2900 Clairmount Street Detroit MI 48206 | MLS #20261079692

Great opportunity for an experienced investor or developer looking to take on a substantial multifamily renovation project in Detroit. This building currently features 13 one-bedroom units and offers the potential to create a fully renovated income-producing property. The building will require a complete restoration, making this an ideal project for a buyer with the experience, financial resources, and vision to bring the property back to productive use.
Located in Detroit, the property is surrounded by established residential neighborhoods and offers convenient access to major roadways, employment centers, shopping, dining, schools, parks, and other city amenities. The location provides an opportunity to be part of Detroit’s ongoing neighborhood redevelopment and revitalization efforts.
Seller requires proof of funds with all offers. Offers must also include an estimated renovation budget along with proof of funds sufficient to complete the proposed improvements. Buyer must demonstrate the financial ability and experience necessary to successfully complete this type of project. Buyer to independently verify all unit information, zoning, rental requirements, utilities, dimensions, and development requirements. BATVAI.
Please note that the Detroit Land Bank Authority (DLBA) is entitled to a tax capture for the five tax years following the transfer of ownership. The DLBA tax capture may be incompatible with tax abatements that may otherwise be available to the purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes (PILOT) as a condition of approval. Any payment will be determined after review of the development pro forma and the impact of any tax abatement on the purchase and development financing. All information regarding the DLBA tax capture, waiver process, and development requirements should be independently verified by the buyer.