If NOI = Net Operating Income, you are comparing the income-generating capacity of the business with the value of the property, ie. the land plus the building. Unless the buyer is also a huge drug store franchise, how does this make sense?
If a business generates $750,000 noi it would not make sense to sell it at the assessed value of $2.5 million.
In just over 3 years the new owner would be profiting the full $750,000 noi
There are a number of ways to value a business
Future value if there is an expected large expansion of a neighboring business that would draw customers to this business
Hamilton street has been fully developed putting land and buildings at a premium on a high traffic street