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230 Wellington

Traverse City, MI 49686
  • $4,249,500
  • STATUS: Active
  • ON SITE: 388 Days
  • ID#: 78080007999
UPDATED: 73 min ago
$4,249,500
  • 0
    BEDS
  • 0.51
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
  • 11,807
    SQFT
  • $360
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1905
County:
Zoning:
Residential
Lot Size Dimensions:
165x132

School Ratings & Info

School District:

Description

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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IDX provided courtesy of Realcomp II Ltd. via The Calhoun Team of Pretty Home Realty and Realcomp II Ltd.. © 2024 Realcomp II Ltd. Shareholders. Real estate listings held by brokerages other than The Calhoun Team of Pretty Home Realty are marked with the Realcomp-approved IDX logo and are provided through IDX through Realcomp II Ltd. IDX information is provided exclusively for the consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Data last updated: 2024-07-15T15:04:56.617.
www.prettyhomerealty.com/homes/140822840
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230 Wellington Traverse City, MI 49686

  • Price: $4,249,500
  • Status: Active
  • On Site: 388 Days
  • Updated: 73 min ago
  • ID#: 78080007999
0
Beds
0
Baths
0
½ Baths
0.51
Acres
11,807
SQFT
$360
$/SQFT
1905
Built
Neighborhood:
Oak Park
County:
Grand Traverse
Area:
Traverse City
School District:
TRAVERSE CITY
Property Description
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.
Exterior Features

Commercial Exterior Features Sprinkler(s) Construction Materials FrameWood Foundation Details Basement Foundation Materials Wood Lot Size Dimensions 165x132 Roof Material AsphaltOther

Interior Features

Heating Cooling Forced AirHot WaterCentral Air Heating Fuel Natural Gas Room Count 0

Property Features

Business Licenses Other Commercial Type Business Opportunity Inventory Included YN Yes Land Contract YN No Listing Financing CashOther Ownership Status Private Owned Possession Negotiable Postal City Traverse City Settlement City Sewer Public Sewer (Sewer-Sanitary) Short Sale No Title Standard (Private) Unparsed Address 230 Wellington Lot: 9 & 10 Water Source Public (Municipal) Zoning Residential

Realcomp IDX logo IDX provided courtesy of Realcomp II Ltd., via Cygnus Real Estate: (231) 994-3225 and Aspire North REALTORS, ©2024 Realcomp II Ltd. Shareholders.


IDX provided courtesy of Realcomp II Ltd. via The Calhoun Team of Pretty Home Realty and Realcomp II Ltd.. © 2024 Realcomp II Ltd. Shareholders. Real estate listings held by brokerages other than The Calhoun Team of Pretty Home Realty are marked with the Realcomp-approved IDX logo and are provided through IDX through Realcomp II Ltd. IDX information is provided exclusively for the consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Data last updated: 2024-07-15T15:04:56.617.
 
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