Net Operating Income Calculator

Calculate effective gross income, total operating expenses, and net operating income (NOI) for a rental property.

⏱ Updated: 19 Sep 2026

Calculator

Free net operating income calculator: find effective gross income, total operating expenses, and NOI for a rental property.

Operating Expenses
Effective Gross Income
Total Operating Expenses
Net Operating Income

Enter rental income, vacancy rate, and itemized operating expenses to calculate net operating income.

How to Use the Net Operating Income Calculator

Enter gross rental income, any other income like parking or laundry, and a vacancy rate percentage, then fill in the six itemized operating expenses below — property tax, insurance, maintenance, management fees, utilities, and a catch-all "other." The result updates as you go.

NOI is the number nearly every other real estate return metric is built on top of, so getting the inputs right here matters more than it might look. It measures what a property earns from operations alone, independent of how it's financed or taxed at the ownership level.

Two Steps, Not One

First, vacancy trims the top-line income down to what actually gets collected:

Effective Gross Income = (Gross Rent + Other Income) × (1 − Vacancy Rate ÷ 100)

Then the itemized expenses come off that adjusted figure:

Total Operating Expenses = Property Tax + Insurance + Maintenance + Management Fees + Utilities + Other
NOI = Effective Gross Income − Total Operating Expenses

Run the defaults through both steps: $31,200 gross plus other income shrinks to $29,640 after a 5% vacancy allowance, and $11,400 in itemized expenses brings NOI down to $18,240.

What Stays Out on Purpose

Mortgage payments, income taxes, and depreciation are all excluded from this calculation — not overlooked, excluded on purpose, because NOI exists specifically to describe the property's own performance before any owner-specific financing or tax situation gets layered on top. Two owners of the identical building, one with a large mortgage and one who paid cash, should land on the same NOI even though their personal cash flow looks completely different afterward. If a number you're trying to account for changes depending on who owns the building rather than what the building itself produces, it doesn't belong in this formula.