2903 Montgomery St Detroit, MI 48206

This is an opportunity for investors to update a 13-unit brick apartment building. Included in the deal is the vacant land across the street, located at 2747 Montgomery, intended to be used for parking or green space for future tenants of the building. The property requires a full rehab. The buyer is required to 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 buyer must submit a proposal to purchase, including detailed plans for rehab and a financing plan with proof of funds or pre-approval letter on a new construction loan. Note that the DLBA is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The tax capture may be incompatible with tax abatements and lot combinations that are otherwise available to the selected purchaser. 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.