How Do You Price Raw Industrial Land That Has Significant Amount Of Right Of Way
My family owns 5.77 acres of raw land zoned I-1.  Trapezoid shape with roads on 3 sides.  The "buildable" land is 3.86 acres.  The rest is right of way for the roads. On the contract with the realtor hired to sell it, he listed it as 5.77 acres @ 150K/ac. but has since marketed it as 3.86 ac. 

We've received an offer for 3.86 acres @ 150K/ac.  We would entertain making a counter offer.  We understand the ROW restrictions, but buyer would be able to utilize the ROW for parking equipment, etc. so we think there should be some value placed on it.

We've asked the realtor for some current comps.  How do we value/price this land?  Clt, NC.
[{"id": "hduwhvp", "text": "This completely depends on how usable the land is. If it's truly a ROW then it would significantly devalue the land in that area because it could made completely unusable, even for parking. If the interest on the land is specific in allowing the owner to utilize the land then it has some value.\n\nTypically in this case I price the buildable land at full market value and a reduced value for the remainder, and then blend the overall rate over the whole parcel.\n\nIf you've hired a property commercial realtor they should be able to guide you through this. Not enough info here to give you a real answer.", "replies": [{"id": "hdwobmx", "text": "Thank you.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hdv0r34", "text": "his marketing sounds confusing to me (and to the buyers?).  \n\nWhy isn't it just marketed as 5.77 acres with a comment of 3.86 usable and ideally a survey showing the ROW?  Is this buyer aware of the real size and ROW?\n\nper valuing it, adjust your comps based on their usable land.  How much you adjust depends on lots of things.  Is your broker not providing this info to you?  Are they a commercial broker or a residential one?  If they aren't capable of figuring this out you can always hire an appraiser.", "replies": [{"id": "hdwp3fs", "text": "Thank you.  Good information.  We're working with a commercial broker.  We've countered with a price we're comfortable with.  We'll see.", "replies": [], "depth": 2}], "depth": 1}, {"id": "hdv2k4q", "text": "Depends on what is being built. Usual far is .5 for stuff you can get trucks to, with your usual 180 foot truck court. \n\nAnd is the easement only to your property or another property as well? Is it rail easement or road? If you cannot build but you can also not use that land, then it is 3.86 acres.", "replies": [], "depth": 1}, {"id": "hdwo1o6", "text": "You can perhaps assign some value to the balance, but I would only offer/price what I can build on - in this instance, 3.86 A. That additional value, if their truly is any, should\u2019ve been baked into your $150k/A asking. That said, I would attribute little to no value for the encumbered acreage as a developer/buyer for industrial.", "replies": [], "depth": 1}, {"id": "hdzl40h", "text": "Price per buildable foot.", "replies": [], "depth": 1}, {"id": "hhbbg4x", "text": "Depends. How far away from downtown is the land? What is access to interstate? Honestly, you might be better off just having a broker put your land on the market if you\u2019re in a major metro area. I\u2019ve seen several sites recently get bid up 2x market value because they were put on market and the demand for industrial land is so crazy right now. That being said, only 3 usable acres probably only gets you a 30k sf building, which is expensive AF to build, so you would need to be really infill to get the rents for that development to work at today\u2019s costs.", "replies": [], "depth": 1}]