Medbury Park Residential Development Opportunity

Vacant Land for Sale
Catylist Listing ID: 30722019
Property Subtypes: Multi-Family
Gross Land Area: 18,074 SF
Sale Price: $271,110
Unit Price: $15 PSF
In Opportunity Zone? Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 1/10/2022

Overview / Comments

- Unique residential development opportunity
- Zoned R5 allowing for a variety of residential opportunities
- Pedestrian friendly Medbury Park 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.
- 18,074 SF Buildable site

* 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 (Rhodes@summitcommercialllc.com).

Additional Details

Nearest MSA: Detroit-Warren-Dearborn
County: Wayne
Submarket/Township: Detroit - New Center
Taxing Authority: City of Detroit
Tax ID/APN: 03001677., 03001678., 03001679.
Zoning: R5
Property Located Between: Beaubien St. and St. Antoine St.
Legal Description: N EDSEL FORD E W 57 FT OF E 105 FT OF S 130 FT OF OL 199 LYG N OF MEDBURY AVE BEAUBIEN FARM L6 P475-8 CITY RECORDS, W C R 3/3 57 X 130 N EDSEL FORD E W 57 FT OF E 105 FT OF S 130 FT OF OL 199 LYG N OF MEDBURY AVE BEAUBIEN FARM L6 P475-8 CITY RECORDS, W C R 3/3 57 X 130 N EDSEL FORD E W 34 FT 11 BLK 45--FERRY & LYSTERS L12 P43 PLATS, W C R 3/73 34 X 130
Largest Nearby Street: Harper Ave.
Highway Access: I-94, I-75
Lot Frontage: 139ft
Lot Depth: 130ft
Zoning Description: Medium Density Residential
Water Service: Municipal
Sewer Type: Municipal

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,622 161,534 409,382
Median Age: 35.56 36.35 34.81
Households: 7,720 67,173 154,614

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