$ 4,249,500
230 Wellington Traverse City, MI 49686-2610
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$ 4,249,500
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11,807 SqFt
$ 4,249,500
Est. payment | /mo
11,807 SqFt
Key Details
Property Type Commercial
Sub Type Business
Listing Status Active
Purchase Type For Sale
Square Footage 11,807 sqft
Price per Sqft $359
Subdivision Mi
MLS Listing ID 80007999
Year Built 1905
Lot Size 0.510 Acres
Acres 0.51
Lot Dimensions 165x132
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.
Location
State MI
County Grand Traverse
Area Traverse City (28021)
Zoning Residential
Interior
Heating Forced Air, Hot Water
Cooling Central A/C
Exterior
Garage Parking Lot
Roof Type Asphalt,Tile
Building
Foundation Basement
Water Public Water
Structure Type Frame,Wood
Others
Ownership Private
Energy Description Natural Gas
Financing Cash,Commercial Loan
Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.
Listed by Cygnus Real Estate
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