How would you value a single income-producing asset, such as a parking garage?

• Apply a market P/E multiple to the garage's annual earnings, benchmarked against listed operators
• Multiply one year's net parking cash flow by ten and take that as the value, with no discounting
• Project the cash flows it generates over its useful life and discount them to present value, adding any salvage value
• It cannot be reliably valued, because a single standalone asset has no diversified portfolio of cash flows and valuation methods only work on a collection of assets
• Value it at the cost of the land and construction, since that is what was actually invested to build it