North-end (Piety Hill) Development Opportunity

Vacant Land for Sale
Catylist Listing ID: 30591462
Property Subtypes: Hospitality, Multi-Family, Residential (Single Family)
Gross Land Area: 12,500 SF
Sale Price: $62,500
Unit Price: $5 PSF
In Opportunity Zone? Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 10/20/2020

Overview / Comments

- Unique Residential Development Opportunity
- Located in Detroit's up and coming NorthEnd (Piety Hill) neighborhood
- Zoned R5 allowing for a variety of residential development opportunities
- Located in a qualified Neighborhood Enterprise Zone (NEZ) for new construction
- Located in a qualified Opportunity Zone
- Pedestrian friendly neighborhood
- Located within walking distance to active commercial corridor along Woodward Ave.
- Located in close proximity to active New Center Area, Henry Ford Hospital main Campus, and Wayne State University

* Please note that the Detroit Land Bank Authority (DLBA) is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatements and lot combinations that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing.
**DLBA will require that the new development contain a minimum of two housing units

Additional Details

Nearest MSA: Detroit-Warren-Dearborn
County: Wayne
Submarket/Township: Detroit - New Center
Taxing Authority: City of Detroit
Tax ID/APN: 04001988. and 04001987.
Zoning: R5 - MULTI-FAMILY RESIDENTIAL
Property Located Between: 2nd Ave. and Third Ave.
Property Visibility: Good
Legal Description: N EUCLID 41 DUFFIELD & DUNBARS SUB L13 P51 PLATS, W C R 4/81 50 X 125 N EUCLID 43 DUFFIELD & DUNBARS SUB L13 P51 PLATS, W C R 4/81 50 X 125
Largest Nearby Street: Woodward Ave.
Highway Access: Close proximity to John C. Lodge Fwy. (M-10)
Site Description: Vacant residential site
Area Description: up and coming
Zoning Description: R5 - Multi-Family Residential

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 18,201 176,250 466,048
Median Age: 39.75 35.69 35.07
Households: 8,040 71,207 176,375
The information presented herein is provided as is, without warranty of any kind. Neither Commercial Property Information Exchange (CPIX) nor Catylist Real Estate Software, Inc. assume any liability for errors or omissions.