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    503 Lakewood St Detroit, MI 48215

    Sponsored
    For Sale
    Under Contract
    Contact for pricing

    Vacant Land - Detroit, MI

    Lot size:
    0.12 Acres
    Days on Market:
    214
    Last Refresh:
    Jan 10 at 1:06 pm

    Property Features for 503 Lakewood St

    General Information

    Property type
    Land
    Property subtype
    Other
    Standard status
    Active Under Contract
    Zoning
    Residential
    APN
    21055010.
    Lot size
    0.12 Acres

    Building Details

    Architectural style
    Other

    RCH Brokerage Legacy, Inc. (248) 440-2268 [email protected]

    Listing agent Leonard A Pickett III (248) 440-2268

    Listing date Jun 11, 2025

    MLS# 20240043034 Listing URL

    Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    Overview

    Detroit Vacant Land For Sale

    This vacant land is located in Detroit, MI, specifically within the Jefferson Chalmers Neighborhood Enterprise Zone (NEZ) site. The property is suitable for infill building. Prospective buyers are required to submit a purchase application that includes construction plans or precedent agriculture images of the proposed development, along with a financing plan that provides proof of funds or a pre-approval letter for a new construction loan. The property is within walking distance of the Q-Line and the New Center Area. The Detroit Land Bank Authority (DLBA) is entitled to a tax capture for the five 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 amount will be determined after reviewing the development proforma and the effect of any tax abatement on the purchase and development financing. The lot size is approximately 0.12 acres and is zoned for residential use.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Residential land & home ...

    Suggested Use

    Realty agency Law Firm Restaurant Spa & Massage Dental Office Hair Salon Nail Salon Clothing Store Building Supply Gym & Fitness

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Detroit
    County
    Wayne
    State
    Michigan
    Longitude
    -82.942351
    Latitude
    42.3665099

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    FAQs

    What type of property is this?
    Land - Vacant land in Detroit's Jefferson Chalmers NEZ site.
    Where is this land located?
    The property is located at 503 Lakewood St Detroit, MI.
    What is the asking price?
    The asking price for this property is $10,000.
    What are key features of this property?
    This property features: - Infill building opportunity in Jefferson Chalmers NEZ site.; - Walking distance to the Q-Line.; - Walking distance to New Center Area.
    (248) 440-2268
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    503 Lakewood St Detroit, MI 48215
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    Realmo Value Estimation

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.

    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.

    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

    More about this property
    503 Lakewood St Detroit, MI 48215
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