MI > Traverse City > Oak Park
Traverse City, MI 49686,230 Wellington Lot: 9 & 10
Traverse City, MI 49686,230 Wellington Lot: 9 & 10
Traverse City, MI 49686,230 Wellington Lot: 9 & 10
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$4,249,500
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11,807 SqFt
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230 Wellington Lot: 9 & 10 Traverse City, MI 49686

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David Elwood

David Elwood

+1(248) 568-5958

UPDATED:

07/27/2024 10:52 AM

Key Details

Property Type Commercial

Sub Type Business Opportunity

Listing Status Active

Purchase Type For Sale

Square Footage 11,807 sqft

Price per Sqft $359

Subdivision Oak Park

MLS Listing ID 78080007999

Originating Board Aspire North REALTORS®

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

Zoning Residential

Interior

Heating Forced Air, Hot Water, Central Air

Heat Source Natural Gas

Exterior

Waterfront no

Roof Type Asphalt,Other

Building

Foundation Basement

Sewer Public Sewer (Sewer-Sanitary)

Water Public (Municipal)

Structure Type Frame,Wood

Schools

School District Traverse City

Others

Tax ID 285179803400

Ownership Private Owned

Acceptable Financing Cash, Other

Listing Terms Cash, Other

Financing Cash,Other

Special Listing Condition Unknown/Data Share Listings

Realcomp MLS
©2024 Realcomp II Ltd. Shareholders
Listed by Carole L Higgins of Cygnus Real Estate

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David Elwood

Broker Associate | License ID: 6506045662

+1(248) 568-5958

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230 Wellington Lot: 9 & 10