{"id":11416,"date":"2025-12-23T19:35:52","date_gmt":"2025-12-23T19:35:52","guid":{"rendered":"https:\/\/griffinfunding.com\/?p=11416"},"modified":"2026-03-22T02:04:59","modified_gmt":"2026-03-22T02:04:59","slug":"net-operating-income-definition-formula-examples","status":"publish","type":"post","link":"https:\/\/griffinfunding.com\/blog\/mortgage\/net-operating-income-definition-formula-examples\/","title":{"rendered":"Net Operating Income: Definition, Formula, &#038; Examples"},"content":{"rendered":"<h2><span style=\"font-weight: 400;\">What Is Net Operating Income (NOI)?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Net operating income measures how much money your investment property generates after you pay operating expenses but before you make mortgage payments. This metric gives investors, lenders, and appraisers a standardized way to evaluate property performance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You need to understand what is net operating income because it strips away financing decisions and focuses only on operational profitability. Two investors can own identical properties with different loan terms, but the NOI remains the same because it excludes debt payments.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Lenders don\u2019t approve 1\u20134 unit DSCR loans off NOI. For lending, DSCR is typically calculated as Gross Rent \u00f7 PITIA (principal, interest, taxes, insurance, and (if applicable) HOA\/MI). In other words, the lender\u2019s DSCR test compares rent to the total mortgage payment and generally does not subtract operating expenses.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By contrast, investors use NOI to measure a property\u2019s operating performance (NOI = Gross Operating Income \u2212 Operating Expenses) for things like valuation, cap rates, and comparing deals.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">NOI differs from other financial metrics in important ways. Unlike net income, NOI excludes mortgage payments, depreciation, and income taxes. Unlike EBITDA (earnings before interest, taxes, depreciation, and amortization), NOI applies specifically to real estate and focuses on operational performance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Investors who know how to find net operating income gain a powerful tool for evaluating deals quickly. You can assess whether a property meets your investment criteria by calculating this single number, regardless of how you plan to finance the purchase.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Net Operating Income Formula<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">The net operating income formula provides a simple calculation that reveals your property&#8217;s true earning power:<\/span><\/p>\n<p><b><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-11418\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image4-1.png\" alt=\"\" width=\"1999\" height=\"920\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image4-1.png 1999w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image4-1-300x138.png 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image4-1-1024x471.png 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image4-1-768x353.png 768w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image4-1-1536x707.png 1536w\" sizes=\"auto, (max-width: 1999px) 100vw, 1999px\" \/>NOI = Gross Operating Income &#8211; Operating Expenses<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Gross Operating Income includes all revenue your property generates, such as:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monthly rent payments from tenants<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Parking fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Laundry and vending machine income<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pet fees and deposits<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Storage unit rentals<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Late payment fees<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Operating Expenses cover the costs of running your property and are essential for calculating accurate net operating income (NOI). These expenses represent the ongoing costs required to maintain and manage the property, not one-time capital improvements or financing costs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">A simple way to remember the most common operating expense categories is the acronym <\/span><b>TIMMUR<\/b><span style=\"font-weight: 400;\">:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>T \u2013 Taxes:<\/b><span style=\"font-weight: 400;\"> Property taxes and any state or local assessments.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>I \u2013 Insurance:<\/b><span style=\"font-weight: 400;\"> Hazard, liability, and property insurance premiums.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>M \u2013 Management:<\/b><span style=\"font-weight: 400;\"> Fees paid to property management companies or on-site staff.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>M \u2013 Maintenance:<\/b><span style=\"font-weight: 400;\"> Regular upkeep, cleaning, landscaping, and minor repairs to preserve property condition.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>U \u2013 Utilities:<\/b><span style=\"font-weight: 400;\"> Utilities paid by the landlord, such as water, trash, or electricity in common areas.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>R \u2013 Repairs:<\/b><span style=\"font-weight: 400;\"> Routine or emergency repairs that keep the property in rentable condition.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Additional operating expenses that fall outside TIMMUR but still affect NOI include:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">HOA or condo fees<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Marketing and advertising costs<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Legal and accounting fees<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">According to the<\/span><a href=\"https:\/\/www.irs.gov\/publications\/p527\"> <span style=\"font-weight: 400;\">IRS Publication 527 \u2013 Residential Rental Property<\/span><\/a><span style=\"font-weight: 400;\">, these are considered <\/span><i><span style=\"font-weight: 400;\">\u201cordinary and necessary expenses for managing, conserving, or maintaining rental property.\u201d<\/span><\/i><span style=\"font-weight: 400;\"> Including all relevant TIMMUR categories in your analysis ensures your NOI accurately reflects operational performance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The net operating income formula excludes certain expenses, like:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Mortgage payments (principal and interest)<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Capital expenditures like major renovations<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Depreciation and amortization<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Income taxes<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Owner&#8217;s personal expenses<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">Net Operating Income Example Calculations<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Learning how to calculate net operating income becomes clearer when you work through real examples.