Closed Restaurant for sale - how do I assess that?

[Steven J.]

I've got a lead from a seller who is delinquent on taxes and I would like to hear some advice if/how I should proceed.

The property is a currently closed restaurant with all the appliances and things still inside but the business shut down while the owner was in the hospital. I'm really in a rut on how to assess the value of this property. I can't use the income approach, its a small town with maybe 3 restaurants or so, comps are nonexistent (I think) and its been vacant for a few years now.

According to the assessor the land and building value is $50,500 (I'm using that as a ball park number) although the current owner did pay 300,000 for it previously. I'm not sure where to begin, since this is an isolated piece of property, but low. Perhaps there is a way can navigate the discussion?

I'd love the input.