Catylist ID:
#30591462
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: | 9/22/2023 |
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 |
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 |
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