Raw land for multifamily. How much should I pay?

[Uday Kumar]

How to calculate the price you can pay for raw vs developed land. I am trying to do feasibility analysis on a 8 acre multifamily raw land I got under contract in Lexington NC. 2 blocks from i-85 business and 1.5 mile s from downtown. Its in the neighborhood with mostly rentals and single families are sold for around $100-120/sqft. Creek running thru it wasting some land, 5 acres to remain to develop and build. Need a culvert over the creek to access the whole land. Wondering if I should develop or wholesale.