Multifamily Analysis Rechner — Formel

Multifamily Property Analysis

Multifamily investing requires evaluating income, expenses, and financing to determine whether a property meets your return requirements.

Income Analysis

  • Gross Potential Income: Total rent if 100% occupied + other income
  • Effective Gross Income: GPR minus vacancy and credit losses
  • Net Operating Income: EGI minus operating expenses

    • Key Metrics

  • Cap Rate: NOI / Purchase Price (measures property return)
  • Cash-on-Cash: Cash Flow / Cash Invested (measures investor return)
  • DSCR: NOI / Annual Debt Service (lenders want 1.25+)
  • Price Per Unit: Quick comparison metric for similar properties

    • Expense Guidelines

  • Operating expenses typically run 35-50% of EGI for multifamily
  • Include: management, maintenance, insurance, taxes, utilities, reserves
  • Exclude: debt service, depreciation, capital expenditures

    • Lösungsbeispiel

    8-unit building at $800,000, 25% down, 7% rate, 30yr. Average rent $1,200/unit, $400/mo other income, 8% vacancy, $48,000 annual expenses.

    1. Gross potential rent: 8 x $1,200 x 12 = $115,200
    2. Other income: $400 x 12 = $4,800
    3. GPI: $115,200 + $4,800 = $120,000
    4. Vacancy loss: $115,200 x 8% = $9,216
    5. EGI: $120,000 - $9,216 = $110,784
    6. NOI: $110,784 - $48,000 = $62,784
    7. Down payment: $800,000 x 25% = $200,000
    8. Loan: $600,000 at 7% for 30yr = $3,992.09/mo = $47,905/yr
    9. Cash flow: $62,784 - $47,905 = $14,879
    10. Cap rate: $62,784 / $800,000 = 7.85%
    11. Cash-on-cash: $14,879 / $200,000 = 7.4%
    12. DSCR: $62,784 / $47,905 = 1.31