2903 Montgomery St Detroit, MI 48206

This is an opportunity for investors to update a 13-unit brick apartment building. The deal includes vacant land across the street at 2747 Montgomery, intended for parking or green space for future tenants. The property requires a full rehabilitation. Buyers must eliminate exterior blight within 180 days of purchase, including installing windows and doors, fixing holes in the exterior and roof, installing exterior lighting, and registering the property as vacant. The property is located in Detroit, MI. The building has a size of 11392 square feet and is situated on a 0.11-acre lot. Buyers must submit a purchase proposal with detailed rehab plans and a financing plan with proof of funds or pre-approval for a new construction loan. Note that the Detroit Land Bank Authority (DLBA) is entitled to a tax capture for the 5 tax years after the property ownership is transferred. The tax capture may not be compatible with tax abatements and lot combinations. 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 effect of any tax abatements on the purchase and development financing.