Valuing Vacant Properties
Just out of curiosity, how would you value a vacant or nearly vacant property?
Drove by a large property today that was for sale but it looked like it could possible be vacant or nearly vacant.
Would you still use the NOI x Cap Rate approach?
Assuming it's either vacant or nearly vacant the NOI is likely in the negatives (assuming taxes, lawn maintenance/snow removal, and probably at least minimal heating costs during the winter).