Infill Residential Development
For Sale
Contact for pricing
302 Mt Vernon Avenue, Detroit, MI 48236
Residential land suitable for infill building, with DLBA tax capture and specific offer requirements noted in the remarks.
Property SizeContact for details
Days on Market2193
Property Features for 302 Mt Vernon Avenue
General Information
Standard status
Active
Property subtype
Land
Listing Agency:
RCH Brokerage Legacy Inc
(313) 510-7887
Listed By:
Leonard A Pickett · License #6501306589
(313) 510-7887
Source:
Compass
Added: Aug 10, 2020
Changed: Aug 8
Last Checked: Jul 20 at 1:50PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of RCH Brokerage Legacy Inc
Investment Insights
Based on property information with market context.
This listing offers residential land & home lots for an infill building in Detroit’s North End neighborhood. The property is described as being within walking distance to 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 subsequent to transferring ownership. The remarks state that the tax capture may be incompatible with tax abatements that might otherwise be available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes; the payment would be determined based on the development proforma and the effect of any tax abatement on purchase and development financing.
Interested buyers are required to submit a proposal to purchase that includes construction plans or precedent agriculture images of the proposed development, along with a financing plan with proof of funds or a pre-application letter on a new construction loan. BATVAI, and attached documents contain additional DLBA requirements and offer submission information.
The Detroit Land Bank Authority (DLBA) is entitled to a tax capture for the five tax years subsequent to transferring ownership. The remarks state that the tax capture may be incompatible with tax abatements that might otherwise be available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes; the payment would be determined based on the development proforma and the effect of any tax abatement on purchase and development financing.
Interested buyers are required to submit a proposal to purchase that includes construction plans or precedent agriculture images of the proposed development, along with a financing plan with proof of funds or a pre-application letter on a new construction loan. BATVAI, and attached documents contain additional DLBA requirements and offer submission information.
Key Highlights
- Residential land suitable for infill building in Detroit’s North End neighborhood
- Within walking distance to the Q‑Line and the New Center Area
- DLBA is entitled to a tax capture for 5 tax years after transferring ownership
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
806
Businesses Nearby
Explore this area
Business Placement
Demographics for 48236, MI
31,286
Population
13,078
Households
2.4
Avg Household Size
45
Median Age
68%
College-Educated
97%
High-School Grad
7.5 sq mi
ZIP Area
4,171
Density / Sq Mi
$130,776
Median Household Income
$69,959
Median Earnings
$1,588
Median Rent
$353,000
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - Residential land suitable for infill building, with DLBA tax capture and specific offer requirements noted in the remarks.
Where is this residential land & home lot located?
The property is located at 302 Mt Vernon Avenue 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: Residential land suitable for infill building in Detroit’s North End neighborhood; Within walking distance to the Q‑Line and the New Center Area; DLBA is entitled to a tax capture for 5 tax years after transferring ownership
