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On a single tenant building, I would perhaps consider a vacancy factor based on potential vacancy over an extended period of time, but then annualize it.  I believe this is the practice employed by appraisers and investors.  For instance, over a 5 year ...

Market value will be determined without a vacancy factor.  If Absolute NNN, meaning tenant pays for roof, structure and parking, then reserve is also removed from calculating market value.   HOWEVER, when viewing NNN, always play the game today's great ...

I agree wholeheartedly that using a vacancy factor on a single-tenant building doesn't make a whole lot of sense unless it could quickly and easily be subdivided into smaller tenant spaces, which seems highly unlikely for most single-tenant buildings. ...