Buildable Infill Lot
For Sale
$43,775
5140 W CHICAGO St, Detroit, MI 48204
Four buildable lots in the Nardin Park community, offered by the Detroit Land Bank Authority for infill development.
Property SizeContact for details
Days on Market681
Property Features for 5140 W CHICAGO St
General Information
Standard status
Active
Property subtype
Lots/Land
Listing Agency:
Real Estate One-Southfield
(248) 723-0055
Listed By:
Gene Kelley II · License #6501293908
(248) 723-0055
Source:
Exitrealty
Added: Oct 2, 2024
Changed: Aug 8
Last Checked: Jul 16 at 4:07PM
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 Real Estate One-Southfield
Investment Insights
Based on property information with market context.
This offering includes four buildable lots located in the Nardin Park community, totaling more than 19,000 square feet of space suitable for new designs and development concepts. The sale includes 5150, 5156, and 5164 W. Chicago, as well as the listed parcel at 5140 W Chicago St.
The seller notes that sidewalks require repair and may become the responsibility of the purchaser. The Detroit Land Bank Authority is seeking proposals for small- to medium-scale infill development intended to increase housing supply and help restore the urban fabric, density, and walkability.
Prospective buyers should review the DLBA proposal guidelines for new build opportunities and consult relevant Neighborhood Framework Plans from the City of Detroit’s Planning and Development Department for additional neighborhood context. The DLBA also states it is entitled to a tax capture for five tax years after transferring ownership, and that tax capture may be incompatible with tax abatements and/or lot combinations; requests to waive tax capture will be reviewed and may require a payment in lieu of taxes based on the development proforma and financing impact.
The seller notes that sidewalks require repair and may become the responsibility of the purchaser. The Detroit Land Bank Authority is seeking proposals for small- to medium-scale infill development intended to increase housing supply and help restore the urban fabric, density, and walkability.
Prospective buyers should review the DLBA proposal guidelines for new build opportunities and consult relevant Neighborhood Framework Plans from the City of Detroit’s Planning and Development Department for additional neighborhood context. The DLBA also states it is entitled to a tax capture for five tax years after transferring ownership, and that tax capture may be incompatible with tax abatements and/or lot combinations; requests to waive tax capture will be reviewed and may require a payment in lieu of taxes based on the development proforma and financing impact.
Key Highlights
- 4 buildable lots in the Nardin Park community, offered by the Detroit Land Bank Authority.
- Total 19,000+ sqft of space available for new designs and infill development.
- Included addresses: 5150, 5156, and 5164 W. Chicago.
Property Analytics
Current Use
Location Intelligence
Trade Area within ½ mile
317
Businesses Nearby
Explore this area
Business Placement
Demographics for 48204, MI
21,738
Population
13,691
Households
1.6
Avg Household Size
37
Median Age
10%
College-Educated
83%
High-School Grad
5.0 sq mi
ZIP Area
4,348
Density / Sq Mi
$32,875
Median Household Income
$26,701
Median Earnings
$970
Median Rent
$53,600
Median Home Value
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - Four buildable lots in the Nardin Park community, offered by the Detroit Land Bank Authority for infill development.
Where is this residential land & home lot located?
The property is located at 5140 W CHICAGO St Detroit, MI.
What is the asking price?
The asking price for this property is $43,775.
What are key features of this property?
This property features: 4 buildable lots in the Nardin Park community, offered by the Detroit Land Bank Authority.; Total 19,000+ sqft of space available for new designs and infill development.; Included addresses: 5150, 5156, and 5164 W. Chicago.
