978 Cross St Ypsilanti, MI 48198

Property Details for 978 Cross St

Lot size

3.31 lot acres

Property type

Commercial real estate

APN

K-11-10-205-036, K-11-10-205-003 & K-11-10-205-023

Description

This exceptional 3.31-acre vacant land parcel in Ypsilanti, Michigan, presents a compelling investment opportunity. Located in a Qualified Opportunity Zone (QOZ), this property offers significant tax advantages for investors seeking to defer or permanently exclude capital gains. The land is ideally situated for multi-family or assisted living development, catering to the area's growing student and senior populations. Eastern Michigan University is just two miles east, while the University of Michigan is a convenient ten miles west. The proximity to these institutions, coupled with the projected increase in the 65+ population (reaching 18,271 by 2020, representing 15.6% of the total population), creates a strong demand for housing and care facilities. This prime location also boasts easy freeway access and is within walking distance of historic Depot Town, adding to its appeal. Furthermore, the property is only eight miles from downtown Ann Arbor and less than six miles from the University of Michigan Hospital and St. Joseph Mercy Hospital. The property's APN is K-11-10-205-036, K-11-10-205-003 & K-11-10-205-023. The asking price is $330,000, translating to approximately $99,698 per acre. An adjacent 6.59-acre parcel is also available for purchase, potentially expanding the development area to 9.9 acres, subject to Ypsilanti Township zoning ordinances and the Michigan Plat Act. It is advisable for prospective buyers to seek legal counsel before closing.