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NOI Calculator

Calculate Net Operating Income from gross rent, vacancy, and operating expenses.

Financial Metrics

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Net Operating Income
--
Effective Gross Income
How this number is calculated
Basis
Annual property operations
Formula
NOI = gross rent x (1 - vacancy %) - operating expenses
Includes
  • annual gross rent
  • vacancy and collection loss
  • annual operating expenses
Excludes
  • mortgage principal and interest
  • income tax
  • depreciation
  • appreciation
Source
Public calculator inputs
Computed
Live from the values currently entered above
Notes
NOI is an unlevered operating metric. Debt service is kept out so the result can feed cap-rate and DSCR math cleanly.
How it works
1

Start with annual gross rent

2

Subtract vacancy and collection loss

3

Subtract operating expenses (taxes, insurance, PM, repairs, utilities)

4

The result is NOI, before debt service and income taxes

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Related tools and terms

Cap Rate Calculator

Measure unleveraged yield on any rental property.

DSCR Calculator

Check whether a property will qualify for a DSCR rental loan.

Cash on Cash Return Calculator

See the first-year yield on the cash you actually put in.

Net Operating Income (NOI)

View glossary definition

Capitalization Rate (Cap Rate)

View glossary definition

Frequently asked questions
Does NOI include the mortgage?
No. NOI is calculated before debt service.