Midtown Development Opportunity

Vacant Land for Sale
Catylist Listing ID: 30596488
Property Subtypes: Multi-Family, Office, Retail
Gross Land Area: 22,668 SF
Sale Price: $453,360
Unit Price: $20 PSF
In Opportunity Zone? Yes
Adjacent Parcels Available: Yes
Sale Terms: Cash to Seller
Cap Rate: Undisclosed
Last Updated: 8/7/2020

Overview / Comments

- 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.

**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: 01001594., 01001593., 01001592.002L, 01001592.001, 01004058.002, 01004058.003, 01004058.004
Zoning: B4
Property Located Between: John R and Brush St.
Property Visibility: Excellent
Legal Description: S HENDRIE W 20 FT 9 E 20 FT 8 CORLISS & ANDRUS L7 P53 PLATS, W C R 1/87 40 X 171.46 S HENDRIE 10 E 10 FT 9 CORLISS & ANDRUS L7 P53 PLATS, W C R 1/87 40 X 171.46 S HENDRIE N 38.20 FT ON W LINE BG N 38.69 FT ON E LINE OF W 24.50 FT OF 11CORLISS AND ANDRUS SUB L7 P53 PLATS, W C R 1/87 24.50 IRREG S HENDRIE N 39.35 FT ON E LINE BG N 38.69 FT ON W LINE OF 11&12CORLISS AND ANDRUS SUB L7 P53 PLATS, W C R 1/87 33.05 IRREG W JOHN R N 31.94 FT OF S 132.11 FT ON E LINE BG N 28.81 FT OF S 132.90 FT ON W LINE OF LOTS 12&11CORLISS AND ANDRUS SUB L7 P53 PLATS, W C R 1/87 31.94 IRREG W JOHN R N 28.97 FT OF S 100.17 FT ON E LINE BG N 29.29 FT OF S 104.09 FT ON W LINE OF LOTS 12&11CORLISS AND ANDRUS SUB L7 P53 PLATS, W C R 1/87 28.97 IRREG W JOHN R S 71.20 FT ON E LINE BG S 74.80 FT ON W LINE OF 12&11CORLISS AND ANDRUS SUB L7 P53 PLATS, W C R 1/87 71.20 IRREG
Largest Nearby Street: Woodward Ave.
Highway Access: I-94 and I-75
Area Description: Thriving with active residential and commercial density
Lot Frontage: 138ft on Hendrie, 132ft on John R. St.
Lot Depth: 171ft
Zoning Description: General Business District

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Demographic Statistics

Proximity: 1 mile 3 miles 5 miles
Total Population: 17,417 157,383 393,968
Median Age: 34.65 36.25 35.1
Households: 8,546 65,892 149,609

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