Net operating income powers your valuations
For rental investors and lenders who need NOI: income after operating expenses but before debt service, the foundation for cap rate and loan approval.
NOI (Net Operating Income) Calculator
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Create Free AccountWhat it does
The NOI Calculator computes net operating income by subtracting operating expenses from gross rental income — the profit before debt service that drives commercial property valuation and DSCR calculations. Input gross income and all expense categories to isolate NOI.
NOI is the universal metric for commercial property analysis because it isolates operating efficiency independent of financing and owner wealth. By standardizing NOI calculations, investors and lenders compare properties accurately across markets and capital structures.
Who it's for
- Commercial analysts calculating NOI for appraisals and income approach valuations
- Property managers tracking NOI trends to identify operating performance deterioration
- Lenders using NOI for DSCR calculations and loan sizing decisions
- Investors benchmarking property performance and identifying underperforming assets
How it works
Sum gross rental income
All rent, parking fees, late fees, and other revenue.
Subtract operating expenses
Taxes, insurance, maintenance, vacancy, management, HOA, utilities.
Calculate NOI
Gross income − operating expenses = NOI.
Why it matters
Standardize value across multiple appraisal approaches
Show lenders the debt-service-supporting income
Identify which expenses are dragging your deal
Use for refinancing and portfolio valuations
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Frequently asked questions
Is NOI the same as profit?
No. NOI is profit before debt service. True profit is NOI minus loan payments (debt service).
What expenses belong in NOI calculation?
Operating expenses: property taxes, insurance, maintenance, utilities, vacancy reserves, management fees. Exclude: depreciation, interest (it's debt service), principal.
Should I include capital expenditures in NOI?
No — CapEx is separate. But reserve 5–10% of rent for CapEx; a CapEx reserve belongs in operating expenses.
How do lenders use NOI?
They divide NOI by your maximum tolerable debt service (typically 1.25x DSCR) to determine max loan amount. Higher NOI = larger loan.
Is this calculator free to use?
Yes — create a free Investor Starter account to run 1 calculator per day. No credit card required. Upgrade to Core ($49/mo) for unlimited access to all 67 calculators.
How accurate are the results?
Results are only as accurate as your inputs. The formulas use industry-standard real estate investment math. Always verify with a licensed professional before committing capital.
Related calculators
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Open calculatorOperating Expense Ratio Calculator
Measure what percentage of gross income goes to operating expenses to benchmark property efficiency.
Open calculatorCash Flow Calculator
Project monthly and annual cash flow by subtracting all expenses from gross rental income.
Open calculatorCommercial DSCR Calculator
Check whether commercial NOI meets the 1.25x debt service coverage ratio required by most lenders.
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