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$ 115,000
Est. payment /mo
Active
7320 E LAFAYETTE ST Detroit, MI 48214
0.3 Acres Lot
UPDATED:
Key Details
Property Type Vacant Land
Sub Type ImprovedLand
Listing Status Active
Purchase Type For Sale
Subdivision M. W. Fields Sub (Plats)
MLS Listing ID 20240050145
Lot Size 0.300 Acres
Acres 0.3
Property Sub-Type ImprovedLand
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 Area05053Detwoodwardmcclellansomack
Interior
Fireplace No
Exterior
Utilities Available ElectricityAvailable, NaturalGasAvailable
View Y/N No
Building
Lot Description CornerLot, Sidewalk
Sewer SewerAtStreet
Water WateratStreet
New Construction No
Schools
High Schools Detroit
School District Detroit
Others
Senior Community false
Acceptable Financing Cash
Listing Terms Cash
Special Listing Condition ShortSaleNo, Standard
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Listed by Bill Swanson of O'Connor Realty Detroit, LLC
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