What kind of expected return seems reasonable for vacant land in NYC with no intention of developing? Simply buy ~10,000 sq ft already zoned for multifamily and sell to a developer in 2-3 decades. Assume 100% equity and no debt.
How would the expected return differ from Manhattan vs. Brooklyn or Queens? Obviously, this is going to be very area specific but what sounds like a reasonable target return to shoot for?
Wait there's raw land in Manhattan?
Believe it or not, yes. But more often than not, it's a gas station that got paved over or a train wreck building that someone tore down.
Edit: Just realized there's a distinction between raw and vacant land. Edit to title made.
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