Catylist ID:
#30701079
Prime Development Opportunity in Medbury Park-Midtown
Vacant Land
for Sale
| Catylist Listing ID: | 30701079 |
| Property Subtypes: | Hospitality, Multi-Family, Residential (Single Family) |
| Gross Land Area: | 4,966 SF |
| Sale Price: | $74,490 |
| Unit Price: | $15 PSF |
| In Opportunity Zone? | Yes |
| Adjacent Parcels Available: | Yes |
| Sale Terms: | Cash to Seller |
| Cap Rate: | Undisclosed |
| Last Updated: | 9/22/2023 |
Overview / Comments
|
- Unique residential development opportunity - Zoned R5 allowing for a variety of residential 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 on 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: | 01001687. |
| Zoning: | R5 |
| Property Located Between: | Beaubien St. and Brush St. |
| Legal Description: | S HARPER 3 E 10 FT 2 WALTER CRANES L20 P23 PLATS, W C R 1/88 35 X 142 |
| Largest Nearby Street: | Harper Ave. |
| Feet of Frontage: | 35 |
| Highway Access: | I-94 |
| Lot Frontage: | 35ft |
| Lot Depth: | 142ft |
| Zoning Description: | Multi-family Residential |
Demographic Statistics
| Proximity: | 1 mile | 3 miles | 5 miles |
|---|---|---|---|
| Total Population: | 15,331 | 160,999 | 412,467 |
| Median Age: | 36.13 | 36.39 | 34.86 |
| Households: | 7,557 | 67,115 | 155,886 |
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