230 Wellington St Traverse City, MI 49686

This stately neo-classic revival property, a piece of Traverse City's history, was once owned by the son of a lumber baron. After falling into disrepair, the property was lovingly restored to its original grandeur by the current owners from 1999 to 2003. The property is offered as a turnkey bed and breakfast business, boasting 9 bedrooms and 15 bathrooms. It also includes a carriage house with two 2-bedroom apartments, each with a kitchen and washer/dryer. The original stables below the carriage house 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, detailed in the FFE list. Also included are the website, advertising materials, licenses, and intellectual property. The property, totaling 11,807 square feet, is located at 230 Wellington St, Traverse City, MI 49686. 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.