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230 Wellington

  • Traverse City, MI
  • $4,249,500

ABOUT

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.
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.
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.
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1905

1905

Year Built

15

15

Total Bathrooms

11,807

11,807

Sq.Ft.

Living Space

0.51

0.51

Acres

Lot Size

image

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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.

Schedule a Tour

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.

Thank you for your interest in 230 Wellington, Traverse City, MI 49686. We are reviewing your request and will be in touch shortly!
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01

Interior

Total Bathrooms

15
01

Exterior & Building

Water Source

Public

Roof

Asphalt, Tile

Lot Features

Corner Lot, Freestanding

Parking

Paved, Parking Lot, On Street, Other

Heat Type

Forced Air, Hot Water, Natural Gas

Air Conditioning

Central Air

Sewer

Public Sewer

Substructure

Stone

Disability Features

None

Security Features

Fire Sprinkler System
01

Lot & Area

Status

For Sale

Living Area

11,807 Sq.Ft.

Lot Size

0.51 Acres

MLS® ID

1912528

Type

Commercial

Year Built

1905

Neighborhood

TRAVERSE CITY
01

Finance

Sales Price

$4,249,500

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TRAVERSE CITY

Traverse City is known as the "Cherry Capital of the World." The area is also known for their natural attractions like freshwater beaches, vineyards, wineries and the proximity to Sleeping Bear Dunes National Lakeshore.

In between nature and water, you’ll find a community connected by both where there’s always something happening. If you’re not near the water, or on the trails, you’re likely exploring the county roads in search of scenic overlooks and local treats. Traverse City is a destination where your journeys are filled with moments between activities that allow you to realize you are exactly where you should be. It’s where the great outdoors calls your name and invites you to find adventures. From climbing the Sleeping Bear Dunes, to winding down at local wineries, it’s a destination where your days are carefree, and your nights are crowned with the jewels of colorful sunsets. Welcome every moment, where it’s always the right time and always the right place.

In between nature and water, you’ll find a community connected by both where there’s always something happening. If you’re not near the water, or on the trails, you’re likely exploring the county roads in search of scenic overlooks and local treats. Traverse City is a destination where your journeys are filled with moments between activities that allow you to realize you are exactly where you should be. It’s where the great outdoors calls your name and invites you to find adventures. From climbing the Sleeping Bear Dunes, to winding down at local wineries, it’s a destination where your days are carefree, and your nights are crowned with the jewels of colorful sunsets. Welcome every moment, where it’s always the right time and always the right place.
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CAROLE HIGGINS

EM

CAROLE HIGGINS

Broker | Owner

6502370294

I can offer you personalized service with abundant experience you can depend on, in-depth knowledge, and agility for complex transactions.

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Phone
(231) 633-2577