230 Wellington, Traverse City, MI 49686 - MLS#78080007999

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Coldwell Banker Town & Country Real Estate

karengillrealestate@gmail.com +1(810) 397-4451

$4,240,000

Est. payment - /mo

11,807 SqFt

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UPDATED:

Key Details

Property Type Commercial

Listing Status Active Under Contract

Purchase Type For Sale

Square Footage 11,807 sqft

Price per Sqft $359

Subdivision Oak Park

MLS Listing ID 78080007999

Year Built 1905

Lot Size 0.510 Acres

Acres 0.51

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 Area28042Traversecity

Interior

Heating Forced Air, Hot Water, Natural Gas

Cooling Central Air

Fireplace No

Exterior

Parking Features ParkingLot

Utilities Available NaturalGasConnected

View Y/N No

Roof Type Asphalt, Tile

Building

Foundation Basement

Sewer Public Sewer

Water Public

New Construction No

Schools

High Schools Traverse City

School District Traversecity

Others

Acceptable Financing Cash, Other

Listing Terms Cash, Other

Special Listing Condition Standard

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Listed by Carole L Higgins of Cygnus Real Estate

Nearby School & Business

SCHOOLS PROPERTIES

Elementary Schools 12

8

Eastern Elementary School

Public | PK - 5
8

Willow Hill Elementary School

Public | PK - 5
7

Tcaps Montessori School

Public | PK - 7
6

Central Grade School

Public | PK - 5
4

Tba Independent School District Traverse Heights

Public | KG - 12
4

Traverse Heights Elementary School

Public | PK - 5
4

Tba Independent School District Oak Park Special Education

Public | KG - 12
3

New Campus Center

Public | 1 - 12
0

Traverse Bay Mennonite School

Private | 1 - 12
0

Trinity Lutheran School

Private | PK - 7
0

Immaculate Conception Elementary School

Private | 3 - 5
0

The Pathfinder School

Private | PK - 8

Middle Schools 3

9

Central High School

Public | 8 - 12
7

West Middle School

Public | 6 - 8
5

The Greenspire School

Public | 6 - 8

School and business data provided by Attom Data.

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Coldwell Banker Town & Country Real Estate

+1(810) 397-4451

Broker | License ID: 308761

Broker License ID: 308761

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230 Wellington Traverse City, MI 49686

Coldwell Banker Town & Country Real Estate

Key Details

Location

Interior

Exterior

Building

Schools

Others

Nearby School & Business

Get More Information