Any commercial property which is not to be owner occupied is nothing more or less than an investment. Unlike residential property, where subjectivity and intangibles come into play, a commercial property's value must be assessed by either its value to the purchaser as part of a development  or  its income producing potential now or in the future.  This is the realm of real estate speculation.

A development scheme has its own financial justification.  The value of a property acquired under a development scheme is limited by the financial potential of the plan as a whole.

If a commercial property has little or no development potential then its value is controlled by the income producing potential of the property itself.

The store at 160 Madison has little or no development potential.  Its use and sale is controlled by various agreements promulgated by the Board of Directors and shareholders of 160 MAOC. 

Its sale to an owner occupier would seem unlikely given the repressive nature of a minority shareholder position. Similarly, sale to an outside real estate investor would be at least as unlikely.  We are their only potential purchasers.

The value of the store is the value to us.  The value to us is as an investment.  If we were to borrow the money to purchase the store and then had to rent it out, the maximum purchase price would be that which would allow us an income and positive cash flow.