230 Wellington, Traverse City, MI 49686-2610

REQUEST A TOUR If you would like to see this home without being there in person, select the "Virtual Tour" option and your agent will contact you to discuss available opportunities.

In-PersonVirtual Tour

Wed

Sep

Thu

Sep

Fri

Sep

Place Perfect Realty

homes@placeperfect.com +1(920) 956-9061

$ 4,240,000

Est. payment | -/mo

11,807 SqFt

Save

$ 4,240,000

Est. payment | -/mo

Save

11,807 SqFt

Key Details

Property Type Commercial

Sub Type Business

Listing Status Active

Purchase Type For Sale

Square Footage 11,807 sqft

Price per Sqft $359

Subdivision Mi

MLS Listing ID 80007999

Year Built 1905

Lot Size 0.510 Acres

Acres 0.51

Lot Dimensions 165x132

Property Sub-Type Business

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 Traverse City (28021)

Zoning Residential

Interior

Heating Forced Air, Hot Water

Cooling Central A/C

Exterior

Parking Features Parking Lot

Roof Type Asphalt,Tile

Building

Foundation Basement

Water Public Water

Structure Type Frame,Wood

Others

Ownership Private

Energy Description Natural Gas

Financing Cash,Commercial Loan

MiRealSource (MI RealSource (Lenawee /Saginaw/SE-Border/Gr Shiawassee/Upper Peninsula)

Provided through IDX via MiRealSource. Courtesy of MiRealSource Shareholder. Copyright MiRealSource.

Listed by Cygnus Real Estate

"Professional service to our clients & customers is our #1 priority. With offices in Marinette, Green Bay Wisconsin and Menominee, Michigan, Place Perfect Realty provides real estate services to Northeast Wisconsin and Upper Michigan."

+1(920) 956-9061

homes@placeperfect.com

2056 Maple Ave, Marinette, WI, 54143-1713, USA

230 Wellington Traverse City, MI 49686-2610