1058 Lakepointe Ave, Grosse Pointe, MI 48230

FOR SALE - LAND ONLY NOT THE BUILDING Development Opportunity - Vacant, improved residential land in the City of Grosse Pointe Park, MI. Site would support the construction of 10 residential condominiums in two separate 1 1/2 story buildings (5 units per building) . Price includes complete set of plans. City sewers and utility connections in place. Ready for immediate building. Preliminary design / feasibility studies were completed. New unit would contain first floor master bedrooms, a feature that is not readily available in this long established market. In addition, the new units would have additional living space to accommodate purchases with larger families (approximately 1500 - 1600 sq ft / unit. Site improvements completed include shared driveways/sidewalks, city sewers, and provisions for utility connections. These remain in place and provide significant cost savings to support planned new construction. The asking price for the parcel and complete plans is $450,000. This reflects a land cost of approximately 15-20% of the projected selling price for the proposed new condominiums, assuming a conservative $250 - $275 /sq ft. selling price. The Grosse Pointe Park real estate market remains strong with very little available inventory. All reasonable offers will be considered.