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NET OPERATING INCOME
Rental Property NOI Calculator
Build annual net operating income from scheduled rent, vacancy and property operating expenses.
ANNUAL NET OPERATING INCOME
GROSS SCHEDULED INCOME
VACANCY ALLOWANCE
EFFECTIVE GROSS INCOME
OPERATING EXPENSES
OPERATING EXPENSE RATIO
NOI = effective gross income − operating expenses
Use this NOI to calculate cap rate →What counts in NOI?
Include ordinary property-level operating expenses required to produce rental income, such as property taxes, insurance, maintenance, management, owner-paid utilities and recurring property costs. Financing belongs below NOI.
For underwriting, use the same income and expense conventions when comparing properties or applying a market cap rate.
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