7320 E LAFAYETTE Street Active Save Request In-Person Tour Request Virtual Tour
Detroit,MI 48214
Key Details
Property Type Commercial
Listing Status Active
Purchase Type For Sale
MLS Listing ID 20240050145
Originating Board Realcomp
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.
Location
State MI
County Wayne
Area Wayne County - 100
Zoning Multi-Family,Residential
Direction Down the street from the Tunnel to Belle Isle
Exterior
View Y/N No
Building
Lot Description Corner Lot
Schools
School District Detroit
Others
Tax ID 17013509..11
Acceptable Financing Cash
Listing Terms Cash