How do you place value on a property that can be subdivided?

[Adam Y]

Hi everyone,

There is a parcel of land that is pretty much in between a bunch of other subdivisions. The parcel is 5 acres and has a small house on it and most likely a few trees that would need to be cleared. The house has been vacant for 2-3 years now.

XXOOOXXX
XXXXXXXXX
XXXXXXXXX

Each X represents a subdivision. The second 2 O's represent 2 parcels of land that haven't been developed yet. (well they have 1 small house on each one) The first O is a very large, very nice house, that is on the market for $1.3 M. Most if not all of the X's have house values, that are already sold, for 250k-425k. Most of them are in the $300k range. Each x represents 6-8 houses.

Here is how the parcel I am looking at is described.

Short plat approved for 8 9000+ sq. ft. lots. Already vested under prior storm water regulations.

How do I place a value on this lot?