How to appraise Industrial Warehouse for cash out refi

[Marc Ende]

Hi BP community! I tried to find this answer in the forum but couldn’t get the information. Sorry if this is a stupid / redundant question. Here’s the scenario:

• Bought 5,000 sq. ft warehouse for $260k in cash. 
  warehouse was unoccupied and needed full rehab 
• Invested $80k in rehab improvements 
• Secured 3 tenants that will occupy 100% of the space with 5 year leases. All are small businesses doing wood working
• Leases are rent + utilities 
• Rental income will be $4,000/month for all tenants. My only expenses will be Taxes and insurance @ $6k/year

So my question. I want to do a cash out refi and it’s only been a couple of months - how will the bank appraise the property? Will it be property purchase price + rehab investments? Will they include the rental income into the valuation? I’m trying to understand how the bank appraises commercial property, what factors are considered, and how can I maximize the value. For example, will they assign a larger value to longer term leases? Higher credit tenants? Length of ownership? 

Thanks in advance for your help!