Entitled Multi-Family Land Pricing Strategies

[Colton T.]

What is the best strategy for determining the asking price of entitled MF land prior to zoning / entitling it? I've heard a couple of opinions of what the price per unit approved would be, but is that the standard? How much do other factors come into play?  

For context, the land is in nice suburb of DFW market, by the way, where MF builders are having a field day. Looking to lock in a strong idea of sales price prior to entitlement process.