Establishing a Value for a Private Road

[Jonathan K.]

Help!

Does anyone know what a road or road access is worth?

A developer would like to build 6 homes on property parcels within Bothell city limits in south Snohomish. The developer would like to use a private road that is currently owned by property owners of 8 land parcels ranging in size from approx 1/2 acre to 5 acres. The private road has an access point complete with a city traffic light. The legal description allows for access for one home per property regardless of property size, or a net access to 8 homes. I am one of the property owners.

Currently, there are only 6 homes.  The 2 parcels in question are bank owned and currently allow one home per parcel. The developer would like to put 6 homes on these two parcels, increasing the net yield from 8 potential homes that are allowable to a total of 12 homes.

It would understandably be advantageous to the developer to utilize the private road rather than build a new road, install traffic light, etc. They could do this since one of the land parcels does have a narrow land strip to a city road. (228th St SE)

 I am not sure what it costs to build a road of approx 1/4 mile and install a street light. 

Does anyone know how to establish a value for a road? Understandably, the current property owners don't want to just give the access away without some concessions from the developer/builder.  

The road in question is approximately 1350-1500 feet long and is very well built.

Any ideas that could help me figure this out?