Got land, now what???

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Hi i live in Ma. and bought a 3 family dwelling about 1 year ago. I've been living here while i renovate and everything has been working out great. When i bought the dwelling a small lot of land attached to my property was also included in the sale. The lot is approx. 5,300 sq ft. It is attached to the rear of my propety which abutts a back st. The lot has approx. 46 ft of frontage. My question is what are my steps on finding out if this seperate lot is buildable/ has any value or what. I am just lost right now and don't want to go running my mouth to my neighbors asking if anyone has tried to develop the land before. This dwelling is in a city so i imagine the rules are different than a small town. I have the plot plan and the lot next to it which has a older house on it is only 5500sq ft. so that got me thinking. Once again this is a seperate piece of land which i pay a seperate tax bill for. Any thoughts or suggestions will be greatly appreciated.