2749 Elmhurst St, Detroit, MI, 48206 $35,000
c.1928 Abandoned Apartment Building For Sale in Detroit, MI $35K – Art Deco
In 1953, Elmhurst Street was at its apex. The city phone directory at the time was inches thick with phone numbers for residents on the block, mainly Jewish and working class. By 1958, however, the synagogue on Elmhurst closed its doors, and one by one the long-time residents sold their homes and moved out of their apartments.
According to a 2001 article in the Detroit News regarding Elmhurst Street, the reasons for the street’s white flight exodus are murky and many; fear of decreased property values and crime; prejudice; limited low-income housing in Detroit; freeways carving up the city; malls drawing residents away from the mom-and-pop neighborhood stores; and real estate agents tactics to name a few. Whatever the reasons, the ultimate result was the same. Today Elmhurst Street is lined with vacant lots and abandoned buildings. This Art Deco apartment building being one of many.
Great for experienced investors. Looking for a buyer to rehab this multi-family home. The seller is the Detroit Land Bank Authority. 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 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 abatement on the purchase and development financing. Please see attached documents for DLBA requirements. BATVAI