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48.12 acres Morris Mill Rd 48.12 Acres of Residential Land Offered at $4,400,000 in Millsboro, DE 19966
INVESTMENT HIGHLIGHTS
- Rural but not far from major shopping and beaches
- Nearby single family home price is over $700k
- Adjacent community w/ .5 to .75 acre lot home packages
- Sussex County is the fastest growing County East of the Mississippi.
EXECUTIVE SUMMARY
Legacy property that is being offered for the first time from the heirs. This Sussex County wooded parcel is ideal for a planned urban development in one of the most beautiful rural areas of Delaware. Close enough to the Resorts, but far away enough to ensure peace and quiet. Town of Millsboro is minutes away. This remarkable, pristine, wooded parcel allows 2/units/to the acre. Artesian Water Co. has confirmed that they will install the laterals (needs a developer's plan). Investor Alert: Buy and hold with Artesian coming soon to supply central utilities. Best to coordinate development with the utility company. Cash discount of $400k off asking price if Buyer settles within 12 months of purchase contract. Soil studies, boundary survey and over 1000 feet of road frontage. Adjoining property lot/home values are in the high 700'. Currently a recent timber report is included which shows high value selection of trees. US government is increasing timber production mandates.
PROPERTY FACTS
| Price | $4,400,000 | Property Type | Land |
| Sale Type | Investment | Property Subtype | Residential |
| Sale Condition | 1031 Exchange | Proposed Use | Master Planned Community |
| No. Lots | 1 | Total Lot Size | 48.12 AC |
| Zoning | AR-1 - AR-1 allows a minimum 2 units to the acre by right. There are incentives in Sussex County for higher density. | ||
| Price | $4,400,000 |
| Sale Type | Investment |
| Sale Condition | 1031 Exchange |
| No. Lots | 1 |
| Property Type | Land |
| Property Subtype | Residential |
| Proposed Use | Master Planned Community |
| Total Lot Size | 48.12 AC |
| Zoning | AR-1 - AR-1 allows a minimum 2 units to the acre by right. There are incentives in Sussex County for higher density. |
1 LOT AVAILABLE
Lot
| Price | $4,400,000 | Lot Size | 48.12 AC |
| Price Per AC | $91,438.07 |
| Price | $4,400,000 |
| Price Per AC | $91,438.07 |
| Lot Size | 48.12 AC |
LAND for development. Artesian is confirmed to supply central water and sewer. Cost projections need to be given by qualified engineers at Artesian Water. Beautiful area of Millsboro, off Rte. 30. Level III. Adjacent to development.
DESCRIPTION
Ideal for single family home development. Currently zoning is by-right 2 units/acre. Potential increase to 4 +units/acre with Affordable Housing Component. Artesian to supply the sewer & water. Activity in this area for development is ongoing. Alternatively, would be a beautiful single family community, potential for 55+ Housing.
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48.12 acres Morris Mill Rd
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