<\/span><\/p>\n<p><b>Example 1<\/b><span style=\"font-weight: 400;\">: You own a single-family home that generates the following income and expenses:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Monthly rent: $2,200<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annual rental income: $26,400<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Property taxes: $3,600<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insurance: $1,200<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Maintenance: $1,800<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Property management (10%): $2,640<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">HOA fees: $1,200<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Total operating expenses: $10,440<\/span><\/li>\n<\/ul>\n<p><b>NOI calculation:<\/b><span style=\"font-weight: 400;\"> $26,400 (Gross Operating Income) &#8211; $10,440 (Operating Expenses) = $15,960 NOI<\/span><\/p>\n<p><b>Example 2<\/b><span style=\"font-weight: 400;\">: You purchase a four-unit apartment building with these figures:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Four units at $1,500\/month each: $6,000\/month<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Laundry income: $200\/month<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Parking fees: $300\/month<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Total monthly income: $6,500<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Annual gross operating income: $78,000<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Property taxes: $8,500<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Insurance: $3,200<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Maintenance and repairs: $6,000<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Property management: $7,800<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Utilities (common areas): $2,400<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Marketing: $1,100<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Total operating expenses: $29,000<\/span><\/li>\n<\/ul>\n<p><b>NOI calculation:<\/b><span style=\"font-weight: 400;\"> $78,000 (Gross Operating Income) &#8211; $29,000 (Operating Expenses) = $49,000 NOI<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">How NOI Is Used in Real Estate Investing<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Net operating income serves multiple purposes for both investors and lenders.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">For investors, NOI measures the property\u2019s true operating performance. It\u2019s used to:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Evaluate profitability and determine whether a property generates sufficient income to justify the investment.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Compare different property types &#8211; such as a single-family home, duplex, or small apartment building &#8211; because NOI isolates operations from financing. When you<\/span><a href=\"https:\/\/griffinfunding.com\/blog\/dscr-loans\/how-to-build-a-real-estate-portfolio\/\"> <span style=\"font-weight: 400;\">build a real estate portfolio<\/span><\/a><span style=\"font-weight: 400;\">, knowing how to find net operating income helps you identify the best opportunities.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Estimate value using the capitalization rate (Cap Rate), where Value = NOI \u00f7 <\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/cap-rate-on-rental-property\/\"><span style=\"font-weight: 400;\">Cap Rate<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">For lenders, the focus is slightly different. Lenders qualifying <\/span><a href=\"https:\/\/griffinfunding.com\/non-qm-mortgages\/dscr-loans\/\"><span style=\"font-weight: 400;\">DSCR loans<\/span><\/a><span style=\"font-weight: 400;\"> do not underwrite using NOI in the same way investors do. Instead, most lenders calculate DSCR as:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">DSCR = Gross Monthly Rent \u00f7 PITIA (Principal, Interest, Taxes, Insurance, and HOA, if applicable)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This version of DSCR compares gross rent to the total monthly mortgage payment, not to NOI. It helps lenders quickly determine whether the property generates enough income to cover its loan obligations. A DSCR of 1.00 or higher typically means the property\u2019s rent covers its PITIA payment, while many lenders prefer a 1.10\u20131.25 DSCR for approval.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">By contrast, investors use NOI-based DSCR calculations when analyzing larger (5+ unit) or commercial properties, where:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">DSCR = NOI \u00f7 Annual Debt Service<\/span><\/p>\n<p><span style=\"font-weight: 400;\">That approach incorporates all operating expenses and provides a more complete picture of income coverage and risk.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Understanding both versions is essential: lenders use DSCR for loan qualification, while investors use NOI for valuation, performance, and comparison.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Net Operating Income vs Other Metrics<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Understanding what is net operating income requires knowing how it differs from related financial metrics.<\/span><br \/>\n<img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-11419\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image1-1.png\" alt=\"\" width=\"1999\" height=\"1216\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image1-1.png 1999w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image1-1-300x182.png 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image1-1-1024x623.png 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image1-1-768x467.png 768w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image1-1-1536x934.png 1536w\" sizes=\"auto, (max-width: 1999px) 100vw, 1999px\" \/><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Net operating income vs Net income<\/b><span style=\"font-weight: 400;\">:<\/span> <span style=\"font-weight: 400;\">Net income represents your final profit after all expenses, including mortgage payments, depreciation, and income taxes. Net operating income stops before these items, focusing only on operational performance. You use net income for tax reporting and understanding your actual profit. You use NOI for property analysis and loan qualification because it isolates operational performance from financing decisions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>NOI vs Cash flow<\/b><span style=\"font-weight: 400;\">: Cash flow measures the actual money in your pocket after all expenses, including mortgage payments. Cash flow tells you how much you earn monthly or annually after paying everything. The NOI equation excludes debt service, so NOI typically exceeds cash flow. A property might show strong NOI but negative cash flow if mortgage payments are too high.