Determining a price value for a motel?

There is a motel for sale at $3.5 million. Grossing at $1.1 million and a NNN property which gives additional rental income of ~$113,000/ yr. However the motel is on a land lease about 40 years remaining. I was thinking of putting a offer in for 2 times of the gross income. Also, I am guessing getting a SBA loan would be impossible since the land is on lease.
In Buying Property - Asked by gohan f. - Aug 15, 2011
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