Page 1
326-328 Main Street, Natchez, MS – Page 1
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
Page 2
326-328 Main Street, Natchez, MS – Page 2
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
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.
Page 3
326-328 Main Street, Natchez, MS – Page 3
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
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
Page 4
326-328 Main Street, Natchez, MS – Page 4
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
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
Page 5
326-328 Main Street, Natchez, MS – Page 5
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
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.
Page 6
326-328 Main Street, Natchez, MS – Page 6
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
MAP
326-328 Main Street is located in Downtown Natchez.
Page 7
326-328 Main Street, Natchez, MS – Page 7
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
PHOTOGRAPHS
Photographs provided by Douglas Adams Photography, January 2020.
Page 8
326-328 Main Street, Natchez, MS – Page 8
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
Page 9
326-328 Main Street, Natchez, MS – Page 9
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
Page 10
326-328 Main Street, Natchez, MS – Page 10
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
Page 11
326-328 Main Street, Natchez, MS – Page 11
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
Page 12
326-328 Main Street, Natchez, MS – Page 12
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
Page 13
326-328 Main Street, Natchez, MS – Page 13
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
Page 14
326-328 Main Street, Natchez, MS – Page 14
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
Page 15
326-328 Main Street, Natchez, MS – Page 15
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
Page 16
326-328 Main Street, Natchez, MS – Page 16
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
Page 17
326-328 Main Street, Natchez, MS – Page 17
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
Page 18
326-328 Main Street, Natchez, MS – Page 18
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
Page 19
326-328 Main Street, Natchez, MS – Page 19
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
Page 20
326-328 Main Street, Natchez, MS – Page 20
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
ZONING
B-3, Central Business District.
Page 21
326-328 Main Street, Natchez, MS – Page 21
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
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.
Page 22
326-328 Main Street, Natchez, MS – Page 22
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
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
Page 23
326-328 Main Street, Natchez, MS – Page 23
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
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.
Page 24
326-328 Main Street, Natchez, MS – Page 24
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
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.
Page 25
326-328 Main Street, Natchez, MS – Page 25
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
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
Page 26
326-328 Main Street, Natchez, MS – Page 26
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
REALTOR AND BROKER BIOGRAPHIES
Peter W. Patout
Realtor & Historic Properties Specialist
Talbot Historic Properties
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.
Page 27
326-328 Main Street, Natchez, MS – Page 27
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
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
Page 28
326-328 Main Street, Natchez, MS – Page 28
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
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