Separately from the business, by appraisal, and usually with its own buyer analysis. In older Carolina mill-town properties the land and building can be worth more than the operating company inside it.
More detail
The property is appraised on its own merits: location, building condition, ceiling height, power service, floor loading, dock configuration, and what an alternative tenant or user would pay. That value is independent of the business earnings and is not part of the EBITDA multiple. Where the site is in a redevelopment path, which happens around Belmont, Kannapolis, and parts of Charlotte, the highest and best use may not be industrial at all, and that changes the analysis entirely. The reason to get an independent appraisal before going to market is to prevent a buyer from allocating value between the business and the property in a way the seller has no basis to dispute.