Net Operating Income Calculator
Find a rental's net operating income (NOI) from rent, vacancy and operating expenses, with its cap rate and gross rent multiplier.
Change the values and press Calculate to work out your own figures.
Enter the income, vacancy and operating expenses.
Show the working
- NOI = (rent + other income) × (1 − vacancy) − operating expenses
How to use it
Enter the income, vacancy and operating expenses.
Enter amounts without commas or with them; rates are percentages (5 for 5%). Negative amounts are allowed where a sign means money paid out.
Key facts
NOI = (rent + other income) × (1 − vacancy) − operating expenses mortgage payments and depreciation are not operating expenses
Questions
Does NOI include the mortgage?
No. NOI is before debt service, so it compares properties regardless of financing.
Formulas
NOI = (rent + other income) × (1 − vacancy) − operating expenses mortgage payments and depreciation are not operating expenses
Sources
Limitations
- Results are estimates for planning, not offers or financial advice; lenders and banks may round, count days or time payments differently.
- Rates are nominal annual rates compounded as you choose; payments at a different frequency use the equivalent periodic rate.