4 months on rocket

7320 E Lafayette St, Detroit, MI, 48214

$125,000

0.30 Acres
Land

Location

Image provided by Mapbox

Property Highlights

Home TypeVacant Land
MLS #20240050145
Lot Size0.30 Acres
StatusActive

About 7320 E Lafayette St

Nice sized buildable land in Islandview in the vibrant and growing Villages neighborhood. Low Income Housing Income Tax Potential – According to the U.S. Housing and Urban Development website, this property is located in a Qualified Tract Zone, which allows for an additional 30% of low income housing credits, in addition to the 9% credit on qualified development costs. Buyer to Verify Zoning - The property is zoned R5, which allows for apartments/affordable housing to be constructed. Also, R5 zoning may allow for certain specified non-residential uses, as long as those uses can be blended into the district. So, for example, the first floor of a building could be rented out to businesses such as convenience stores, gyms, hair/nail salon, and other businesses which directly support residents.

Property Details

Property Features

Listing Office:

  • Office Name: O'Connor Realty Detroit, LLC
  • Office Phone: (313) 963-9891
  • Listing Agent: Bill Swanson

Lot Features

Lot Information:

  • Lot: Corner Lot
  • Lot Size: 0.30 Acres

Other

Directions Information:

  • Directions: Down the street from the Tunnel to Belle Isle

Price Information

Listing Price Info

Price Summary:

  • List Price: $125,000

Tax Information:

  • Annual Amount: $26
  • Tax Year: 2021
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Housing Market Comparison

See how this home compares to others in Detroit, MI.

Med. Sold Price

$85K

Med. Price/SqFt

$73

Avg. Days On Market

45

# of Sold Homes

475

7320 E Lafayette St vs Detroit

120 DAYS ON ROCKET

+75 Days

$125,000

+$40K More

KEY TAKEAWAY

This property is $40K more than the Median Sold Price in Detroit, MI.

Based on homes sold in the last 12 months

MLS Details

MLS Information:

  • MLS Name: Realcomp II Ltd
  • MLS Number: #20240050145

Listing Office:

  • Office Name: O'Connor Realty Detroit, LLC
  • Office Phone: (313) 963-9891
  • Listing Agent: Bill Swanson

IDXDisclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.

IDX information is provided exclusively for 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.

IDX provided courtesy of Realcomp II Ltd. Copyright © 2024 Realcomp II Ltd. Shareholders. All rights reserved. Originating MLS shown with each listing detail.
Data displayed may be a portion of, and not a complete set of all listings published in the MLS.
Last updated on: 11/21/2024, 10:20:54 AM Eastern. If you have any questions regarding the accuracy of this data, please contact us at help@rockethomes.com.

Property Sales & Tax

Tax History

YEARPROP. TAXASSESSMENT
2021$26$1,200
2020$17$1,200
2018$17$200
2017$17$200

History based on county public records data.

Payment Calculator

$691

Per Month

Recommended Financing

30-Year Fixed

Rate/APR

7.5% / 6.68%

Total Monthly Payment

$441

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NMLS#3030

Schools

Schools Nearby

The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.

Nearby Schools

school-card-donut-254668
1
/10
  • Roberto Clemente Learning Academy

  • 1551 Beard St

  • 0.31 miles

  • Public District Grades PK-5

school-card-donut-254669
2
/10
  • Bennett Elementary School

  • 2111 Mullane St

  • 0.76 miles

  • Public District Grades PK-5

school-card-donut-254670
2
/10
  • Harms Elementary School

  • 2400 Central St

  • 0.79 miles

  • Public District Grades PK-5

Neighborhood

What Are The Neighbors Like?

The neighbors living near this home have an average income of $37,917. The majority of Detroit, MI residents have income less than $35k annually. Residents typically live in single, no kids family. The most common level of education of people living in this area is high school diploma.

All data provided by Home Junction and Claritas

Frequently Asked Questions About 7320 E Lafayette St

What is the listing price of this property?

The listing price of 7320 E Lafayette St property is $125,000.

What type of property is this?

The property 7320 E Lafayette St is land located in Detroit, Michigan, 48214.

Is this property for sale now?

Active Listing: 7320 E Lafayette St is For Sale (Active/New) which means the seller is accepting offers.

What is the annual property tax for this property?

According to the records, the last property tax for 2021 is $26 (source: MLS/based on county public records data).

How much acreage is this property?

The property 7320 E Lafayette St is 0.30 acres.
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Rocket HomesMichiganWayne CountyDetroit482147320 E Lafayette St

This home is located at 7320 E Lafayette St in Detroit, MI and zip code 48214 in the Near West neighborhood. This home sits on a 0.30 acre lot. It has been listed on Rocket Homes since July 23, 2024 and is currently priced at $125,000.

In October 2024 more than 125 listings in Detroit, MI were sold above the asking price. During the same period more than 93 listings were sold at asking price, while more than 257 were sold below. The number of listings in Detroit, MI increased by 11.2% between September 2024 and October 2024. Listings spent 45 days on the market in October 2024, and had a median list price of $85,000 during the same period.

From Rocket Homes Real Estate and based on county public records data.

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