How to value multi family land?

[Charles Gorman]

Hi All! I have a lead on 13 parcels of land that used to have 120 units on them. Originally they were built in the 40s and torn down in 2016. My estimate is you could get a total of 250 units on the same land with modern designing. How would you go about valuing the land for a fair offer price? Market rents for 2br 1bath would be 1400 per unit for new construction and that's conservative. 

[Stuart Udis]

There is so much nuance to land valuation. Besides whether this can be permitted by-right, the site work and type of structure are huge variable as is unit type. Is this a site that can accommodate 250 200 SF studios or 250 1,000 SF 2 BR units? You will not receive any good pointers on valuation in these forums based on the information that's being provided. Separate from the lack of necessary information, I'm not aware of any market in this country that can support the costs of ground up construction, particularly in the scale you are envisioning  where 2 bedroom units are renting for $1400 without significant subsidies.