Cash-on-Cash Return Calculator
Return on cash invested.
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Real Estate
NOI Calculator
Find net operating income from rent, vacancy and expenses.
Net operating income
—
Annual NOI.
| Effective income | — |
|---|---|
| Gross income | — |
| Expenses | — |
| Vacancy loss | — |
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How the NOI Calculator Works
Net operating income (NOI) is a rental property’s income after vacancy and operating expenses, but before mortgage payments and taxes. Start with gross rent, subtract expected vacancy, then subtract operating costs like management, insurance, repairs and property tax. $30,000 gross, 5% vacancy and $10,000 expenses gives an NOI of $18,500.
NOI is the foundation for cap rate and property valuation. It deliberately excludes financing so properties can be compared regardless of how they’re bought.
NOI = effective rental income − operating expenses
Frequently Asked Questions
How do you calculate NOI?
Subtract vacancy and operating expenses from gross rental income. It excludes mortgage payments and income tax.
What counts as an operating expense?
Management, maintenance, insurance, property tax and utilities — not mortgage principal and interest, or depreciation.
Why does NOI exclude the mortgage?
So a property’s earning power can be judged independently of how it’s financed.
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