Historic Traverse City Bed & Breakfast

230 Wellington St, Traverse City, MI 49686

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For Sale

$3,995,000

Turnkey bed and breakfast with neo-classic revival architecture.

Type:Commercial/Industrial

Property size:

11,807 SF

Lot size:

0.51 Acres

Price / SF:

$338/SF

We can help!

Contact an agent

Carole L Higgins

Real Estate License ID: 6502370294

HighLights

Turnkey 5‑star bed and breakfast business with 9 bedrooms and 15 bathrooms.
Includes a carriage house with two 2‑bedroom apartments, each with a kitchen and washer/dryer.
Historically significant property, once owned by the son of a lumber baron, lovingly restored to its original grandeur.
Large property: 15,918 total square feet including the main house and carriage house.
High pro‑forma cap rate (10.5%), ROI (13.5%), and cash‑on‑cash return (13.18%) with potential for improvement.
Includes period antiques, furnishings, website, advertising materials, licenses, and intellectual property.

For Sale

$3,995,000

Turnkey bed and breakfast with neo-classic revival architecture.

Type:Commercial/Industrial

Property size:

11,807 SF

Lot size:

0.51 Acres

Price / SF:

$338/SF

Added:: Jun 22, 2023
Days on Market:: 1112
Last Refresh:: Jul 4 at 3:58 pm

Property Features for 230 Wellington St

General Information

Standard status: Active
Size: 11,807 SF
Lot size: 0.51 Acres
Property subtype: Commercial/Industrial

Building Details

Year Built: 1905

We can help!

Contact an agent

Carole L Higgins

Listing office Cygnus Real Estate

Listing date Jun 22, 2023

Source Exitrealty

Displayed information is deemed reliable but is not guaranteed and should be independently verified.

All listing content including descriptions, pricing, images are the copyrighted material of Cygnus Real Estate

HighLights

Turnkey 5‑star bed and breakfast business with 9 bedrooms and 15 bathrooms.
Includes a carriage house with two 2‑bedroom apartments, each with a kitchen and washer/dryer.
Historically significant property, once owned by the son of a lumber baron, lovingly restored to its original grandeur.
Large property: 15,918 total square feet including the main house and carriage house.
High pro‑forma cap rate (10.5%), ROI (13.5%), and cash‑on‑cash return (13.18%) with potential for improvement.
Includes period antiques, furnishings, website, advertising materials, licenses, and intellectual property.

Overview

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.

Property Profile Location Intelligence

Current Use by Public Records

Wellington Inn Bed & Breakfast

Suggested Use

Similar Places Nearby

Wellington Inn — 230 Wellington St, Traverse City, MI 49686
Northern Home & Cottage — 125 Park St #155, Traverse City, MI 49684
Oviatt House Bed and Breakfast — 244 E Eighth St, Traverse City, MI 49684
Two Lower Level Apartments near Boardman Lake — E Eighth St #544, Traverse City, MI 49686
Terrace Beach Motel — 841 E Front St, Traverse City, MI 49686

Location Insight

Map
Local Demand

City: Traverse City
County: Grand Traverse
State: Michigan
Longitude: -85.6139
Latitude: 44.762

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For sale
Bed & breakfasts
MI
Traverse City
49686
230 Wellington St

What type of property is this?

Bed & breakfast - Turnkey bed and breakfast with neo-classic revival architecture.

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 $3,995,000.

What are key features of this property?

This property features: Turnkey 5‑star bed and breakfast business with 9 bedrooms and 15 bathrooms.; Includes a carriage house with two 2‑bedroom apartments, each with a kitchen and washer/dryer.; Historically significant property, once owned by the son of a lumber baron, lovingly restored to its original grandeur.