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11695530
11695557

230 Wellington St, Traverse City, MI 49686

CH
MI 6502370294
Cygnus Real Estate
Listed by Cygnus Real Estate
$3,995,000
1078 days on market
Updated 1 day ago

The Wellington Inn

Details
APN 28-51-798-034-00
Property Type Hospitality
Sub Type Hotel, Bed & Breakfast
Square Footage 12,762
Keys 11
Beds 15
Pro-Forma Cap Rate 15.3%
Pro-Forma NOI $611,400
Price per SqFt $313
Broker Co-Op Yes
Year Built 1900
Year Renovated 1999-2003
Buildings 2
Stories 3
Acreage 0.510
Zoning R-2
Investment Type Owner/User
Ownership Private

Once in a Lifetime Chance to Own a Legacy Property & 5-Star Business in Coveted Traverse City, MI

Marketing description

Historic Inn

Once in a lifetime chance to acquire a legacy property in Traverse City MI! Ready for your next chapter? Been dreaming of a small resort community? Have an appreciation of period restoration and the grandeur of days gone by?

This could be your destiny! This stately mansion is looking for her next steward. The property was built by an early Traverse City Lumber Baron family. After just a few years of business in Michigan, they felt the wood resources for their business were drying up. So they sold this property and their other local properties, pulled up stakes and moved to upstate New York. This property then saw a number of owners and progressively she fell into more and more disrepair, until she was turned into a 4-unit apartment building.

The current owners acquired her in 1999, as a four unit apartment building. They were advised to tear her down and rebuild. Instead, they launched a four-year, restoration project that cost several million dollars. All of the mechanical systems (plumbing, electrical, HVAC, egress & ingress) were updated to modern standards. She was dry and stable so the structural work was minimal except for the front porch which fell and a portion of the roof, which had fallen in. Once the necessities were complete, the interior design process began and the mansion was meticulously returned to as near its origins as possible. Wood floors were cleaned, stripped, and refinished, as were pocket doors, moulding and other wood fixtures. Tile floors were lovingly cleaned and restored. Whenever and wherever possible, bathroom fixtures were cleaned and repaired; many were returned to their place in the mansion. In a number of instances the original wallcoverings were cleaned and restored and remain in the mansion today. In cases where a portion of the wall covering could be recovered but not restored, local artists were engaged to recreate what was lost, through a process of faux painting techniques. Light fixtures were collected from all over the country to provide the best representations of the lighting of the era, and a few artistic details were added. The furnishings were carefully curated to represent the neo classical architecture and interior of the property.

And then the doors opened and a delightful Inn was born. The Wellington Inn is a 5-star business that has been meticulously grown over the last almost 20 years with the same vigor, adherence to detail and love that saved the run-down mansion at 230 Wellington St. The enterprise is now a successful business endeavor. But the Innkeepers are ready to pass on the torch to the next steward of this magnificent property.

Location Summary

Located in Northern Michigan on Grand Traverse Bay. Traverse City, the hub of the region, is a bustling tourist destination, it boasts excellent farm-to-fork restaurants, boutiques, vineyards, beaches, and a hopping nightlife scene.

An enviable blend of urban sophistication and small-town charm makes Traverse City the ideal destination for travelers. Traverse City is located at the head of the East and West arms of Grand Traverse Bay, a 32-mile-long (51 km) bay of Lake Michigan. Grand Traverse Bay is divided into arms by the 17-mile-long (27 km) Old Mission Peninsula, which is attached at its base to Traverse City. The city borders four townships East Bay, Elmwood, Garfield, and Peninsula.

The Wellington Inn is a small elegant hotel in Traverse City. Situated among homes in a quiet city neighborhood, located within walking distance to fine restaurants, shops, beautiful public parks, with paved pedestrian and bicycle trails to Clinch Park beach, as well as the Boardman River. Situated on the east side of downtown Traverse City, two blocks off Front St, the main business district.

More than $1 billion in direct spending through the city’s nearly 3.5 million visitor trips made

Investment highlights

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.

NEWS FLASH: It is possible to procure a liquor license for this property. Perhaps a small tavern in the carriage house?

Proforma available upon request.

Listing Contacts

CH
MI 6502370294
Cygnus Real Estate
Listed by Cygnus Real Estate

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