Active

230 Wellington

Traverse City MI, 49686-2610

$4,249,500


$359.91 per sqft

Active

11,807 sqft

Commercial

Built in 1905

Once in a lifetime chance acquire a legacy property and 5-star business! This stately neo-classic revival property is looking for its next steward. The property is a piece of Traverse City's history, once owned by the son of a lumber baron, it fell into disrepair after the the lumber baron's family sold the property and left town. It was lovingly restored to its original grandeur by the current owners. The restoration process, which occurred from 1999 to 2003, took the full 4 years and multiple millions of dollars. It is being offered as a turnkey bed and breakfast business which boasts 9 bedrooms and 15 bathrooms plus a carriage house with two 2-bedroom apartments, each with a kitchen and washer/dryer. The original stables below are currently not utilized but could be converted to event space or more units. The total square footage of the house and carriage house including the unfinished portion of the basement and the lower level of the carriage house is: 15,918 square feet! Included in the sale are numerous period antiques and furnishings the most significant of which are detailed in the FFE list, to be attached to this listing as soon as it is completed. Also included in the sale are the web site, advertising materials, licenses and intellectual property. Words cannot do the property justice- it needs to be seen to be fully appreciated and allow at least an hour to fully take in all the details. This is an operating business- Please do not bother the workers or the guests. Direct all questions to the listing Broker. The property will likely be able to be financed with a combination of an SBA504 & SBA 7a if buyer income and credit qualifies. Commercial portfolio loans are an option as well. Note: Pro-forma cap rate-10.5%, ROI- 13.5% & cash-on-cash- 13.18% and still has substantial vacancy rate as new owners will need time to get it working like the well oiled machine it can be. Subsequent years after year one should improve.

1912528

MLS ID

June 20, 2023

Listed

February 29, 2024

Updated

Map

230 Wellington
Traverse City MI, 49686-2610

Interior Features

Fireplace

No


Cooling

No


Heating

No

Exterior/Building Features

Lot Size

0.51 Acres


Exterior Features

Wood


Roof

Asphalt, Tile


Sewer

Municipal

School Information

School District

0

Other Property Details

Area Name

Grand Traverse


Days on Market

238


Garage

No


Parking

Paved, Parking Lot, Street Parking, Other


View

No


County

Grand Traverse


Water Source

Municipal Water


Pool

No


Zoning

Residential,Special Use


Buyer Agency Compensation

1%

Green Building Features

Green Features

Not Applicable

Listed by with Cygnus Real Estate
Listing Contact:  

The IDX display contains information sourced from the Northern Great Lakes REALTORS® MLS as of 2/29/2024. This data is intended solely for personal, non-commercial use and is not to be utilized for any other purposes except to identify potential properties for purchase. Although the MLS data displayed is typically considered reliable, it is not guaranteed to be accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and are advised to conduct their own investigations or seek professional assistance. Other sources besides the Listing Agent may have contributed to the MLS data presented. Unless expressly specified in writing, the Broker/Agent has not confirmed any information obtained from external sources. The Broker/Agent may or may not have acted as the Listing and/or Selling Agent and cannot guarantee the accuracy of property locations displayed on any map. Any compensation offers are solely made to participants of the MLS where the listing is registered.

©2024 Northern Great Lakes REALTORS® MLS all rights reserved.

Data last updated on 2/29/2024 at 7:20 PM UTC

 

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