Marketing Vacant Land to Developer
I posted this originally in a different forum, but I think this forum is more appropriate. I apologize for the double-posting.
I own a single-family home that sits on approximately 4 acres. I am buying 8 acres located behind my property that will give me a 12-acre parcel in total. In the zoning district that I am located, the residential density will allow approximately 50 residential units. In order to maximize the net density based on the configuration of the parcel, one would have to construct multiple duplex/triplex buildings along with a few apartment buildings.
I have reviewed similar parcels in the neighborhood that have been purchased by developers and constructed as duplex developments. Based on my analysis, the purchase price of properties was about $12,500 per developable unit. Based on others experience, does this "per unit" cost change if it is a duplex vs. apartment buildings vs. single-family? All 3 of those options are in high demand in my area.
At this point, I am just interested in packaging up the property and selling directly to the developer. I do not have the time, experience, or financial capability to develop the property myself. As a land development engineer myself, I am knowledgeable with regard to the conceptual and final design of the project, but know little about the financing and building construction side of the process.
Another question is how to present the property to a developer. Ideally, I would like to sell the entire parcel, along with my house, to a developer. Alternatively, I would entertain the idea of keeping my house, but selling off a majority of the developable land. The caveat to that option is that, in order to preserve the value of my house, I would looking to keep more than 3 acres with my house, which would reduce the land that could be developed, and significantly reduce the amount of land located close to the roadway. Any thoughts on what preference a developer would have when purchasing the property?
Thank you in advance for any advice given.