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Updated over 6 years ago,
How to value commercial lots?
Hello,
We bought up several commercial lots next to our building several years ago and have received an offer from someone who is described on the internet as a builder. They sent us an offer with a 7 day expiration on it, which I know is a tactic to try to get a quick deal. They attached a 1 page appraisal which compares it to a few residential lots.
Although I know how to do a rough value on apartments and houses, I need a guide on how to value commercial lots. We have about 2 acres with a single family home on it. The value is really in the land.
This is one of the larger empty commercial lots very close to a highway, but just behind the main street.
Prior to hiring an appraiser, how do I get a rough estimate of value?