You would calculate it like any other form of commercial lease rates: by taking the value of the asset and multiplying it by an appropriate cap rate or yield. This would give you the annual net lease rate (ie. taxes and other operating costs in addition to this amount). As an example, if the land was improved with completed site work and asphalt and that value for the land equated to $1,000,000 per acre, you then take a market capitalization rate (say 8%) and apply it to the land value. The result is an annual net lease payment of $80,000 per acre.
Oct 7, 2016