Ground Leases: Net To Buying At $/SF

Can anyone explain if you have a net ground lease how you convert it to buying at a $/SF number and then a potential cap rate?

Say price is $10/SF NNN, you can build up to 20,000 SF how does this translate into a purchase?
Is it $10/SF x 20,000 SF = $200k/yr
$200k (5% of purchase price for ground lease) x 20 = $4,000,000 purchase price

4,000,000/20,000 SF = $200/SF
From here can you project income and possible rents to get a cap rate????

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