7320 E LAFAYETTE Street Active Save Request In-Person Tour Request Virtual Tour
Detroit,MI 48214 2367
Key Details
Property Type Vacant Land
Sub Type Vacant Land
Listing Status Active
Purchase Type For Sale
Subdivision Mi
MLS Listing ID 60325701
Style Vacant Land
Annual Tax Amount $103
Lot Size 0.300 Acres
Acres 0.3
Lot Dimensions 125 X 103
Property Sub-Type Vacant Land
Property Description
Nice sized buildable land in Islandview in the vibrant and growing Villages neighborhood. Low Income Housing Income Tax Potential – According to the U.S. Housing and Urban Development website, this property is located in a Qualified Tract Zone, which allows for an additional 30% of low income housing credits, in addition to the 9% credit on qualified development costs. Buyer to Verify Zoning - The property is zoned R5, which allows for apartments/affordable housing to be constructed. Also, R5 zoning may allow for certain specified non-residential uses, as long as those uses can be blended into the district. So, for example, the first floor of a building could be rented out to businesses such as convenience stores, gyms, hair/nail salon, and other businesses which directly support residents.
Location
State MI
County Wayne
Area Detroit (82001)
Zoning Multi-Family,Residential
Building
Water Public Water at Street
Schools
School District Detroit City School District
Others
Ownership Private
Financing Cash