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📋 NOI Calculator

Net Operating Income -- the foundation of every real estate valuation. Calculate NOI, cap rate, and implied property value. As-Is vs Pro Forma.

📍 Property Address (optional)
InputsYour Numbers
Property & Value
Purchase Price / Current Value?
$
ARV / Stabilized Value?
$
As-Is Income
Monthly Rent?
$
Other Monthly Income?
$
Vacancy %?
%
Pro Forma Income
Pro Forma Monthly Rent?
$
Pro Forma Vacancy %?
%
Operating Expenses (No Mortgage)
Property Tax / mo?
$
Insurance / mo?
$
Maintenance %?
%
Management %?
%
HOA / mo?
$
As-Is AnalysisCurrent
Enter values to see results
Annual NOI
--
net operating income
Cap Rate
--
NOI / value
Monthly NOI
--
before debt service
Expense Ratio
--
expenses / EGI
Annual NOI Build-Up
Gross Annual Rent--
Other Income--
Vacancy Loss--
Eff. Gross Income (EGI)--
Property Tax--
Insurance--
Maintenance--
Management--
HOA--
Total Operating Expenses--
Annual NOI--
Valuation at Market Cap Rates
Implied Value at 5.0%--
Implied Value at 5.5%--
Implied Value at 6.0%--
Cap Rate on Purchase--
Pro FormaAfter Plan
Enter pro forma values
Pro Forma NOI
--
vs as-is
Pro Forma Cap
--
vs as-is
NOI Increase
--
annual
Value Created
--
at 5.5% cap
Pro Forma NOI (Annual)
Pro Forma EGI--
Total Operating Expenses--
Pro Forma Annual NOI--
Cap Rate on Purchase Price--
Value Upside (at 5.5% market cap)
As-Is Implied Value--
Pro Forma Implied Value--
Value Created--

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1
Enter Property Value
Purchase price is used to calculate cap rate (NOI / value). Also enter ARV if doing value-add, to see the pro forma cap rate on stabilized value.
2
Enter All Income Sources
Monthly rent plus any other income (laundry, parking, storage). Set vacancy as a realistic %, not 0%.
3
Enter All Expenses -- NO Mortgage
NOI is calculated BEFORE debt service. Do not include mortgage payment. Just: tax, insurance, maintenance, management, HOA.
4
Read Annual NOI
NOI = EGI minus all operating expenses. This is the income the property generates independent of how it is financed.
5
Use the Implied Value Table
Property value = NOI / cap rate. The table shows what your property is worth at 5.0%, 5.5%, and 6.0% cap rates. Compare to your purchase price.
6
Check Value-Add Upside
Every $100/mo rent increase adds $21,818 of value at a 5.5% cap rate. The pro forma column shows the full value-creation story.

Net Operating Income (NOI) is the most fundamental metric in commercial real estate. It measures the income a property produces from operations, independent of financing.


NOI Formula: Gross Income minus Vacancy Loss = Effective Gross Income. EGI minus Operating Expenses = NOI. Operating expenses include tax, insurance, maintenance, management, and HOA -- but NOT the mortgage payment.


Why it matters: Cap rate = NOI / Property Value. Lenders use NOI to calculate DSCR. Appraisers use NOI to determine value. Every $1 of additional annual NOI creates $18 of property value at a 5.5% cap rate.

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