First there is a differece between listing a restaurant for sale and listing a special use property for sale that happens to have TI's catered to a restaurant.
If listing the latter I would survey the lease rates $/sqft with other properties close by that have restaurants in them. Use your findings, derive the NOI from that. Then apply the cap rate based off the most recent sales/listings to the NOI for a potential price. Thats should be a good start.
Feb 23, 2011