New Castle County Homes for Sale, Newark Real Estate Listings, Lot 3 Old Baltimore Pike, MLS #6534698 Luxury Homes, Condos, Estates for Sale

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
Status
ACTIVE
Property Class
Lot-Land
Subdivision
None Available
Area
Newark/Glasgow
City
Newark
County
New Castle County
Land SqFt: 244,372
Land Use: UnimprovGrnd, Ch
Area: Newark/Glasgow
Location Type: Stream/Creek, We
Lot Area Acreage: 5.610000
Lot Depth: 620
Lot Width: 512
Lot Dimensions: 512X620
Lot Improvement: NoImprovemnt
Ownership: Fee Simple
Subdivision: SubdivPoss
Type: Lot-Land
Topography: Level, HeavilyWo
Utilities: WaterAvail, SewerAvail, GasAvail, ElectrcAvail, TelephnAvail, CableTVAvail, NoUtilOnSite
Zoning Code: SUBUR
Water: Public
Sewer: NoSepticSys, Public Sewer
Tax Year
2015
Total Taxes
$666

Area Highlights

User reviews and recommendations of top nearby restaurants.

Farm a Sea Bistro & Crafthouse

Categories: , ,

Distance: 0.28 Miles

Rating 18 reviews
Famous Dave's

Categories:

Distance: 0.33 Miles

Rating 36 reviews
Bertucci's

Categories: ,

Distance: 0.36 Miles

Rating 24 reviews
Biryani City

Categories:

Distance: 0.49 Miles

Rating 17 reviews
Horace Shellhammer's

Categories: , ,

Distance: 0.54 Miles

Rating 87 reviews
Zoës Kitchen

Categories: ,

Distance: 0.79 Miles

Rating 8 reviews
Bahama Breeze

Categories: , ,

Distance: 0.87 Miles

Rating 97 reviews
Don Pablos Mexican Kitchen

Categories:

Distance: 0.88 Miles

Rating 79 reviews
Suki Hana

Categories:

Distance: 1.01 Miles

Rating 29 reviews
Nordstrom Grill

Categories: , ,

Distance: 1.01 Miles

Rating 5 reviews

School Information

Great Schools

Understand the educational environment and opportunities around this area before moving in.


GRPC Homeschool Academy

Type: Private

Level: PK-6


Glasgow Chrisian Academy

Type: Private

Level: PK-8


Tlk Academy

Type: Private

Level: PK-5


Christ the Teacher Catholic School

Type: Private

Level: PK-8


Keene (William B.) Elementary School

Type: Public

Level: K-5


Loss (Olive B.) Elementary School

Type: Public

Level: 1-5


Caravel Academy

Type: Private

Level: PK-12


Brader (Henry M.) Elementary School

Type: Public

Level: K-5


Lela Day School

Type: Private

Level: PK-K & Ungraded

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Listing courtesy of RE/MAX Of Wilmington-Limestone Rd.

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