Free Multifamily Calculator for NOI, DSCR & Cap Rate
Use this multifamily underwriting and apartment building calculator to screen a duplex, fourplex, or small apartment building with rent, vacancy, expenses, NOI, NCF, DSCR, cap rate, cash flow, GRM, break-even occupancy, and value from NOI.
Preliminary screening tool only. Multifamily underwriting depends on local rents, taxes, insurance, lease terms, rent rules, lender programs, reserves, property condition, and appraisal. Verify every material assumption before committing capital.
Example: 8-unit apartment building underwriting
An 8-unit building at $900,000, seven occupied units, $1,350 average current rent, $1,500 average market rent, 5% vacancy, 1% credit loss, 70% LTV, and a 6% market cap rate shows the full path from rent roll to EGI, NOI, reserve-adjusted NCF, DSCR, cap rate, cash flow, and value from NOI.
How the multifamily calculator works
The calculator starts with either quick-start rent inputs or a per-unit rent roll. Quick start is faster for a first pass. Unit detail is better when vacancy, loss-to-lease, over-market rent, or one nonpaying tenant can change the deal.
Use it as a multifamily investment calculator when you need one place to connect rent roll, vacancy, expenses, financing, and valuation. It can answer the same questions investors often split across an NOI calculator, DSCR calculator, and cap rate calculator.
The model separates gross potential rent, current scheduled rent, loss-to-lease, vacancy, concessions, credit loss, other income, EGI, operating expenses, NOI, and lender-style NCF after replacement reserves. This keeps investor yield and lender DSCR from being mixed into one blurred number.
Financing and valuation outputs use user-entered loan terms and cap rate assumptions. Cap-rate value is shown only when you provide a market cap rate, because cap rates are local market assumptions rather than national defaults.
Multifamily formulas
- Market GPR = Sum of market monthly rents x 12
- Loss-to-Lease = Sum of max(market rent - current rent, 0) x 12
- EGI = Gross rent - vacancy - concessions - credit loss + other income
- NOI = EGI - operating expenses before reserves
- NCF = NOI - replacement reserves
- DSCR = Underwritten NCF / amortizing annual debt service
- Value from NOI = NOI / market cap rate
State-specific multifamily calculators
These state pages are selective because each one changes underwriting behavior through taxes, insurance, rent regulation, transfer taxes, or rent-growth limits. More states can be added when there is useful official-source guidance, not just a state-name swap.
Frequently Asked Questions
What is a multifamily calculator?
A multifamily calculator estimates rental income, vacancy, expenses, NOI, debt service, cash flow, DSCR, cap rate, GRM, and value from NOI for duplexes, fourplexes, and apartment buildings.
How is multifamily NOI calculated?
NOI equals effective gross income minus recurring operating expenses. It excludes debt service, income taxes, depreciation, and one-time acquisition or renovation costs.
Should replacement reserves be included in NOI?
Replacement reserves are shown separately. This calculator reports NOI before reserves and lender-style NCF after reserves so investor yield and DSCR are not mixed together.
What DSCR do multifamily lenders usually want?
Many stabilized 5+ unit multifamily screens use 1.25x as a common baseline, but requirements vary by lender, market, property type, leverage, affordability, reserves, and borrower strength.
What is the difference between 2-4 unit and 5+ unit underwriting?
Two- to four-unit properties often use residential appraisal and financing conventions. Five or more units are commonly screened with commercial multifamily metrics such as NOI, NCF, DSCR, LTV, debt yield, and cap rate.
Is this calculator a lender quote or appraisal?
No. This is an educational screening calculator. It is not a lender quote, loan approval, appraisal, legal advice, tax advice, financial advice, or investment recommendation.
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