You say west coast bubble city, so Ill assume the land is valuable, in a decent area, and their for developable by some developer type, maybe affordable/attainable housing (tho I will say if it was zoned for MF, and theres only a single story, slab on grad foundation, idk why a developer hasnt come a knocking yet.) If its in a location desirable for developer – start the process now. Reach out to the city if you want to be a part of an affordable housing MF. If you want to maximize cost, look up the allowable density, call the city and see what the likelihood of raising the density/height of the zoning and lowering the required zoned parking, now you know what you got. Call a MF land broker, WALK THEM THRU IT – its zoned for this, but I talked to the city and we can use a waiver to raise the density. Selling to the right person and being flexible with terms, will get you the most money for the property. Also, keep in mind, developing MF on the west coast is a process, even mid tier cities due diligence is going to take 90-120 days, then any rezoning is likely 180 days, a lot of these deals take over a year to complete