Commercial property question

[Gary Dubovick]

Heyy everyone!! I was just writing up a new business plan to pursue for the next couple years and I came across a question..... I know that a commercial properties' value is determined by the income it produces. So that means that any two commercial properties will be valued at the same price if they produce the same income (have the same vacancy..ect), no matter where they are located?? I live on long island and the prices of residential properties are significantly higher here then in most places. But a commercial property (ex. 24 unit apartment complex) will be of the same value as something with the same numbers in a different state?