Evaluating Vacant Commercial Property Value

[Bill Goodland]

So I understand cap rates, NOI, and how they both affect the value of a commercial property. For example, a building at 50% occupancy would significantly raise the NOI and thus value of a property. My question however is, how does one evaluate the value of a property if it has been vacant for an entire year and essentially has a negative NOI? I'm assuming you can't really utilize current NOI, so would one go off a combination of comps, percentage of previous NOI and value of the land? Thanks!