Midtown Development Opportunity

Vacant Land for Sale
Catylist Listing ID: 30595063
Property Subtypes: Hospitality, Multi-Family, Residential (Single Family)
Gross Land Area: 7,698 SF
Sale Price: $115,470
Unit Price: $15 PSF
In Opportunity Zone? Yes
Adjacent Parcels Available: Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/26/2020

Overview / Comments

- Unique Residential Development Opportunity
- Zoned R5 allowing for a variety of residential development opportunities
- Pedestrian friendly neighborhood
- Located in close proximity to active New Center Area, Henry Ford Hospital main Campus, and Wayne State University
- Located within walking distance to active commercial corridor along Woodward Ave.

* 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
***All offers for purchase should be submitted directly to listing broker via email.

Additional Details

Nearest MSA: Detroit-Warren-Dearborn
County: Wayne
Submarket/Township: Detroit - New Center
Taxing Authority: City of Detroit
Tax ID/APN: 01001679.
Zoning: R5
Property Located Between: John R and Brush St.
Legal Description: N EDSEL FORD E 11 BLK 31 BRUSHS SUB L17 P28 PLATS, W C R 1/79 50 IRREG
Largest Nearby Street: Brush St
Highway Access: I-94
Lot Frontage: 50
Lot Depth: 154
Zoning Description: Multi-Family Residential

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,132 161,323 411,299
Median Age: 35.98 36.29 34.92
Households: 7,522 67,270 155,607
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.