1508 Gray St Detroit, MI 48215

This property is sold as a bundle with four vacant lots located at 1528, 1514, and 1522 Gray Street, and 12905 Brooks Street, Detroit, MI 48215. The combined area of the lots totals 20,128 square feet, approximately 0.46 acres. The properties are not sold separately and are offered together for $6,000. The property at 1508 Gray Street requires a full rehabilitation. Buyers are required to submit a proposal to purchase, including detailed plans for the rehabilitation, a financing plan with proof of funds or a pre-approval letter, or a new construction loan. Plans for the vacant lots, including sketches and financing, should also be included. The Detroit Land Bank Authority is entitled to a tax capture for the five tax years following the transfer of ownership. This tax capture may be incompatible with tax abatements otherwise available to the purchaser. The DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and the effect of any tax abatement on the purchase and development financing. See attached documents for guidelines and submission instructions. The lot size of the property at 1508 Gray Street is 0.08 acres.