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UNKNOWN

230 Wellington

230 Wellington, Traverse City, MI 49686-2610

$4,250,000
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.

11,807 Sq.Ft. LIVING AREA

0.51 Acres lot

CAROLE HIGGINS

CAROLE HIGGINS

Features & Amenities

Area & Lot

  • Status UNKNOWN
  • Living Area11,807 Sq.Ft.
  • Lot Area0.51 Acres
  • MLS® ID1912528
  • YEAR BUILT1905

Exterior

  • water SourceMunicipal Water
  • roofAsphalt, Tile
  • parkingOther, Parking Lot, Paved, Street Parking
  • sewerMunicipal
  • SubstructureFrame
  • other exterior FeaturesWood

Financial

  • Sales Price$4,250,000
  • Zoning Residential,Special Use

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Schedule a Showing

We would love to show you our beautiful property. Please select your preferred date and time below. An agent will be in touch shortly to confirm your appointment.
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Thank you for your interest in 230 Wellington, Traverse City, MI 49686-2610. We are reviewing your request and will be in touch shortly!

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