I agree with Jack F. you must find the most comparable SOLD price to similar sized land site within the closest proximity to this site. Real Estate is very region specific and best to contact a Licensed Real Estate agent local to this site, that REALTOR should have resources to find the most comparable sales and what they sold for to compare. If this site is on a major Hwy in the path of Commercial Growth or urban residential sprawl may affect the value in comparison to other less exposed sites. Developed Land, that with utilities to it suitable to your intended use is certainly more valuable than property that have not had those utilities connected to land, this cost can be as much as or greater than the land value itself.
Dec 30, 2011