How to come up with offer price on multifamily with 100% vacancy

[DeAndrea D.]

My husband and I happened upon a 16 unit multifamily property close to a college campus. It’s a 10 unit building with 3 duplexes on the same lot. All of the windows and doors are boarded up, but it had tenants as recently as 2013 possibly 2014. It doesn’t have HVAC, would need a new roof and probably, paint, kitchen, bathroom and flooring updates/remodeling. We haven’t been inside yet nor have we contacted the owner. Therefore, the only improvements we know will be needed for sure are what we can see on the outside.

Should the owner be open to selling, we would like to make an offer on the property (after we get more solid information about the state of the property and do due diligence to determine exactly how much would need to be put into it to make it live able). I know multifamily property is valued based on NOI/cap rate, but seeing how this is bringing in $0 the value would be $0. What other way can I determine what to offer? Would it just be based on the value of the land and the buildings on it?