The present article concerns taking into account risk when valuing specialized industrial properties with the use of income methods. The uniqueness of industrial properties means, that even in the most developed capital markets (real estate and business markets) there is a lack of reliable, comparable data that can be used in a valuation. Industrial properties are often a complex set of assets, which include land, specialized buildings, installations and other elements that function within the operational activities of a Going Concern - GC. Simplifying the matter, one may summarize, that indirect methods of income valuations of industrial properties are based on the valuation of a part of the business, from which the value of land is derived. The purpose of this article is to present possibilities of applying, in the valuation of specialized industrial properties, the concept of different rates of return for real estate and for the operational activities of a business. When valuing such properties, the lack of market information about transaction prices and rents brings about valuations based on dividing the determined value of the going concern among its assets, where different rates of return are used for different assets which comprise the going concern. The level of rates of return for the real estate component depends mainly on the difficulty level of converting the land into an alternative use. The expected rate of return in such situations is inversely proportional to the easiness with which the propertyís use may be changed. In the present paper, an example of an indirect income valuation of an industrial property is presented and different rates of return are applied to the real estate and the going concern.