Determining best use based on lot size

[Todd Peoples]

I have a lot I am evaluating in an emerging part of town near several multi-family and townhome developments.  The lot size is 12,250 sq ft with 5 ft minimum front and back setbacks. Price is $40/sq ft which seems expensive, but I am going to run an analysis anyways and see how feasible the project is. 

I am trying to determine the best use for the property.  I need a good way to determine how many townhomes I can fit on a lot this size.  Looking for some direction on the best way to determine this. 

Thanks in advance!