How should I craft offer price with 54% vacancy?

[Eric Gleason]

How should I craft a fair offer price on a 15,000SF industrial property that is 54% vacant (6 of 11 units owner occupied)?

At closing, 6/11 vacancies
$83,436 NOI

Once fully leased
$179,208 NOI

$1,000,000 Offer
If I were to qualify for a DSCR loan (1.25) based on current/closing NOI the offer price would be $1,000,000.
- 8.3 cap at closing
- 17.9 cap once fully leased
- $66.66/SF

$1,670,000 Offer
If I estimate that properties are trading at a 5 cap, then the offer price would be $1,670,00.
- 5 cap at closing
- 10.7 cap once fully leased
- $111.33/SF

$2,100,000 Offer
Seen similar properties go for ~$140/SF.This property is 15,000SF which would make it worth $2.1M.
- 4 cap at closing
- 8.5 cap once fully leased
- $140/SF

What ballpark should I be in?
Trying to rationalize an offer that's realistic for the market while providing upside for the work needed.

Any feedback is appreciated!