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.
Property Details
Price:
$115,000
MLS #:
20240050145
Status:
Active
Beds:
0
Baths:
0
Address:
7320 E LAFAYETTE ST
Type:
Land
Subtype:
Improved Land
Subdivision:
M. W. FIELDS SUB PLATS
Neighborhood:
05053 – Det Woodward-Mcclellan/So Mack
City:
Detroit
Listed Date:
Jul 23, 2024
State:
MI
ZIP:
48214
Lot Size:
13,068 sqft / 0.30 acres (approx)
See this Listing
Meet Andrea Stephan, an accomplished real estate professional with industry experience and a heart dedicated to service. With a background in education, Andrea began her journey as a former teacher, where her passion for nurturing others blossomed. Transitioning seamlessly into the business world, Andrea played a pivotal role in building a property management company from the ground up. Her relentless dedication and innate ability to connect with others have been instrumental to her success. C…
More About AndreaMortgage Calculator
Schools
School District:
Detroit
Interior
Exterior
Financial
Taxes
$103
Map
Community
- Address7320 E LAFAYETTE ST Detroit MI
- SubdivisionM. W. FIELDS SUB (PLATS)
- CityDetroit
- CountyWayne
- Zip Code48214
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