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.
General Information
Sale Price: $125,000
Price/SqFt:
Status: Active
MLS#: 20240050145
City: detroit
Post Office: detroit
Schools: detroit
County: Wayne
Subdivision: m. w. fields sub (plats)
Acres: 0.3
Lot Dimensions: 125 X 103
Size:
Acreage: 0.3 est.
Year Built:
Property Type:
Style:
Tax, Fees & Legal
Est. Summer Taxes: $92 Est. Winter Taxes: $11
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.
