$ 125,000
7320 E LAFAYETTE Street Detroit, MI 48214
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$ 125,000
Est. payment | /mo
0.3 Acres Lot
$ 125,000
Est. payment | /mo
0.3 Acres Lot
Key Details
Property Type Vacant Land
Listing Status Active
Purchase Type For Sale
Subdivision M. W. Fields Sub (Plats)
MLS Listing ID 20240050145
Originating Board Realcomp II Ltd
Annual Tax Amount $103
Lot Size 0.300 Acres
Acres 0.3
Lot Dimensions 125 X 103
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.
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 Det Woodward-Mcclellan/So Mack
Zoning Multi-Family,Residential
Direction Down the street from the Tunnel to Belle Isle
Exterior
Waterfront no
Road Frontage Paved
Building
Lot Description Corner Lot
Sewer Sewer at Street
Water Water at Street
Schools
School District Detroit
Others
Tax ID 17013509..11
Ownership Short Sale - No,Private Owned
Acceptable Financing Cash
Listing Terms Cash
Financing Cash
©2024 Realcomp II Ltd. Shareholders
Listed by Bill Swanson of O'Connor Realty Detroit, LLC
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Debbie Corey & Megan Corey-Wood
Associate Broker | REALTOR® | Lic# 280041 | 379957