advice on selling vacant commercial land
TL:DR - should I list or auction vacant commercial land?

  I live in a small college town of about 30k in the southern US and I recently inherited 4 acres of vacant commercial land in an up and coming area of our town near an interstate exit. Recent development just down the road closer to the main intersection leading to the on-ramp includes Buffalo Wild Wings, Steak and Shake, Starbucks and a japanese steak house.

 I own it jointly with 3 others and they have finally agreed to sell it. We've had it surveyed and appraised and unfortunately there just weren't many recent comps similar to ours to go by so the price per acre was all over the place. 

  There is also a creek running through the property so only half of the land that's not in the flood zone is build-able. We talked to a local realtor and he asked us to get a listing price to him before we could proceed but considering the flood area and the lack of good comps that is proving difficult.

  Considering the unknowns I started thinking of auctioning the land instead to avoid a potentially long listing time but wasn't sure how common that is for commercial and what sort of loss of value might occur.

  I would greatly appreciate any advice!
[{"id": "cure8b4", "text": " I get this sort of thing regularly and half the time I sell it to the owner of an adjoining property. We do on-line auctions but it has to be heavily advertised and you and the group have to be prepared to sell it short at auction.  Is it to settle an estate?", "replies": [{"id": "curke9q", "text": "&gt; Is it to settle an estate?\n\nyes it is. And thanks I will check with the adjacent owners.", "replies": [], "depth": 2}], "depth": 1}, {"id": "curjq2h", "text": "&gt; We talked to a local realtor and he asked us to get a listing price to him before we could proceed but considering the flood area and the lack of good comps that is proving difficult.\n\nDid you talk to a commercial realtor?  I'd talk to a few more.  Recommending a listing price, advising you on how quickly they think it would sell, and what the likely amount is pretty solidly their job.  More so if you just did an appraisal and have given them access to it.  \n\nIf they are going to sell it, they should be able to tell you about what that process is going to be like and your options.  Just keep in mind, if it is like a lot of commercial vacant land the listing option may come with a giant \"this could sit for years\" answer.  Its been picking up but I won't even take land listings for less than 18 months anymore.  Even if priced correctly in a lot of areas there just is very little demand, then if you do find a buyer you can be looking at a very lengthy closing process with significant due diligence, and government approvals for whatever the buyer wants to build there.  If zoning changes are needed even more so.\n\nI'd second /u/rodneyachance in that talking to the adjoining property owners would be a smart thing to do before proceeding too far.  If they have any interest in this then that is really one of your best bets.", "replies": [{"id": "curkhs4", "text": "&gt; Did you talk to a commercial realtor?\n\nNo he was with a residential group. We actually don't have any commercial realtors in our town. I would have to check elsewhere, the closest major town is about 1.5 hours away.\n\nThanks for the input.", "replies": [{"id": "cuwfr8j", "text": "I'd make a phone call to a commercial broker in that closest major town.", "replies": [], "depth": 3}], "depth": 2}], "depth": 1}, {"id": "cus0c9e", "text": "Find a commercial broker who specializes in land. He will have access to the needed data and comps ad be able to follow a proper process for a valuation. Even if they are 1.5 hours away they should still be able to handle it. Most residential people don't have access to the needed data and don't know how to properly validate commercial vacant land (It is harder to do than you may think).\n\nSource: I am a commercial broker. ", "replies": [{"id": "cuuz9om", "text": "Yep, broker here as well. You might balk at the fee but in addition to getting you priced right he'll be able to market the space so it should move faster. It's land though so don't expect it to move quickly. ", "replies": [], "depth": 2}], "depth": 1}, {"id": "cuxddd4", "text": "Talk with a commercial agent specializing in land... unless it's a fire sale, give it 6 months or a year to see if there is any traction at all. Front end get their opinion about any issues (access, the creek, etc)  Land interest is typically slow but better to try and take it out to the market than auction it off fast. Consider, absent a prospect in hand, what buyer is going to pay going rate at auction without first pricing in substantial risk / carry? If you don't have to sell now, take it to market. May also consider meeting with a retail developer.", "replies": [], "depth": 1}]