Questions about family owned Apartment building in NYC

[Jeff Norton]

I am part owner of a 8 unit apartment building with a storefront in Greenwich Village NYC.  The other owners are all family members-Aunts, 1st and 2nd cousins etc.  We are in the process of organizing the operating agreement and possible sale of the building.  We are also trying to get one of the vacant apartments rented in order to improve the income produced as there are a lot of repairs to be made.  Some family members do not think it is a good idea to rent out any vacant apartment before sale.  Their reasoning is that a new owner would like to have the building vacant in order to make his/her own upgrades/renovations.     That can be true if we wanted to sell at a much lower price.  However, I was under the impression that the building's value is linked to the amount of income it can produce.  The higher the income the higher the value .  One can use the Net Operating Income divided by the Cap Rate to get the value (Maximum Purchase Price).   I am looking for any advice if I am either on the right track or off by a mile.  Your feedback either way would help in this crazy process.  Thank You BP community!!