Prime Development Opportunity in Midtown-Medbury Park

Vacant Land for Sale
Catylist Listing ID: 30595124
Property Subtypes: Hospitality, Multi-Family, Residential (Single Family)
Gross Land Area: 6,961 SF
Sale Price: $104,415
Unit Price: $15 PSF
In Opportunity Zone? Yes
Adjacent Parcels Available: Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 5/26/2020

Overview / Comments

- Unique Residential Development Opportunity
- Zoned R5 allowing for a variety of residential development 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 along 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: 01003868.015L
Zoning: R5
Property Located Between: Brush St. and Beaubien St.
Legal Description: E BRUSH S 17.5 FT OF 7 S 17.5 FT OF W 6.3 FT OF 8BLK 31 BRUSH SUB L17 P28 PLATS WCR 1/79 17.5 X 51.30 E BRUSH N 17.3 FT OF S 34.8 FT OF 7 N 17.3 FT OF S 34.8 FT OF W 6.3 FT OF 8BLK 31 BRUSH SUB L17 P28 PLATS, WCR 1/79 17.3 X 51.3 E BRUSH N 17.3 FT OF S 52.1 FT OF 7 N 17.3 FT OF S 52.1 FT OF W 6.3 FT OF 8BLK 31 BRUSH SUB L17 P28 PLATS, WCR 1/79 17.3 X 51.3 E BRUSH N 17.3 FT OF S 69.4 FT OF 7 N 17.3 FT OF S 69.4 FT OF W 6.3 FT OF 8BLK 31 BRUSH SUB L17 P28 PLATS, WCR 1/79 17.3 X 51.3 E BRUSH S 88 FT OF E 38.72 FT ON W LINE BG S 87.9 FT OF E 38.72FT ON E LINE OF LOT 8BLK 31 BRUSH SUB L17 P28 PLATS, WCR 1/79 88 X IRREG
Largest Nearby Street: Brush St
Feet of Frontage: 69
Highway Access: I-94
Lot Frontage: 69ft
Lot Depth: 51ft
Zoning Description: Multi-Family Residential

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 15,488 161,196 412,249
Median Age: 36.14 36.38 34.9
Households: 7,660 67,198 155,902

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