Easements are valued by some buyers on multiples of the lease income (6-10x). However, many sellers base prices on a cap rate (6% to 9%). There is an inverse relationship between multiples and cap rates, so these two methods deliver higher and lower values based primarily on motive. A 6-10x multiple is the same as a 10% to 14% cap rate, which benefits buyers because it results in lower values. A 6-9% cap rate is the same as an 11-14x multiple, so it benefits sellers. Cap rates should be used to value easements because this method is most like the sale of other net leased investment or properties.