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.
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.
Property Details
Price:
$115,000
MLS #:
20240050145
Status:
Active
Beds:
0
Baths:
0
Address:
7320 E LAFAYETTE ST
Type:
Land
Subtype:
Improved Land
Subdivision:
M. W. FIELDS SUB PLATS
Neighborhood:
05053 – Det Woodward-Mcclellan/So Mack
City:
Detroit
Listed Date:
Jul 23, 2024
State:
MI
ZIP:
48214
See this Listing
I’m a first-generation American with Italian roots. My journey combines family, real estate, and the American dream. Raised in a loving home, I embraced my Italian heritage and studied in Italy before returning to the US. As a mother of four, married for 30 years, my joy is family time. Real estate runs in my blood, inspired by my parents’ success in the industry. I earned my real estate license at 18, learned from a mentor at Century 21, and continued to grow at Remax. In 2022, I became the…
More About LiaMortgage Calculator
Schools
School District:
Detroit
Interior
Exterior
Financial
Taxes
$103
Map
Community
- Address7320 E LAFAYETTE ST Detroit MI
- SubdivisionM. W. FIELDS SUB (PLATS)
- CityDetroit
- CountyWayne
- Zip Code48214
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