Estimating the value of raw land might seem easy because there are no structures on the parcel, but the opposite is actually true. With improved land, its value and purpose usually is fixed by the physical building that it holds. An unimproved parcel, by contrast, is a blank canvas. The value is wrapped up in its future potential – what the owner wants to do with the land and the zoning code for the site.
Before valuing a piece of land, you need to understand what you have. A formal survey of a lot will identify not only its exact location and size but also the amount of street frontage that it includes. A surveyor also can help you identify the topography of the parcel, which will indicate what parts can be built upon and what it'll cost to improve the land. Size, location, topography and "buildability" all affect the land value.