003 OLD BALTIMORE PIKE Newark, DE 19702

198922142 39.629177 -75.765884 230 /listing/198922142-150476591/003-old-baltimore-pike-newark-de-19702 False 0 199900.0 102 1000141892 True
  • $199,900
  • 5.61 lot
  • Est payment $1073.11/mo

Property & Neighborhood Info

Courtesy Of RE/MAX Of Wilmington-Limestone Rd

Vacant Land in NEWARK

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

Courtesy Of RE/MAX Of Wilmington-Limestone Rd
  1. 5.61 Lot

Main Features

  • Listing Status: Active
  • School District: CHRISTINA
  • County: New Castle
  • Taxes: $733.00
  • Tax Year: 2017
  • Zoning: Subject To Zoning
  • Subdivision: None Available
  • MLS Number:1000141892

Additional Features

  • Air Conditioning:
    • No
  • Rooms:
    • Master Bedroom
  • Current Use:
    • Land/Lot Only
  • Location:
    • Creek/Stream
  • New Construction:
    • No
  • Water Source:
    • Public
  • Lot Description:
    • Marshy
    • Subdivision Possible
  • Topography:
    • Heavily Wooded
    • Level
  • Waterfront:
    • No
  • Sewer:
    • No Septic Approved
    • No Septic System
    • Public Sewer
  • Utilities:
    • Cable TV Available
    • Electric Available
    • Natural Gas Available
    • None
    • Phone Available
    • Sewer Available
    • Water Available
  • Road Maintenance:
    • State
  • Water Access:
    • No
  • List Type (Exclusive):
    • Exclusive Right
  • Rental Features:
    • No
  • Addnl Marketing Remarks:
    • Here are some thoughts that you'll need to verify if you are considering purchase & development. fyi, 7.2 acres on Old Baltimore Pike recently sold for $600,000. Good Comp!
  • MLSSystem ID:
    • TREND
  • Possession:
    • Negotiable
  • Price Per SQFT:
    • 0.82
Neighborhood info courtesy of Homes.com © 2019

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003 OLD BALTIMORE PIKE Newark, DE 19702

198922142 39.629177 -75.765884 230 /listing/198922142-150476591/003-old-baltimore-pike-newark-de-19702 False 0 199900.0 102 1000141892 True
  • $199,900
  • 5.61 lot
  • Est payment $1073.11/mo