Multifamily Land Deal Help

[Ben Gold]

I am a very young commercial real estate professional looking for advice on a potential land deal in a very dense sub-market of Los Angeles.  There are two adjacent single-family homes on a combined lot area of over 9k sf; however, both parcels are zoned for multifamily, with no height limit and a 3:1 FAR.  Based on my deal source, the lots could be acquired for well below market value.  My assumption is that a developer could go vertical to build mid-rise multifamily, building approximately 27.5k sf.  Assuming a typical new construction in Los Angeles of this size, that the lots could be merged, and that the development could be successfully leased (apartments) or sold off (condos), what would be a reasonable price for a developer to pay for the land to build this size project and expect a decent return?

I'm not sure how I would go about calculating my expected exit value after merging the lots and re-marketing the land for development.