How to price a commercial lot

[Jacob Cannon]

Hi,

I've come across an opportunity to purchase a commercial property in Carmel that happens to have a sizable lot that can be subdivided. I've reached out to the city zoning commission and received initial approval to be able to build an additional commercial property on the lot, but will need to work through a few things before getting their final approvals, etc..

My question is this - how do I go about determining a price for the lot if I intended to sell the land to someone else to build on rather than building the second property myself?

I'm assuming I'd need to find an agent and get some comps put together, but this is new territory for me and appreciate any and all advice on navigating this process and determining how to price the lot.

Thanks!

Jake