Seller valuation based on GPR?

[Rob Bird]

Hi all..question about valuation.  In a smaller property with high economic vacancy, is it reasonable for a seller to use market rents to value the property?  Specifically, if the property could be rented today, without any renovations, at a higher rate but the seller up til now has chosen not to, should they expect to be able to base the sale price on gross potential rents?