I have a business under LOI and I'm planning to buy the real estate along with the business. I'm curious to hear how people model real estate cost into the deal. For example, if you had been looking at an asset purchase of a business for $1M at a 3X EBITDA multiple ($333K EBITDA), and the real estate costs $333K, how would the combined $1.333M price tag be viewed? A total of business valuation of 4X EBITDA? Or a 3X business valuation + real estate, with the real estate portion being viewed in a different light from business operations?

The main reason I'm asking is thinking about modeling returns for equity holders.