MLS Public Remarks 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.
http://www.maxbroock.com.com/1912528
Township Traverse City
Directions Front St to Wellington (next to the Little Fleet) approx 3 blocks property is on the corner of Wellington and Washington.
Fin Below Grd SqFt 0
Total Fin SqFt 11,807
Price/SqFt $360
Current Use Bed & Breakfast
Unfinished SqFt 0
Above Grade Finished SqFt 0
CDOM 308
Sub Property Type Hospitality
Year Built 1905
Days on Market 308
Land Assessment -
Improvements -
Acreage 0.51
Taxes -
Tax Year -
Summer Taxes -
Winter Taxes -
Lower Level Square Footage 0
Waterview N
Waterfront N
For Lease/Rent N
Est. Total Acres 0.51
Lot Dimensions 165x132
WaterFrontage
0
Heating Central Air, Forced Air, Hot Water, Natural Gas
Cooling Central Air, Forced Air, Hot Water, Natural Gas
Water Municipal Water
Zoning Residential, Special Use
Heating Central Air, Forced Air, Hot Water, Natural Gas
Garage 0.0
Basement details Daylight Windows, Egress Windows, Entrance Inside, Finished Rooms, Full, Stone
Sewer Municipal
Features Additional Buildings, Furniture/Fixtures, Phone System, Sprinkler System
Parking Desc Other, Parking Lot, Paved, Street Parking
Exterior Features Wood
Terms/Misc. Cash, Commercial Loan, Other
Possession Negotiable
Status Change Date 01/19/2024
Listing Date 06/20/2023
Internet/IDX Y
Licensee Interest Other
Listing Office
Cygnus Real Estate
Office Address
508 N. Saint Joseph
Listing Number
1912528
THE ACCURACY OF ALL INFORMATION, REGARDLESS OF SOURCE, IS NOT GUARANTEED OR WARRANTED. ALL INFORMATION SHOULD BE INDEPENDENTLY VERIFIED. Listings last updated: Wednesday, May 8, 2024. Some properties that appear for sale on this web site may subsequently have been sold and may no longer be available. The data relating to real estate for sale on this web site appears in part from the IDX programs of our Multiple Listing Service. Real Estate listings held by brokerage firms other than Real Estate One include the name and address of the listing broker where available.
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