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Free NOI Calculator — Net Operating Income

NOI drives commercial property value. Freddie calculates net operating income for any property type — the number that determines what your investment is actually worth.

Everything in This Free Tool

NOI Calculator
Gross income minus vacancy minus all operating expenses — your true NOI.
Cap Rate from NOI
Implied cap rate at your purchase price based on calculated NOI.
Property Value from NOI
Calculate implied property value at target cap rate for buy/sell decisions.
NOI Growth Projector
Model NOI growth with rent increases and expense management over 5 years.
Expense Ratio Analyzer
Operating expense as a percentage of gross income — benchmark against market.
Score Certificate
NOI-based deal score and shareable certificate for commercial investors.

Real Deal. Real Numbers. Analyzed Free.

Dan White, 20-year fix-and-flip veteran in Northern Virginia, used FreeDealCalc to analyze a $130,000 wholetail opportunity in under 5 minutes. No spreadsheet. No paid software. Just Freddie.

Purchase
$210,000
Cleanout
$5,000
Resale
$349,000
Hold Time
1 Month
Strategy
Wholetail
Net Profit
$115,050
Before renovationAfter renovation
100
Deal Score
Strong Deal

"I've been flipping houses for 20 years and I built this tool because nothing free was actually good enough. Freddie does what I used to do with spreadsheets — but in seconds, for free, for every investor who needs it."

— Dan White, Founder, FreeDealCalc | 20-Year Fix & Flip Investor, Northern Virginia

A buyer who purchases this property as a wholetail deal undertakes all renovation work at their own direction, cost, and risk. The seller makes no representations regarding property condition and all sales are as-is. Buyer is responsible for all due diligence, inspections, and compliance with local codes and regulations.

Frequently Asked Questions

What is NOI in real estate?

Net Operating Income (NOI) is gross rental income minus vacancy minus all operating expenses, excluding mortgage payments and income taxes. It's the core measure of a property's income-generating ability and the primary driver of commercial property valuation.

How do you calculate NOI for real estate?

NOI = Gross Income - Vacancy Losses - Operating Expenses. Operating expenses include: property taxes, insurance, management fees, maintenance, CapEx reserves, utilities you pay, and any other recurring costs. Do NOT subtract mortgage payments — NOI is pre-financing income.

Why is NOI important in real estate investing?

NOI determines commercial property value (Value = NOI ÷ Cap Rate), drives lender DSCR calculations, and measures operational efficiency. Increasing NOI through rent growth or expense reduction directly increases property value — 1% NOI growth at a 6% cap rate equals 16.7% increase in value.

What is the difference between NOI and cash flow?

NOI is pre-financing — it excludes mortgage payments. Cash flow (net cash flow) subtracts your debt service from NOI. A property can have strong NOI but negative cash flow if it's over-leveraged. Both metrics matter — NOI for value and operations, cash flow for day-to-day sustainability.

How do you increase NOI on a rental property?

Raise rents to market rate, add income streams (laundry, parking, storage), reduce vacancy through better management and pricing, control expenses through competitive vendor contracts and efficient maintenance, and implement sub-metering to shift utility costs to tenants where lease allows.

What expenses are excluded from NOI calculation?

Mortgage principal and interest, income taxes, depreciation, capital expenditures (though reserves are included as an operating expense), and personal expenses. NOI reflects only the income the property generates from its operations, independent of how it's financed or owned.

More Free Tools

→ Cap Rate Calculator→ Commercial RE Calculator

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