How to value a firm of which the building is much more worth than its business

Hey there,

I was wondering what is your approach to value a company that lets say generates an EBITDA of 1M, but operates and owns an historic firm property, which has a building value of lets say 20M.

This happens a lot with old medium sized family companies. Would you just take a standard DCF approach (which already includes the operating asset's value adding properties) and then add the "non operating" value of the building, lets say 17M of 20M?

I am doing PE real estate mostly (junior analyst). Now I need to compare 2 offers: One is bidding for the property only (sale and lease back), the other for the whole firm. That's why I want to know how to extract the real estate value from the second offer to make it best comparable.

Best, g