Need advice on this deal - Building a complex

[Sree Kollu]

Got this deal in front of me. Trying to analyze it. Any help would be appreciated. 

Came across a lot that is permit ready to build 48 unit apartment complex. Asking 1.4 million for the lot. And according to seller's initial estimate, it costs 9 million to build. Location is a good one. 

Assuming the monthly gross rental income is 80,000, What should I consider evaluating this deal? Do you consider this a good one? 

Thanks in advance for your help.