Buildable R5 Residential Development
For Sale
$115,000
7320 E LAFAYETTE Street, Detroit, MI 48214
Buildable lot zoned R5, supporting apartments and affordable housing, with potential for blended non-residential uses.
Property SizeContact for details
Days on Market750
Property Features for 7320 E LAFAYETTE Street
General Information
Standard status
Active
Property subtype
Lots/Land
Zoning
R5
Taxes and HOA fees
Annual Taxes
$103
Listing Agency:
O'Connor Realty Detroit, LLC
(313) 506-5471
Listed By:
Bill Swanson · License #6501381221
(313) 506-5471
Source:
Exitrealty
Added: Jul 25, 2024
Changed: Aug 8
Last Checked: Jul 16 at 6:52PM
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 O'Connor Realty Detroit, LLC
Investment Insights
Based on property information with market context.
Offered for sale is a nice-sized buildable land parcel in Detroit’s Islandview area. The property is zoned R5, which allows for apartments and affordable housing to be constructed, and may also permit certain specified non-residential uses if they can be blended into the district. Buyer should verify zoning details and permitted uses.
Public remarks also reference Qualified Tract Zone status that, according to HUD’s website, may allow an additional 30% of low-income housing credits on top of the standard 9% credit on qualified development costs. Interested parties should confirm eligibility and applicability.
This is a straightforward land offering for developers looking for an R5-zoned site suitable for residential multifamily development and potentially compatible supporting uses, subject to verification.
Public remarks also reference Qualified Tract Zone status that, according to HUD’s website, may allow an additional 30% of low-income housing credits on top of the standard 9% credit on qualified development costs. Interested parties should confirm eligibility and applicability.
This is a straightforward land offering for developers looking for an R5-zoned site suitable for residential multifamily development and potentially compatible supporting uses, subject to verification.
Key Highlights
- Buildable land in Islandview’s Villages neighborhood.
- Zoned R5, which allows for apartments and affordable housing to be constructed.
- R5 zoning may allow certain specified non‑residential uses blended into the district.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
689
Businesses Nearby
Explore this area
Business Placement
Demographics for 48214, MI
18,959
Population
13,279
Households
1.4
Avg Household Size
44
Median Age
27%
College-Educated
84%
High-School Grad
5.1 sq mi
ZIP Area
3,717
Density / Sq Mi
$34,807
Median Household Income
$36,625
Median Earnings
$818
Median Rent
$120,500
Median Home Value
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Residential land & home lot - Buildable lot zoned R5, supporting apartments and affordable housing, with potential for blended non-residential uses.
Where is this residential land & home lot located?
The property is located at 7320 E LAFAYETTE Street Detroit, MI.
What is the asking price?
The asking price for this property is $115,000.
What are key features of this property?
This property features: Buildable land in Islandview’s Villages neighborhood.; Zoned R5, which allows for apartments and affordable housing to be constructed.; R5 zoning may allow certain specified non‑residential uses blended into the district.
