This chapter redefines real estate valuation as a discipline that merges finance, geography, and behavior into a unified analytical framework. By treating the asset as the business itself, it integrates income-based methods, market comparables, and replacement-cost approaches within a dynamic, risk-aware framework. It explains how net operating income, capitalization rates, leverage, and location interact to shape property values across cycles. Extending from individual assets to REITs and development projects, the chapter demonstrates how rigorous modeling and local insight transform valuation from static estimation into probabilistic reasoning about income stability and market resilience.