constructed c. 1840 for Charles Alexandre

Grevemberg

Lakeside Plantation in Batchelor, Pointe Coupée Parish,

Louisiana. Constructed in the 1860s for Charles Stewart




Cell: (504) 481-4790

January 8, 2020

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BIBLIOGRAPHY

Adams County Tax Assessor.

https://atlas.geoportalmaps.com/Reports/AdamsCO/p/Parcel?PPIN=008501 Accessed February 4, 2019.

National Register of Historic Places. National Park Service.

https://npgallery.nps.gov/GetAsset/2e94ccd2-4f5c-4ae9-ab61-10fc0aee6c11 Access February 4, 2019.

PHOTOGRAPHS

Photographs provided by Douglas Adams Photography, January 2020.

CONTRIBUTORS

Mary Hawkins Butler

Kelly Calhoun, MPS, LREC

Peter Patout, LREC, MREC

EDITOR

Kelly Calhoun, MPS, LREC

https://atlas.geoportalmaps.com/Reports/AdamsCO/p/Parcel?PPIN=008501

https://npgallery.nps.gov/GetAsset/2e94ccd2-4f5c-4ae9-ab61-10fc0aee6c11%20Access%20February%204

downtown natchez 326-328 main street

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