Calculate Net Operating Income for any rental property. NOI = Effective Gross Income − Operating Expenses (before debt service).
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Income
Monthly Rent
$
Other Income/mo
$
Pro Forma Rent
$
Expenses (monthly)
Vacancy %
%
PF Vacancy %
%
Property Tax
$
Insurance
$
Maintenance %
%
Mgmt Fee %
%
HOA/mo
$
Property Value
Property Value
$
As-Is NOICurrent
Pro Forma NOI
Enter values to see results
Annual NOI
—
net operating income
Monthly NOI
—
before debt
Cap Rate
—
on property value
Expense Ratio
—
% of EGI
NOI Build-Up
Gross Annual Income—
Vacancy Loss—
Effective Gross Income—
Total Operating Expenses—
Net Operating Income—
Expense Detail
Property Tax/yr—
Insurance/yr—
Maintenance/yr—
Management/yr—
HOA/yr—
After plan
Enter values to see results
Pro Forma NOI
—
annual
Pro Forma NOI/mo
—
Pro Forma Cap Rate
—
on value
NOI Increase
—
vs As-Is
Pro Forma NOI Build-Up
Gross Annual Income—
Vacancy Loss—
Effective Gross Income—
Total Operating Expenses—
Net Operating Income—
Value Impact
Implied Value at 6% cap—
Implied Value at 7% cap—
NOI Improvement—
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NOI excludes mortgage payments — it measures property performance independent of financing. Enter rent, vacancy, and all operating expenses. Pro Forma uses a higher rent to show upside.
Net Operating Income (NOI) is annual gross income minus vacancy and operating expenses, before debt service. It is the foundation of cap rate, DSCR, and property valuation. A higher NOI directly increases property value (Value = NOI ÷ Cap Rate).