Calcolatore NOI (Commerciale) — Formula
## Commercial NOI Calculation
Net Operating Income is the most important metric in commercial real estate. It measures a property's income-producing ability before debt service and capital expenditures.
### Standard NOI Formula
**NOI = Effective Gross Income - Operating Expenses**
Where:
- Effective Gross Income = Potential Gross Income - Vacancy & Credit Loss
- Operating Expenses = Taxes + Insurance + Maintenance + Management + Utilities + Other
### What NOI Excludes
- Debt service (mortgage payments)
- Capital expenditures (roof replacement, HVAC, etc.)
- Depreciation and amortization
- Income taxes
### Operating Expense Benchmarks
- **Office**: 40-55% of EGI
- **Retail (NNN)**: 10-20% (tenants pay most expenses)
- **Industrial**: 20-35%
- **Multifamily**: 35-50%
Lower expense ratios mean more income flows to NOI, which directly increases property value.
Net Operating Income is the most important metric in commercial real estate. It measures a property's income-producing ability before debt service and capital expenditures.
### Standard NOI Formula
**NOI = Effective Gross Income - Operating Expenses**
Where:
- Effective Gross Income = Potential Gross Income - Vacancy & Credit Loss
- Operating Expenses = Taxes + Insurance + Maintenance + Management + Utilities + Other
### What NOI Excludes
- Debt service (mortgage payments)
- Capital expenditures (roof replacement, HVAC, etc.)
- Depreciation and amortization
- Income taxes
### Operating Expense Benchmarks
- **Office**: 40-55% of EGI
- **Retail (NNN)**: 10-20% (tenants pay most expenses)
- **Industrial**: 20-35%
- **Multifamily**: 35-50%
Lower expense ratios mean more income flows to NOI, which directly increases property value.
Esempio Risolto
$250,000 gross rental income, $15,000 other income, 7% vacancy, $28,000 taxes, $8,000 insurance, $15,000 maintenance, $18,000 management, $12,000 utilities, $5,000 other.
- Potential gross income: $250,000 + $15,000 = $265,000
- Vacancy loss: $265,000 x 7% = $18,550
- Effective gross income: $265,000 - $18,550 = $246,450
- Total expenses: $28,000 + $8,000 + $15,000 + $18,000 + $12,000 + $5,000 = $86,000
- NOI: $246,450 - $86,000 = $160,450
- Expense ratio: $86,000 / $246,450 = 34.9%