How Much Is a 23-Acre Parcel of Land Worth?

The value of a 23-acre parcel of land is a complex calculation influenced by many variables. An acre is a standard unit of land measurement in the United States, equivalent to 43,560 square feet. This article explains the physical scale of 23 acres and the various factors that determine its monetary value.

Understanding the Scale of 23 Acres

To visualize 23 acres, consider that a single acre is roughly the size of a football field. Therefore, 23 acres is comparable to about 23 football fields side-by-side. In terms of square footage, 23 acres measures 1,001,880 square feet (23 acres multiplied by 43,560 square feet per acre). If shaped as a perfect square, 23 acres would have sides approximately 665 feet long. This substantial area could encompass numerous typical city blocks. Understanding this physical scale is important for comprehending the potential uses and development scope of such a large parcel.

Factors Influencing Land Value

Several factors influence the monetary value of any land parcel:
Location: Location is a primary factor. Land near urban centers, major highways, and desirable amenities command higher prices. Proximity to schools, shopping, and job markets also enhances value.
Zoning and Land Use Regulations: These local laws dictate what can be built or done on the land. They specify permitted uses, such as residential, commercial, or agricultural, affecting a property’s development potential and value.
Accessibility and Utilities: Accessibility and the presence of utilities are important. Land with existing access to roads, water, sewer, electricity, and internet connectivity is more valuable than raw land requiring substantial investment for these services.
Physical Characteristics: The physical characteristics of the land, including its topography and soil quality, matter. Flat, well-drained land is more desirable for construction or agriculture, while rocky, uneven, or flood-prone areas may require costly improvements.
Market Conditions: Market conditions, including current supply and demand and broader economic trends, influence land values.
Environmental Considerations: Environmental considerations, such as the presence of wetlands, flood plains, or protected habitats, can limit development options and impact a property’s worth.

Valuation Across Different Land Types

Land value varies significantly based on its primary classification.

Residential Land

For residential land, a 23-acre parcel’s value is tied to its development potential, including the number of homes that can be built and local housing market demand. Factors like local housing needs and the availability of public services influence its per-acre value.

Commercial or Industrial Land

Commercial or industrial land valuation prioritizes proximity to transportation hubs, major roads, and business districts. The ability to support large-scale commercial or industrial operations, along with access for logistics and workforce, drives its worth. Properties permitting multiple uses or with rezoning potential hold greater value.

Agricultural Land

Agricultural land values are determined by soil fertility, water rights, and the potential for crop or livestock production. The land’s productive capacity, climate suitability, and accessibility to markets for agricultural products are important.

Undeveloped or Rural Land

Undeveloped or rural land, especially without immediate development potential, have lower per-acre values. Their valuation may consider conservation easements, recreational use, timber resources, or long-term investment potential if specific development opportunities are absent.