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Delaware 19702 NEWARK OLD BALTIMORE LOT 3 OLD BALTIMORE PIKE

LOT 3 OLD BALTIMORE PIKE
NEWARK, DE 19702

$250,000 
  • -- Beds
  • -- Baths
  • Lot/Land
  • Active
LOT 3 OLD BALTIMORE PIKE, NEWARK - 29787096
LOT 3 OLD BALTIMORE PIKE, NEWARK - 29787097
LOT 3 OLD BALTIMORE PIKE, NEWARK - 29787098
LOT 3 OLD BALTIMORE PIKE, NEWARK - 29787099
LOT 3 OLD BALTIMORE PIKE, NEWARK - 29787100
LOT 3 OLD BALTIMORE PIKE, NEWARK - 29787101
LOT 3 OLD BALTIMORE PIKE, NEWARK - 29787102
LOT 3 OLD BALTIMORE PIKE, NEWARK - 29787103
LOT 3 OLD BALTIMORE PIKE, NEWARK - 29787104
LOT 3 OLD BALTIMORE PIKE, NEWARK - 29787105
LOT 3 OLD BALTIMORE PIKE, NEWARK - 29787106
LOT 3 OLD BALTIMORE PIKE, NEWARK - 29787107
LOT 3 OLD BALTIMORE PIKE, NEWARK - 29787108

Property Description for LOT 3 OLD BALTIMORE PIKE, NEWARK DE 19702

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. 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 balance between green space and buildings that characterize suburban character. The highest densities are permitted in designed communities, hamlets and villages. This district is not intended to be used for fully developed areas. Fully developed areas are zoned Neighborhood Conservation (NC), which is discussed on Page 4. The Suburban District is used to in-fill tracts containing at least 5 acres or where New Castle County seeks to redevelop an area

  • Property Class: Lot Land
  • Listing Status: Active
  • City: NEWARK
  • State: DE
  • Zip: 19702
  • Area: Newark/Glasgow
  • Class: Lot/Land
  • Approx Lot Size: 5.610
  • Baths (F/H): -- / --
  • Lot Sq Ft Apx: 244372.00
  • Listing#: 6946145
  • School District: Christina
  • Tax Year: 2016
  • List Date: 3/17/2017
  • Last updated on: 8/23/2017

Property Features for LOT 3 OLD BALTIMORE PIKE, NEWARK DE 19702

  • Land Use: Unimprovgrnd, Choiceofbldr, Useyourbldr
  • Water: Public
  • Location Types: Stream/Creek, Wetlandmarsh
  • Topography: Level, Heavilywoodt
  • Sewer Septic: Nosepticsys, Public Sewer
  • Utilities: Wateravail, Seweravail, Gasavail, Electrcavail, Telephnavail, Cabletvavail, Noutilonsite
  • Roads: State

Additional Information for LOT 3 OLD BALTIMORE PIKE, NEWARK DE 19702

  • School District: Christina
  • Condo Association: False
  • HOA: False
  • Farm House: False
  • Lot Number: 003
  • Lot Dim Width: 512
  • Lot Dimensions: 512X620
  • Ownership: Fee Simple
  • Structures: False
  • Total Assessment: 22400.00
  • Water Front: False
  • Total Taxes: $731
  • Listing Area: Newark/Glasgow
  • Subdivision: None Available
  • Listing ID: 6946145
Courtesy of RE/MAX Of Wilmington-Limestone Rd
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