1588 ELM Detroit, MI 48216

Listing agent James Bufalino License #6501313711 Show Phone

Listing office Premier Property Services LLC j***@ppsam.com 19822 Mack Avenue, Grosse Pointe Woods, MI Show Phone

Listing date Apr 15, 2019

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MLS# 219033821 Listing URL

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Investment Insights

Based on property information with market context.

This vacant lot in Detroit, MI, presents a new build opportunity. The purchaser is required to submit a comprehensive development plan. This plan should include the scope of development, specifying the number of units and total square footage, along with development cost estimates and proof of funds. Architectural drawings or precedent architecture images must also be included. Incomplete proposals will not be considered. The Detroit Land Bank Authority is entitled to a tax capture for the 5 tax years following the transfer of ownership. This tax capture may not be compatible with other tax abatements 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 abatements on the purchase and development financing. The lot is approximately 0.07 acres and is zoned for residential use.

Key Highlights

• New build opportunity on a vacant lot.
• Development plan submission required (scope, cost, proof of funds, architectural drawings).
• Specific development proposal requirements ensure serious offers.

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FAQs

What type of property is this?

Residential land & home lot - Vacant lot in Detroit, new build opportunity.

Where is this residential land & home lot located?

The property is located at 1588 ELM Detroit, MI.

What is the asking price?

The asking price for this property is Off market.

What are key features of this property?

This property features: New build opportunity on a vacant lot.; Development plan submission required (scope, cost, proof of funds, architectural drawings).; Specific development proposal requirements ensure serious offers.