Net operating income (NOI) calculator

What does a property earn after vacancy and operating expenses, before debt?

CalculatorNet operating income (NOI) calculator

Annual scheduled rent ($)Other income (reimbursements, fees) ($)Vacancy and credit loss (%)Annual operating expenses ($)

Effective gross income: $285,000
Net operating income: $225,000
Expense ratio: 21.05%

NOI = (scheduled rent + other income) × (1 − vacancy) − operating expenses. Debt service and capital costs are not operating expenses. The example figures are illustrative, not the terms of any property.

Ben Nelson, CCIMSenior Associate, Windfield Real Estate, LLC · 816-612-5191

Worked examples

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Aerial view of suburban commercial buildings and parking

Ben Nelson, CCIM · October 2026 · 6 min

NOI-First Underwriting: How a CCIM Reads a Retail Lease

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