Midtown Development Opportunity

Vacant Land for Sale
Catylist Listing ID: 30594305
Property Subtypes: Hospitality, Multi-Family, Office, Retail, Retail-Pad, Vacation/Resort
Gross Land Area: 44,726 SF
Sale Price: $895,000
Unit Price: $20.01 PSF
In Opportunity Zone? Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/26/2020

Overview / Comments

- Rare 1.03 acre Midtown Development Opportunity
- Zoned B4 & R5 making site ideal for mixed use development
- Retail and multi-family residential would be perfect use for this site
- Essentially located in the heart of Wayne State University's Campus
- Surrounded by existing multi family housing that services students and young professionals from Wayne State University, Detroit Medical Center, and Henry Ford Health System.
- Pedestrian friendly neighborhood
- Located within walking distance to active commercial corridor along Woodward Ave., with immediate access to commuter Q-Line
- Located in close proximity to active New Center Area, Henry Ford Hospital main Campus, Wayne State University, and Downtown Detroit

* 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.

Additional Details

Nearest MSA: Detroit-Warren-Dearborn
County: Wayne
Submarket/Township: Detroit - New Center
Taxing Authority: City of Detroit
Tax ID/APN: 01001553., 01001554., 01001555., 01001556., 01001557.
Zoning: B4 - COMMERCIAL BUSINESS & R5 - MULTI-FAMILY RESIDENTIAL
Property Located Between: John R St. and Brush St.
Property Visibility: Excellent
Legal Description: - N PALMER S 104.47 FT 10 11 BRATSHAWS L12 P11 PLATS, W C R 1/86 107.26 IRREG - N PALMER REAR N 67 FT 10 BRATSHAWS L12 P11 PLATS, W C R 1/86 49.02 IRREG - N PALMER 12 BRATSHAWS L12 P11 PLATS, W C R 1/86 52 X 171.47 - N PALMER 13 W 6 FT 14 BRATSHAWS L12 P11 PLATS, W C R 1/86 58 X 171.47 - N PALMER E 46 FT 14 W 3 FT 15 BRATSHAWS L12 P11 PLATS, W C R 1/86 49 X 171.47
Largest Nearby Street: Woodward Ave.
Highway Access: Close Proximity to I-94 and I-75
Area Description: Thriving with active residential and commercial density.

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 16,038 159,132 392,786
Median Age: 34.18 36.32 35.06
Households: 7,932 66,558 149,107

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