Opportunity Zone Land
Vacant Land
for Sale
| Catylist Listing ID: |
30173060 |
| Property Subtypes: |
Hospitality, Industrial, Multi-Family, Office, Retail, Retail-Pad, Self Storage, Other
|
| Gross Land Area: |
3.31 Acres
|
| Sale Price: |
$330,000 |
| Unit Price: |
$99,697 Per Acre |
| In Opportunity Zone? |
Yes |
| Sale Terms: |
Undisclosed |
| Cap Rate: |
Undisclosed |
| Last Updated: |
5/15/2023 |
Overview / Comments
Vacant Land in a Qualified Opportunity Zone (QOZ). Opportunity Zones are designed to spur economic development by providing tax benefits to investors. Opportunity Zones allow investors to temporarily defer or permanently exclude capital gains that are reinvested with a specific time frame. This is a great opportunity for a Multi-Family or Assisted Living development. The Student population in the area is high, as Eastern Michigan University is Two Miles East and the University of Michigan is only 10 Miles West. Also, by 2020 the 65 years or older population will reach 18,271 that is 15.6% of the population that will need to plan for housing or care with the area. This is a terrific location for development to fit the needs of these two growing populations.
There is an adjacent 6.59 acre parcel available for-sale at 915 E. Michigan Ave. that may be assembled into a 9.9 acre parcel subject to compliance with Ypsi Twp Zoning Ordinance and Michigan Plat Act. It is recommended that the buyer consult with an attorney before closing.
|
Additional Details
| Nearest MSA: |
Ann Arbor |
| County: |
Washtenaw |
| Submarket/Township: |
Washtenaw E of 23 |
| Tax ID/APN: |
11-10-205-003 |
| Site Description: |
3 vacant parcels totaling 3.31 Acres. This is a great opportunity for a Multi-Family or Assisted Living development.
Highlights
-Walking distance to historic Depot Town
-Opportunity ZOne
-Close proximity of two Universities
-Eight Miles from Downtown Ann Arbor
-Quick and Easy Freeway Access
-Less than 6 Miles away from U of M Hospital and St. Joseph Mercy Hospital |
| Area Description: |
The 3.31 acres of land is located between East Cross Street and East Michigan Avenue 2.5 Miles away from I-94 and US 12, making this land easily accessible to other neighboring cities. |
Demographic Statistics
| Proximity: |
1 mile |
3 miles |
5 miles |
| Total Population: |
10,000 |
61,641 |
138,539 |
| Median Age: |
36.74 |
33.21 |
34.53 |
| Households: |
4,277 |
25,401 |
56,044 |
|
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