You could perform a discounted cash flow analysis of the revenue stream that the cemetary could expect. Try to find a valuation specialist.

The value of raw land is, as you surmise, difficult to determine. In Chester, in the past 2 years, therre have been only 2 land transactions recorded for comparison purposes. The prices for those properties ranged between $100,000 to $200,000 per acre, but were very small lots (around 1/20th of an acre each). If you have a full acre, which would be of value to a buyer, I would expect to price it accordingly. Feel free to call me directly if you want to talk about ways to get the most for your property. There are half a dozen or so vacant lot properties on the market right now, and they typically fall into that price range, unless they are in the area of the waterfront redevelopment. Some of those properties are listed around $400,000 per acre.