MLS® ID: 1000141892

003 OLD BALTIMORE PIKE

Newark, Delaware, 19702

$199,900 Active
  • - SQFT
5.6 Acres of land; terrific location & good frontage on 2 roads. Very good potential possibilities! The elevation of the property appears to be good for the area & there is a stream that runs through more of the east side of the property & it flows along the front of the property. Most properties around the area have 1/4 acre lots. When development is done, about 1/3 of the land is used for common space & roads, etc. Therefore, the amount of space that could be subdivided is about 3.75 acres. Multiply that by 4 & that will give about 15 building lots. Average price of houses sold within 1/2 mile of this land is $360,000. If new construction, the price of homes would be averaging about $412,500. Multiply that by 15 & the total gross amount will be somewhere around $6,187,500. The cost affiliated with the development of each lot will probably be somewhere around $60,000 per lot. That will cost around $900,000. There will also be a large amount of money that will be required to do a "Major Sub-Division". That cost will probably be somewhere around the price of $250,000 but the price is now way lowered to $199,900. Subtract that from $6,187,500 and the gross income (not including cost of land) will be about $5,037,500. Typically, builders don't want to pay anymore than 15% to 20% of the total price for land. Therefore, according to this structure, the land value may be somewhere between $756,000 - $1,008,000. There are other options as well: This property is Zoned "S" Suburban: Here is what the New Castle County website indicates can happen with this property: Suburban (S). This district permits a wide range of residential uses, including all the newly developing areas designed as growth areas in the Comprehensive Development Plan. Moderate to high density residential development is permitted in a manner consistent with providing a high quality suburban character. Significant areas of open space and/or landscaping are required to maintain the balan
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Listing courtesy of RE/MAX Of Wilmington-Limestone Rd

Amenities

  • Zip
    19702
  • Office name
    RE/MAX Of Wilmington-Limestone Rd
  • Subdivision
    None Available
  • Property type
    Vacant Land
  • School district
    CHRISTINA
  • Lot size
    5.61
  • Tax year
    2017
  • Office ID
    RMWILM
  • Agent ID
    4008399
  • Agent name
    Eddie Riggin
  • Tax amount
    $ 733.0
  • Purchase Type
    Active
  • Price Range
    $100k-$200k
  • Acreage Range
    5 - 9.9 acres

Location

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