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230 Wellington

Traverse City, MI 49686
  • $4,249,500
  • STATUS: Active
  • ON SITE: 332 Days
  • MLS #: 1912528
UPDATED: 118 min ago
$4,249,500
  • 0
    BEDS
  • 0.51
    ACRES
  • 15
    BATHS
  • 0
    1/2 BATHS
  • 11,807
    SQFT
  • $360
    $/SQFT
Neighborhood:
Type:
Commercial
Built:
1905
County:

School Ratings & Info

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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The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. © 2024 Northern Great Lakes REALTORS© MLS. All rights reserved. Data last updated: 2024-05-20T19:52:47.83.
www.brickcorbett.com/homes/140818477
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230 Wellington Traverse City, MI 49686

  • Price: $4,249,500
  • Status: Active
  • On Site: 332 Days
  • Updated: 118 min ago
  • MLS #: 1912528
0
Beds
15
Baths
0
½ Baths
0.51
Acres
11,807
SQFT
$360
$/SQFT
1905
Built
Neighborhood:
Oak Park
County:
Grand Traverse
Area:
Grand Traverse
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

Construction Frame Exterior Features Wood Foundation FullStoneFinished RoomsEgress WindowsDaylight WindowsEntrance Inside Lot Dimensions 165x132 Parking PavedParking LotStreet ParkingOther Road Public MaintainedBlacktop Roof AsphaltTile

Interior Features

Heating Cooling Type Forced AirHot WaterCentral Air

Property Features

Business Incl Yes Business Name The Wellington Inn Deeded Waterfront No Documents On File Furniture & FixturesFinancialLegal DescriptionPersonal Property ListTax ReturnsTitle Insurance Eco Features No Extras Phone SystemSprinkler SystemFurniture/FixturesAdditional Buildings Heating Cooling Source Natural Gas Included In Lease None Inventory Incl Yes Licenses Other Listing Agreement Type Exclusive Right to Sell Location Corner LotFreestanding Lot Number 9 & 10 Percent Of Remodel 100 Possession Negotiable Present Use Bed & Breakfast Real Estate Incl Yes Renewable Not Applicable Sale Or Lease For Sale Sale Rent For Sale Section Number 10 Sewer Municipal Terms Commercial LoanCashOther Township Traverse City Type Hospitality Type Of Ownership Private Owner Univs Design Barrier Free None Vacant Land No Water Municipal Water Year Remodeled 2000 Zoning ResidentialSpecial Use

Listing information © 2024 Northern Great Lakes REALTORS© MLS.
Listing provided courtesy of Cygnus Real Estate: 231-994-3225.



The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. © 2024 Northern Great Lakes REALTORS© MLS. All rights reserved. Data last updated: 2024-05-20T19:52:47.83.
 
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Brick & Corbett
500 S Union Street
Traverse City MI, 49686