003 OLD BALTIMORE PIKE Newark, DE $ 159,000
003 OLD BALTIMORE PIKE
$ 159,000
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003 OLD BALTIMORE PIKE

Newark, DE, 19702
$ 159,000
Bedrooms Baths0.0

Monthly Estimate*

$ 758

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Lots and Land for sale in Newark, DE

for $159,000. The lot size is 5.61 Acre(s).

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 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

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Lots and Land Active

Price

$ 159,000

Property Type

Lots and Land

Taxes

$ 733

Style

Other / Unknown

Lot Size

5.61 Acre(s)

Town/City

Newark

County/Region

New Castle

MLS | Web ID

1000141892

Features
Room Sizes
Master Bedroom
Interior
Sewer Public Sewer Sewer
Water Source Public Water
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Exterior
Lot Description Level/Flat Marshland Subdivision Possible Wooded / Trees
Parking 1-20 Assigned Parking Spaces
Road Frontage State Road
Waterfront Description Creek
Zoning Not in Flood Zone
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Miscellaneous
Utilities Cable TV Available Electric Gas Phone Line Available Water
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* Excluded Features
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Listing Agent

Re/Max Of Wilmington-Limestone Rd

Broker

Affordability Calculator

$819
Per Month
93%
7%
0%
Monthly Principal & Interest
$758
Monthly Property Taxes
$61
Monthly Home Insurance
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Default based on a 30-year fixed rate of 3.99% with 20% down. The estimated payment is offered for convenience and is not an offer of credit. Due to market fluctuations, interest rates are subject to change at any time and without notice. Your individual rate may vary. Rates may differ for FHA, VA or jumbo loans.
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Nearby
CHRISTINA School District
Pricing History
DatePricePrice ChangeDescription
8/7/2019$159,000 -20.46% Price Down
2/12/2018$199,900 Listed Price

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003 OLD BALTIMORE PIKE, Newark, DE, 19702 is a Lots and Land for sale at $159,000 with a lot size of 5.61 Acre(s). 003 OLD BALTIMORE PIKE has 0.0 baths. The property's zip code is 19702 which is in Newark, DE