About the Listing 105099 - 675801

Development Opportunity in Detroit's Historic Virginia Park Neighborhood. Welcome to 1729 Lee Place, a multi-family property located in the heart of Detroit's desirable Virginia Park Neighborhood. This property presents a solid opportunity for investors, developers, or owner-occupants seeking to establish a presence in a neighborhood experiencing continued revitalization. The property features two residential units, each offering 3 bedrooms and 1 full bathroom, providing a functional layout suitable for rental use, redevelopment, or long-term investment strategies. Conveniently located just minutes from Henry Ford Hospital, Wayne State University, the Motown Museum, and downtown Detroit, this property benefits from proximity to major employers, cultural landmarks, and ongoing development activity throughout the area. With its location and multi-unit configuration, 1729 Lee Place offers strong potential in one of Detroit's historic and steadily growing neighborhoods. Interested buyers must submit a complete proposal package for DLBA approval, including a project proposal, proof of funds, site plan or concept drawing, and proof of previous development experience. Sale is contingent upon execution of a DLBA Development Agreement. The Detroit Land Bank Authority is entitled to a tax recapture for the five (5) tax years following transfer of ownership. This provision may be incompatible with certain tax abatements, lot combinations, or assemblages. Waiver requests may be considered on a case-by-case basis and may require a payment in lieu of taxes, determined after DLBA review of the development pro forma and financing.

Listing Highlights