Free tool

NOI calculator for apartment buildings

Move the sliders to see net operating income and estimated value, and what a little less vacancy is really worth. Share the link or print it for your partners.

Want the real numbers on your building?

Send us your rent roll and T12. We will show you where your NOI is and where we would take it.

Talk to us (775) 502-8287

Questions

NOI calculator questions

How does this NOI calculator work?

This NOI calculator starts with gross potential rent, subtracts vacancy, concessions and bad debt, adds other income, then subtracts operating expenses. The result is net operating income, and dividing it by the cap rate estimates value.

What is NOI?

Net operating income is the income a property earns after operating expenses, before debt service and capital spending. It is the number buyers, lenders and appraisers use to value an apartment building.

What should I use for the operating expense ratio?

Use your own trailing twelve months if you have them. Many apartment properties run somewhere in the 35% to 50% range, but age, utilities and taxes move it a lot.

Why does vacancy matter so much?

Every point of vacancy comes straight out of revenue, and at a typical cap rate each dollar of NOI is worth many dollars of value. Small operating gains compound into real equity.

Is the estimated value an appraisal?

No. It is a quick estimate for planning. An appraisal or broker opinion considers comparable sales, condition and market factors.

Can Next Level run these numbers on my actual property?

Yes. Send us your rent roll and T12 and we will show you where your NOI is today and where we would take it.

Insights

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Ownership and Investing

How to Increase NOI on a Multifamily Property

NOI sets what your building is worth, so every dollar you add to it is worth far more than a dollar. Here is where the real gains hide, on both the income and expense sides.

September 15, 2026· 14 min

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The 40% Rule: Your Operating Expense Ratio and Asset Value

Two buildings with the same rents can be worth very different amounts. The gap is often the operating expense ratio. Here is how it works and what a point is worth.

December 16, 2025· 13 min

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Gross Potential Rent: How to Calculate It and Read It Right

Gross potential rent is the 100 percent line every other number is measured against. How to calculate it, why definitions differ and the mistakes that make reports misleading.

November 10, 2025· 9 min