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    230 Wellington St Traverse City, MI 49686

    For Sale
    $4,240,000

    Bed & Breakfast - Traverse City, MI

    Property size:
    11,807 SF
    Lot size:
    0.51 Acres
    Days on Market:
    246
    Last Refresh:
    Dec 15 at 9:06 am

    Property Features for 230 Wellington St

    General Information

    Property type
    Commercial Sale
    Property subtype
    Other
    Standard status
    Active
    Zoning
    Residential,Special Use
    Rooms
    Basement, Bathroom 1, Bathroom 2, Bathroom 3, Bathroom 4, Bathroom 5
    Bathrooms
    15
    Basement Y/N
    1
    Size
    11,807 SF
    Lot size
    0.51 Acres

    Utilities

    Heating system
    Forced Air, Hot Water (Heating)
    Cooling system
    Central Air

    Building Details

    Year built
    1905
    Roof type
    Asphalt, Tile
    Architectural style
    Other

    Cygnus Real Estate (231) 994-3225 [email protected]

    Listing agent Carole Higgins (231) 994-3225

    Listing date Apr 14, 2025

    MLS# 1912528 Listing URL

    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.

    Overview

    Traverse City Bed & Breakfast

    This stately neo-classic revival property, a piece of Traverse City's history, is available for sale. Once owned by the son of a lumber baron, the property was lovingly restored to its original grandeur by the current owners from 1999 to 2003, a restoration process that took four years and multiple millions of dollars. The property is offered as a turnkey bed and breakfast business, boasting 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. The sale includes numerous period antiques and furnishings, detailed in the FFE list, as well as the website, advertising materials, licenses, and intellectual property. The property, situated on a 0.51-acre lot, may be financed with a combination of an SBA504 & SBA 7a if buyer income and credit qualifies. Commercial portfolio loans are also an option. The pro-forma cap rate is 10.5%, ROI is 13.5%, and cash-on-cash is 13.18%, with a substantial vacancy rate. Subsequent years after year one should improve.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Wellington Inn Bed & Breakfast

    Suggested Use

    Restaurant Law Firm Spa & Massage Dental Office Realty agency Hair Salon Nail Salon Building Supply Gym & Fitness Auto Repair Shop

    Zoning and permitted uses should be independently verified with local authorities.

    Similar Places Nearby

    Wellington Inn, Northern Home & Cottage, Oviatt House Bed and Breakfast, Two Lower Level Apartments near Boardman Lake, Terrace Beach Motel

    Location Insight

    • Map
    • Local Demand
    City
    Traverse City
    County
    Grand Traverse
    State
    Michigan
    Longitude
    -85.613939
    Latitude
    44.762

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    FAQs

    What type of property is this?
    Bed & breakfast - Legacy property with 9 bedrooms, 15 bathrooms, and carriage house.
    Where is this bed & breakfast located?
    The property is located at 230 Wellington St Traverse City, MI.
    What is the asking price?
    The asking price for this property is $4,240,000.
    What are key features of this property?
    This property features: - Turnkey 5-star bed and breakfast business with a proven track record (Pro-forma cap rate-10.5%, ROI- 13.5% & cash-on-cash- 13.18%).; - Historic neo-classic revival property meticulously restored (1999-2003) to its original grandeur.; - Substantial size: 9 bedrooms, 15 bathrooms, and a carriage house with two 2-bedroom apartments, totaling 15,918 square feet.
    (231) 994-3225
    Request Owner's contact information
    230 Wellington St Traverse City, MI 49686
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    230 Wellington St Traverse City, MI 49686
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