503 LAKEWOOD Street Detroit, MI 48215

Listing agency RCH Brokerage Legacy Inc l***@rchlegacy.com Show Phone

Listed by Leonard A Pickett III · License #6501306589 Show Phone

Source Exitrealty

Added: Jun 24, 2024 Updated: Jul 10 at 12:09PM Checked: Jul 21 at 4:27AM

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Investment Insights

Based on property information with market context.

This property presents an opportunity for infill building within the Jefferson Chalmers Neighborhood Enterprise Zone (NEZ). Prospective buyers are required to submit an application that includes construction plans or precedent agriculture images illustrating the proposed development, along with a financing plan supported by proof of funds or a pre-approval letter for a new construction loan. The property's location offers convenient access to the Q-Line and the New Center Area. Note that the Detroit Land Bank Authority (DLBA) is entitled to a tax capture for the five tax years following the property's ownership transfer. This tax capture might not be compatible with other tax abatements available to the purchaser. The DLBA will consider requests to waive its tax capture rights, potentially requiring a payment in lieu of taxes for approval. The payment amount will be determined after reviewing the development proforma and the impact of any tax abatement on the purchase and development financing. Refer to the attached documents for detailed DLBA requirements and offer submission information.

Key Highlights

• Infill building opportunity in Jefferson Chalmers NEZ site.
• Walking distance to the Q‑Line and New Center Area.
• Suitable for construction or agriculture development.

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FAQs

What type of property is this?

Land - Infill building opportunity in Detroit's Jefferson Chalmers NEZ site.

Where is this land located?

The property is located at 503 LAKEWOOD Street 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: Infill building opportunity in Jefferson Chalmers NEZ site.; Walking distance to the Q‑Line and New Center Area.; Suitable for construction or agriculture development.