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Multifamily Property: Core/Core-plus
Quickly calculate return metrics to screen potential deals.
Number of units                              
Occupancy rate                    
Occupancy rate:

Enter the occupancy rate that you expect to achieve once the property is stabilized. The occupancy rate is the percentage of units that are leased with a tenant in occupancy.

For example, if your property has 100 units and you expect to have 95 units leased on average, then the occupancy rate would be 95%.
       
Average market rent                            
Annual market rent growth                      
NOI margin                      
NOI margin:

Enter your estimated net operating income margin, which is expressed as a percent of revenue. NOI margin represents the percent of each dollar earned that remains after operating costs are paid.

For example, if your NOI margin is 65%, then for each dollar of revenue, $0.35 will cover operating costs and $0.65 will be leftover.
       
Annual capital reserve ($/unit)                    
Purchase price                              
Closing costs                      
Closing costs:

Enter closing costs as a percentage of the purchase price. Closing costs can include legal costs, pursuit costs and broker fees.
       
Exit cap rate                                
Selling costs                      
Selling costs:

Enter selling costs as a percentage of the exit price. Selling costs can include legal fees and broker fees.
       
Financing acquisition with debt?    
           
                                                 
                                                 
                                                 
                                                 
                       
Stabilized
Cap Rate 		Unlevered
IRR 		MOIC
Stabilized
Cash-on-Cash 		Levered
IRR 		Equity
Multiple
Refer to the outputs tab to review your forecast.
Refer to the settings tab to review default settings.
                       
                                     
Forecast Summary ($ figures in 000s)
                          Total
  Start date                    
  End date                    
                                     
  Potential gross revenue  
  Vacancy loss  
  Effective gross revenue  
  Operating costs  
  Net operating income  
  Capital expenditures  
  Operating reserve  
  Cash flow before debt service  
  Debt service  
  Interest reserve  
  Free cash flow  
                                     
Sources & Uses  ($ figures in 000s)          
Sources              
  Debt            
  Equity            
  Total sources            
                                     
Uses              
  Purchase price            
  Closing costs            
  Operating reserve            
  Loan costs            
  Interest reserve            
  Equity shortfall            
  Total uses            
                                     
Exit Value  ($ figures in 000s)          
  Exit cap rate            
  Exit net operating income            
  Exit value            
  Selling costs            
  Net exit value            
                                     
Operating Metrics    
  Units leased    
  Occupancy rate    
  Market rent    
  Market rent growth    
  NOI margin    
                                     
Debt Metrics    
  Debt service coverage ratio    
  Debt yield    
  Loan-to-cost    
                                     
Return Metrics   Total
  Return on invested capital    
  Cash-on-cash return    
  Unlevered IRR            
  Levered IRR            
  Multiple of invested capital (MOIC)            
  Equity Multiple            
                                     
                                     
                                     
                                     
                                                 
Settings                                
Analysis Start Date                                  
Enter the date that you expect to receive the first unit from the builder:
  Year                                    
  Month                                    
                                                 
Investment Horizon                                
Select the number of years representing your investment horizon:
 
                           
                                                 
Growth Rates                                      
Would you like to apply growth rates to the first year of the forecast?
 
                                       
                                                 
Initial Loan                                        
Loan-to-value ratio                                      
Select which inputs are included in the denominator of the loan-to-value ratio:
 
Purchase price                                      
 
Closing costs