Commercial Land Valuation
Purchased 2.5 acres commercial zoned off frontage road, DOT has also given a cut to access from frontage road. Great interstate visibility and on a busy exit. Purchase price was around $11 sq. ft. after piecing 3 parcels together (each parcel belonged to different heirs). The appraisal came in at purchase price. Going rate for neighboring property is in the $15-$20 range. I am confident that my tract could be sold for that if I were to list.
My question is how do I show the bank the land is worth the higher price when I go to develop it?