Historic Bed & Breakfast with Carriage
For Sale
$3,995,000
230 Wellington, Traverse City, MI 49686
The inn includes two separate apartments, each with a kitchen and in-unit laundry.
Property Size15,918 SF
Price / SF$250.97
Days on Market1222
Property Features for 230 Wellington
General Information
Standard status
Active
Size
15,918 SF
Property subtype
Commercial
Additional Details
Business Included
Yes
Building Details
Buildings
2
Construction
Neo-Classical Revival
Listing Agency:
Cygnus Real Estate
Listed By:
Carole L Higgins · License #6502370294
(231) 633-2577
Source:
Pyxisrealty
Added: Jun 20, 2023
Changed: Oct 22
Last Checked: Oct 22 at 1:42AM
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
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Investment Insights
Based on property information with market context.
This historic Neo-Classical Revival property operates as an inn with 9 guest rooms and 15 bathrooms. A carriage house contains two separate 2-bedroom apartments, each equipped with a kitchen and an in-unit washer and dryer. The original stables are largely unused, and the 15,918-square-foot property also includes an unfinished basement and the carriage house’s lower level.
The sale includes period antiques and furnishings, along with the inn’s website, marketing materials, licenses, and associated intellectual property. A detailed inventory of furniture, fixtures, and equipment is to be provided during due diligence. The property is located at 230 Wellington in Traverse City, Michigan.
The sale includes period antiques and furnishings, along with the inn’s website, marketing materials, licenses, and associated intellectual property. A detailed inventory of furniture, fixtures, and equipment is to be provided during due diligence. The property is located at 230 Wellington in Traverse City, Michigan.
Key Highlights
- Operating inn with 9 guest rooms and 15 bathrooms
- 15,918 square feet, including an unfinished basement and the carriage house’s lower level
- Carriage house has two separate 2‑bedroom apartments, each with a kitchen and in‑unit washer and dryer
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$119,767
Cap Rate
3.00%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,395,340
$2.4M
Cap Rate 7%
$1,710,957
$1.7M
Cap Rate 9%
$1,330,744
$1.3M
Market Conditions
NOI Build-Up for 15,918 SF
Gross rent
$286.5K $18.00/SF
− Vacancy
−$34.4K −$2.16/SF
EGI
$252.1K $15.84/SF
− OpEx
−$132.4K −$8.32/SF
NOI
$119.8K $7.52/SF
Area
Grand Traverse County, MI
Vacancy
12.00%
Lease Rate
$18.00 /SF/Yr
Expense Ratio
52.50%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap Rate 5%
$2,395,340
Cap Rate 7%
$1,710,957
Cap Rate 9%
$1,330,744
Alternative Uses
Best Use
Hotel Hospitality
$1.71M
$1.50M – $2.00M
NOI $119,767 @ 7.0% cap · market cap 3.00%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$3.46M
$3.03M – $4.03M
NOI $242,055 @ 7.0% cap · market cap 6.06%
Zoning and permitted uses should be independently verified with authorities.
How Realmo checks its estimates
Property Analytics
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Current Use
Lease Details
Turnkey business
Opportunity
Location Intelligence
Trade Area within ½ mile
1,914
Businesses Nearby
Well-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49686, MI
25,859
Population
13,261
Households
2
Avg Household Size
45
Median Age
46%
College-Educated
95%
High-School Grad
47.3 sq mi
ZIP Area
547
Density / Sq Mi
$71,198
Median Household Income
$40,373
Median Earnings
$1,209
Median Rent
$295,500
Median Home Value
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Cap Rate, Value Estimation, Potential NOI and more
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Similar Off Market Nearby
- 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
- Wellington Inn — 230 Wellington St, Traverse City, MI 49686
- Northern Home & Cottage — 125 Park St #155, Traverse City, MI 49684
- Terrace Beach Motel — 841 E Front St, Traverse City, MI 49686
Frequently Asked Questions
What type of property is this?
Bed & breakfast - The inn includes two separate apartments, each with a kitchen and in-unit laundry.
Where is this bed & breakfast located?
The property is located at 230 Wellington 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: Operating inn with 9 guest rooms and 15 bathrooms; 15,918 square feet, including an unfinished basement and the carriage house’s lower level; Carriage house has two separate 2‑bedroom apartments, each with a kitchen and in‑unit washer and dryer
