Price of land

[joeDowntown]

Can anybody give me a rough estimate of how to calculate a "good" price for land downtown. Unimproved. Lot is approximately 80'x60'. Is there any sort of rule of thumb? I know it all depends on location, location, location but a rough way to calculate something like this would be very interesting and helpful.

Joe

[PBJ]

Can anybody give me a rough estimate of how to calculate a "good" price for land downtown. Unimproved. Lot is approximately 80'x60'. Is there any sort of rule of thumb? I know it all depends on location, location, location but a rough way to calculate something like this would be very interesting and helpful.

Joe

[mendelman]

For such a lot in an urban downtown context, I think the value would either be using comparables (which may not be suitable, as PBJ alluded to), or by determining the value of the maximum possible improvements (buildings - including leaseable commercial, sale prices for any residential, etc.) permitted by the underlying zoning. 60'x80' (4,800sqft) is not very large even for a downtown. Depending on the on-site parking requirements (which is generally the biggest user of land), they could really hamstring any particular development potential/value.

If there are no parking requirements, then you could estimate the potential revenue from permitted improvements and derive a "value" at that point.

Hopefully that helps.

[Grand Rapidian]

I thought unimproved means no utility hook ups/good road access to the whole lot. I am not sure if this is true, anyone know that? If thats right, I would think there is no unimproved land (all of it must have some sort of old hook ups to be urban) downtown.

Price for the land, idk. Lookin to start a DT shop?

[mendelman]

I thought unimproved means no utility hook ups/good road access to the whole lot. I am not sure if this is true, anyone know that? If thats right, I would think there is no unimproved land (all of it must have some sort of old hook ups to be urban) downtown.

[terra firma]

Can anybody give me a rough estimate of how to calculate a "good" price for land downtown. Unimproved. Lot is approximately 80'x60'. Is there any sort of rule of thumb? I know it all depends on location, location, location but a rough way to calculate something like this would be very interesting and helpful.

Joe