how to find the value of land

[Mark Redmann]

Hello everyone,

How do I go about finding the value of a piece of land? I had a wholesaler email me today with a large area that is almost 21,000 sf of land. It has 3 buildings on the parcel right now and he says the plot could feasibly support 11 residential houses. The address of the parcel encompasses 4 "lots" i guess you could say. its numbers are 2121-2127.  

I know a few developers in the area, and there is a ton of new construction going on.  I am looking to do a double close, I buy the land and sell it to developer the same day.  It's currently priced under $40/SF.  Another parcel of a 1/4 the size has gone for $68/SF. within a mile of this particular deal.  Is $68/SF what I am looking at to sell it to a developer?  

Ok so I should have searched before I posted and saw that there was a couple of good answers to value the land. Seems like it depends on my market and what neighboring land was sold for.   My eagerness got the best of me.  Feel free to reply or to inquire about buying it though!!

I would have a question about splitting up the parcel.  I understand I wouldn't have to worry about this, but I am curious and would like to know.  Is this hard to do?  I suppose a developer would be experienced with this?  The parcel has frontage on 3 different streets, 168 feet along one street, 108 feet along another, and 68 feet on another.  The 2121-2127 addresses are along the 68 foot frontage. The side that is not on a street backs up to rowhomes.  This is in philadelphia.