Hi there, how do you normally approach valuing a business where real estate is a component of it?

I'm currently approaching it by finding what the business is "paying" for the real estate (through a lease to the LLC that owns the land which is owned by the same) , then using that amount as a perpetuity and a target interest rate to figure out the value to assign to the land. I then take that value and add it to what I'm valuing the business at (with an EBITDA multiple)

Is that on the right track or should I be looking at it in a different way?