Description
Midtown investment opportunity waiting on you! 3 Properties for the Price of 1. Addresses include 8821 & 8829 3rd. Property needs a full rehab top to bottom, but don't let that scare you away as the right investor will certainly turn a profit! Close to major freeways, downtown, universities & hospitals. Sale contingent on buyer/seller executed development agreement. Estimated cost of renovation is $277,000. 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 abatements and lot combinations that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing.
-
0BEDS
-
0.03ACRES
-
3BATHS
-
01/2 BATHS
-
1,322SQFT
-
$5$/SQFT
Description
Midtown investment opportunity waiting on you! 3 Properties for the Price of 1. Addresses include 8821 & 8829 3rd. Property needs a full rehab top to bottom, but don't let that scare you away as the right investor will certainly turn a profit! Close to major freeways, downtown, universities & hospitals. Sale contingent on buyer/seller executed development agreement. Estimated cost of renovation is $277,000. 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 abatements and lot combinations that are otherwise available to the selected purchaser. DLBA will review requests to waive its tax capture rights and may require a payment in lieu of taxes to approve such requests. The payment will be determined upon reviewing the development proforma and effect of any tax abatements on the purchase and development financing.
IDX provided courtesy of Realcomp II Ltd. via Novak & Associates | Real Estate One and Realcomp, © 2022 Realcomp II Ltd. Shareholders. Real estate listings held by brokerages other than Novak & Associates | Real Estate One are marked with the Realcomp-approved IDX logo and are provided through IDX through Realcomp II Ltd. IDX information is provided exclusively for the consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. Data last updated: 2022-07-04T19:57:58.23.
IDX provided courtesy of Realcomp II Ltd., via Bellabay Realty Tri Counties: (248) 274-6614 and Realcomp, ©2022 Realcomp II Ltd. Shareholders.