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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 region East of the Mississippi.
EXECUTIVE SUMMARY
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's
Zoning allows 2.2 units to the acre by right. With central utilities, it could be higher. Potential for Affordable Housing and or Workforce Housing density credits as the property is near the Town of Millsboro which is rapidly growing. Currently a recent timber report is included which shows high value selection of trees. US government is increasing timber production mandates.
Adjoining property lot/home values are in the high 700's
Zoning allows 2.2 units to the acre by right. With central utilities, it could be higher. Potential for Affordable Housing and or Workforce Housing density credits as the property is near the Town of Millsboro which is rapidly growing. 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 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, but still near all of Sussex Co. Level III Planning area
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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