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230 Wellington, Traverse City, MI 49686
sale
$4,240,000
|
Other
Courtesy Of Cygnus Real Estate
508 N. Saint Joseph, Suttons Bay, MI 49682
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.
Copyright © 2025 Northern Great Lakes Realtors MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified. Information being provided is for 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.
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Property Features
- Age: Over 50 Years Old
- Architecture Style: Other
- Cooling System: Central Air
- Heating System: Hot Water (Heating)
- Heating System: Forced Air
- MLSID: 1912528
- Roof Type: Asphalt
- Roof Type: Tile
- Rooms: Bathroom 4
- Rooms: Bathroom 5
- Rooms: Basement
- Rooms: Bathroom 2
- Rooms: Bathroom 3
- Rooms: Bathroom 1
Directions to This Property
230 Wellington, Traverse City, MI 49686
Demographic Data for 230 Wellington, Traverse City, MI 49686
Average Age
47
Married
44%
Number of Homes
10,586
Homes with Children
18.46%
Occupation Type
Transportation to Work
Data powered by Attom Data Solutions. Copyright© 2025. Information deemed reliable but not guaranteed.
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