Commercial Land Valuation - Strip Mall

[James Cattivo]

I'm looking into buying a piece of land on which to build a multi-use music/video studio-type building (likely modular).

I'm having trouble deciding if the price is right and am looking for some guidance.  This piece of land available is 6500 Square Feet, and it's directly connected to an existing strip mall with 9 leased retail businesses.  The land I'm interested in is currently being used as excess parking and an Office Trailer.   The asking price comes out to about $12/sq foot.  

Any help with assessing if this is a good price?  Any other considerations perhaps I'm not thinking of?  Thanks!