How do I value the land on a property?

[Irais Torres]

Hello BP Friends!

I'm a licensed Realtor in IL and I am still in my first year so there are plenty of things I am still getting a hang of.

I love working with small multifamily investors here in Chicago and am always looking to get into

This is the deal: I am working with a cash buyer. He is looking for a 2-4 unit property and we have found a 4 unit in a great neighborhood!!! Tons of new construction on the same block and the after repair values are hovering around $650,000- 750,000 for 4 units. The thing is this property has a crack in the foundation and is now leaning towards one side. It does not have a basement so when we had the contractor look at it he determined it cannot be fixed and is basically a tear down.

What my buyer is asking me is to found how I can estimate the value of the land to determine how much we can offer. Can somebody please tell me how: I've gone to the County's Assessor's website but I think I'm missing something. Please help. See picture for reference. Thank you friends!!!