118 W Arizona St Highland Park, MI 48203
- Commercial real estate
- 2,868 SF
- 0.14 lot acres
Current Use by Public Records
- Commercial real estate
Property Details for 118 W Arizona St
- Year built
- 1921
- Lot size
- 0.14 lot acres
- Property size
- 2,868 SF
- Property type
- Commercial real estate
Description
This exceptional investment opportunity presents a two-unit apartment building situated on a 0.14-acre lot at 118 W Arizona St, Highland Park, MI 48203, within Wayne County. Built in 1921, this Colonial-style brick building boasts a combined 2,868 square feet of living space, including a 1,392 square foot unfinished basement. The property features three parking spaces and is connected to public sewer and water. Heating is provided by natural gas hot water. The property is zoned Residential and requires a full rehabilitation. Potential buyers must submit a detailed proposal including rehabilitation plans, a financing plan with proof of funds or pre-approval for a new construction loan. Importantly, this sale includes a vacant lot at 128 Arizona Street, increasing the total land area significantly. Note that the Downtown Development Authority (DLBA) holds tax capture rights for five years post-sale, which may impact tax abatement options. The DLBA will review requests to waive these rights, potentially requiring a payment in lieu of taxes. Detailed DLBA requirements and offer submission information are available in attached documents. This is a unique opportunity for a buyer with a vision for renovation and redevelopment.
Value Estimation
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CAP approach
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Comparable approach
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Alternative Use
Location Insight
- Map
- Local Demand
- City
- Highland Park
- County
- Wayne
- State
- Michigan
- Longitude
- -83.1040084
- Latitude
- 42.4187
