1ac Neighborhood Services Mixed Use in Garland TX Analysis

[John Payne]

I have a lead for a property in Garland TX. 

It is a 1 acre property with a 3be-2ba, 1800sf, a shop, and a barn. It is zoned Neighborhood Services (Mixed Use), which means it has other commercial uses. 

As a residential property, it would go for less than $200k, but since it's zoned for commercial uses, the seller is asking $600k.

I'm looking up comparable properties on Loopnet and Craigslist to compare what similar land is going for in Garland. For vacant land, I'm coming up with $220k per acre asking price. Retail use or office buildings are $1M+, but I'm not a developer at all.

In my mind, considering a property is already present (and might involve demo to upgrade the overall property), what's the best way to analyze this property. Any developers (but especially the Dallas, TX or Garland area), what's the best way to analyze this property?

Thanks! I look forward to the discussion