It depends on your approach really. Typical real estate appraisers either value real estate solely on comps (mainly residential real estate) whereas commercial real estate appraisers typically take the income based approach to valuation (and comps play into the value in more of a subjective secondary factor).
The income based approach to valuation typically takes your annual NOI divided by a market/asset class driven capitalization rate. net operating income is your income (or revenues) less your expenses (excluding debt service payments and other non-recurring or one time costs).
The cap rate is what percentage of your overall asset value you expect to collect in NOI per year and is driven by comps in your area - for example, if a very similar multi family apartment building sold in the area at a 5 cap, and your annual NOI is 12,000 you could say your value is $240k.
If you talk with a commercial broker he or she can give you a feel for comp cap rates based on the quality of your deal and other deals that have traded in the area.
You typically "stretch out" 10-15 years of projected expenses, NOI and cash flow and apply a discount rate to come up with a net present value.
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