1522 GRAY Street, Detroit, MI 48215

This property is offered as a bundle with four vacant lots located at 1528, 1514, and 1508 Gray Street, and 12905 Brooks Street, Detroit, MI 48215. The combined area of the lots is 20,128 square feet, which includes the lot at 1522 Gray Street. The properties are not available for individual purchase and are sold together for a total price of $6,000. The property at 1522 Gray Street requires complete rehabilitation. Buyers are required to submit a purchase proposal that includes detailed rehabilitation plans, 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 details, must 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 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. The payment amount will be determined after reviewing the development proforma and the effect of any tax abatement on the purchase and development financing. Additional guidelines and submission instructions are available in the attached documents. The lot size is 0.08 acres.