The paper concerns the theoretical and practical aspects of applying income methods to value industrial properties in a developing, Polish real estate market. The paper is an attempt to identify the principles, methods and procedures which will allow to determine in an objective manner the income value of operational properties, which are a part of a business enterprise. The presented solutions are set in the context of theoretical costs to utilize the assets of an enterprise. The theory of transaction costs has also been addressed, as well as the needs of economic practice and possibilities of practical application. Utilizing the classification of properties which are a part of a business enterprise, that is based on their use/purpose, a group of specialized, operational properties has been identified, namely properties used for production, also called industrial properties. This classification was the starting point of identifying: the most suitable methods of valuation and the existent theoretical and methodological constraints, particularly with relation to income methods, but also the DRC method. A comparison of the application of income methods to value a business and real estate is presented, with an emphasis placed on important conceptual differences. For the profits method it is stipulated, that one must clearly distinguish between valuing a property and valuing a business. The methods of income valuations have been classified into new categories and the direct and indirect capitalization methods have been identified. Since the Polish property market is a developing one, there are difficulties in the traditional application of the profits method to the valuation of industrial properties. Conducted research shows, that in the case of industrial properties, the fact that an income generating business is being carried out on the property, does not determine the possibility of identifying an income value. If it is not plausible to employ the profits method, the valuation of specialized operational properties of an enterprise is based on the cost approach. The example given concerns a valuation of an industrial property on which an income generating business is being carried out, however the possibility to apply the profits method and to determine an income value has been ruled out due to the fact that it is not possible to ensure an objective valuation process.