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Eddie Riggin
RE/MAX Of Wilmington-Limestone Rd
Available

5.61 acres in New Castle County, Delaware

Lot 3 OLD BALTIMORE PIKE, Newark, Delaware 19702 - New Castle County
$250,000 5.61 Acres
Property ID 2406340

Description

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

Directions

Drive West of 896 on Old Baltimore Pike. Look for Ironside Rd on right side. Wooded property at intersection of Ironside Rd and Old Baltimore Pike.

Tax Data (Show Tax Data)

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Eddie Riggin

RE/MAX Of Wilmington-Limestone Rd

5307 LIMESTONE RD STE 100
WILMINGTON, DE 19808

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