230 Wellington St - Hospitality FOR SALE


Traverse City, MI 49686- Downtown Traverse City
$4,249,500 USD
231-994-3556
230 Wellington St, Traverse City, MI for Sale
$4,249,500 USD
Hospitality - FOR SALE
1/120
null | 10.55% Cap Rate

230 Wellington St
Traverse City, MI 49686
Downtown Traverse City


HIGHLIGHTS

  • Once in a Lifetime chance to own a Legacy Property and 5-star business in Traverse City Michigan
  • The Mansion was meticulously restored and updated complete with central air conditioning and it has been lovingly maintained
  • Each room has an ensuite, all of them named as an homage to the history of the city

OVERVIEW

Fully updated and restored legacy property and associated business available. Not only does the B&B boast 9 guest rooms and 2 apartments, it has a ballroom which has been used as event space to host wedding receptions and the like. The Inn has a tea room license which allows the hosts to be open to serve lunch and/or snacks to guest and non-guests alike in the elegant wood paneled main floor dining room, where guests can enjoy a sumptuous breakfast promptly at 9am every morning. The mansion features hot water boiler heat and central air-conditioning. Each room has an electric fireplace tastefully decorated and located for ambiance and use as an additional/private heat source. Some of the rooms feature jetted tubs. There are two 2-bedroom apartments, located over the carriage house. Each apartment has a full kitchen as well as a washer and dryer. The apartments are perfect for a longer visit. Additional revenue could be generated by renting the apartments off season on a 5 or 6 month basis and by converting the lower level of the carriage house, (where the ponies used to reside), into event space or more units. The property is being sold with much of the decor items so generating revenue through locals looking for a unique spot to host a holiday party in the winter months will likely provide another stream of revenue, too. Proforma available upon request. Cap rate and NOI above are pro-forma numbers

FOR SALE DETAILS

PRICE

$4,249,500 USD

PRICE/SF

$267 USD /SF

# OF ROOMS

11

PRICE/ROOM

$386,318 {currency}

CAP RATE

10.55%

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Wellington Inn Bed & Breakfast

PROPERTY TYPE

Hospitality

TOTAL BUILDING SIZE

-

STORIES

3

ROOM ENTRANCE

Interior

BUILDING CLASS

B

YEAR BUILT

1905

PARKING SPACES

6

LAND DETAILS

LAND ACRES

0.5 AC

LAND SF

21,780 SF

ZONING

R2

APN/PARCEL ID

51-798-034-00

ASK ABOUT THIS PROPERTY

Carole HigginsCygnus Real EstateMore Info
231-994-3556

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Carole HigginsCygnus Real EstateMore Info
231-994-3556

By clicking the button, you agree to Showcase's Terms of Use and Privacy Policy.