Great opportunity for experienced investors. Property located in Detroit's Russell Woods Community. Buyer must submit a proposal to purchase, including construction plans & financing plan w/ Proof Of Fund or Pre-App letter on a new construction loan. Please note that the Detroit Land Bank Authority is entitled to a tax capture for the 5 tax years subsequent to transferring ownership of the property. The Tax Capture may be incompatible with tax abatement that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights & may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development financing. BATVAI Please see attached documents for DLBA requirements.
Property Type :
Multifamily
County :
Wayne
Style :
Multifamily
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ByOwner last updated this listing 05/08/2024 @ 13:39
MLS: 588666599
LISTED BY: Leonard A Pickett III , RCH Brokerage Legacy Inc
SOURCE: Realcomp II Ltd
Buyer Agency Compensation: $1000
Buyer Agency Description: The listing broker's offer of compensation is made only to participants of the MLS where the listing is filed and if applicable, to participants of reciprocating MLS's as set forth in Association/MLS reciprocal agreements.
