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A way to value residential lot

I was wondering if this is a way to value a residential lot if there are no comps (no other lots around) -- so look at the housing prices (new house if available) and take 15-20% of that as price of the lot?

Reason being, from what I read the lot is usually about 20% the cost of a new build house. So if new houses are going for $400k then the lot might be worth around $80k. or something.... yeah? So maybe list it a bit below that if you want to get more eyeballs on it.

submitted by /u/SeriousPuppet
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source https://www.reddit.com/r/RealEstate/comments/n27ezw/a_way_to_value_residential_lot/
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