7320 E Lafayette Street
Detroit, MI 48214

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Description

Nice sized buildable land in Islandview in the vibrant and growing Villages neighborhood. Low Income Housing Income Tax Potential – According to the U.S. Housing and Urban Development website, this property is located in a Qualified Tract Zone, which allows for an additional 30% of low income housing credits, in addition to the 9% credit on qualified development costs. Buyer to Verify Zoning - The property is zoned R5, which allows for apartments/affordable housing to be constructed. Also, R5 zoning may allow for certain specified non-residential uses, as long as those uses can be blended into the district. So, for example, the first floor of a building could be rented out to businesses such as convenience stores, gyms, hair/nail salon, and other businesses which directly support residents.

Features

• Property Type: Residential Lots & Land
• Sub Type: Residential Lots & Land
• Listing Status: Active
• County/Area: Wayne County
• Zip Code: 48214
• School District: Detroit
• Lot Size: 13068 sq ft lot
• Directions: Down the street from the Tunnel to Belle Isle
• List Price Acre: 383333.33
• Lot Features: Corner Lot
• Lot Size Area: 0.3
• Lot Size Square Feet: 13068
• Lot Size Units: Acres
• MLS Area Major: Wayne County - 100
• MLS Area Minor: Wayne County - 100
• Main Type: Land
• Parcel Number: 17013509..11
• Road Frontage: 103
• Street Type: Paved
• Tax Annual Amount: 103
• Tax Legal Description: Lots 59, 60 & 61 "Plot of Moses Field Subdivision of Private Claim 16" .T.2S., R.12E., Hamtramck, Wayne County MI as recorded in Liber 4 Page 10 of Plots.