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>NOI vs EBITDA<\/b><span style=\"font-weight: 400;\">: EBITDA (earnings before interest, taxes, depreciation, and amortization) applies to businesses generally. NOI serves specifically for real estate and focuses on operational income after direct expenses.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>NOI vs DSCR:<\/b><span style=\"font-weight: 400;\"> While both metrics measure income performance, investors and lenders use them differently:<\/span>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Investors calculate NOI (Net Operating Income) to understand a property\u2019s <\/span><i><span style=\"font-weight: 400;\">operational profitability<\/span><\/i><span style=\"font-weight: 400;\">, how much income remains after all operating expenses, but before financing costs. They often use NOI to determine value, cap rate, and long-term performance.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"2\"><span style=\"font-weight: 400;\">Lenders, on the other hand, use DSCR (debt service coverage ratio) to assess <\/span><i><span style=\"font-weight: 400;\">loan repayment ability<\/span><\/i><span style=\"font-weight: 400;\">. Most residential investment lenders calculate DSCR as Gross Rent \u00f7 PITIA (Principal, Interest, Taxes, Insurance, and HOA if applicable). This approach doesn\u2019t account for detailed operating expenses\u2014it simply gauges whether rental income can cover the total mortgage payment.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">To sum it all up:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use NOI when evaluating properties before purchase or comparing investment options<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use net income for tax purposes and tracking actual profit<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use cash flow for budgeting and determining personal income<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Use DSCR when applying for loans or ensuring debt obligations are covered<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Review<\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/how-to-calculate-roi-on-rental-property\/\"> <span style=\"font-weight: 400;\">how to calculate ROI<\/span><\/a><span style=\"font-weight: 400;\"> to understand total investment performance<\/span><\/li>\n<\/ul>\n<h2><span style=\"font-weight: 400;\">How to Improve Your Property\u2019s NOI<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">You can boost NOI by increasing revenue, reducing expenses, or both.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To increase revenue, raise rent strategically. Review market rates annually and adjust rent to match comparable properties. Even small increases compound over time.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, you can add services to increase your income, including:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Coin-operated laundry facilities<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Reserved parking spaces<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Pet fees for tenants with animals<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Storage unit rentals<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Vending machines in common areas<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">To reduce operating expenses, consider the following:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Energy efficiency upgrades<\/b><span style=\"font-weight: 400;\">: Installing LED lighting, programmable thermostats, and energy-efficient appliances reduces utility costs.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Evaluate property management<\/b><span style=\"font-weight: 400;\">: Compare the costs of hiring a property management company versus managing the property yourself.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Implement preventive maintenance<\/b><span style=\"font-weight: 400;\">: Scheduling routine inspections and addressing minor issues protects your investment and keeps operating expenses predictable.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Furthermore, always consider your tax benefits. While property taxes appear in the net operating income equation, exploring<\/span><a href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/100-percent-bonus-depreciation-real-estate\/\"> <span style=\"font-weight: 400;\">bonus depreciation<\/span><\/a><span style=\"font-weight: 400;\"> opportunities can improve your overall financial picture through tax savings.<\/span><\/p>\n<h2><span style=\"font-weight: 400;\">Start Building a Real Estate Investment Portfolio<\/span><\/h2>\n<p><span style=\"font-weight: 400;\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-11420 size-full\" src=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image2-2.jpg\" alt=\"A house key sitting on a table beside a calculator.\u00a0\" width=\"1999\" height=\"1333\" srcset=\"https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image2-2.jpg 1999w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image2-2-300x200.jpg 300w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image2-2-1024x683.jpg 1024w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image2-2-768x512.jpg 768w, https:\/\/griffinfunding.com\/wp-content\/uploads\/2025\/12\/image2-2-1536x1024.jpg 1536w\" sizes=\"auto, (max-width: 1999px) 100vw, 1999px\" \/><\/span><\/p>\n<p><span style=\"font-weight: 400;\">Knowledge about NOI empowers you to evaluate investment opportunities, secure financing, and maximize profitability. Griffin Funding specializes in helping real estate investors access the capital they need to grow their portfolios. Whether you need<\/span><a href=\"https:\/\/griffinfunding.com\/traditional-mortgages\/investment-property-loans\/\"> <span style=\"font-weight: 400;\">investment property loans<\/span><\/a><span style=\"font-weight: 400;\"> or DSCR loans, our team understands your unique needs.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Track your investment performance effortlessly with the<\/span><a href=\"https:\/\/gold.griffinfunding.com\/pfm\/registration\/invite?key=1c204fd9-839b-4775-aed1-9844766b60a6\"> <span style=\"font-weight: 400;\">Griffin Gold app<\/span><\/a><span style=\"font-weight: 400;\">, which helps you monitor property metrics and make informed decisions.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Ready to expand your real estate holdings? <a href=\"#popmake-6804\">Get started online<\/a> or call us today to discuss your financing options.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What Is Net Operating Income (NOI)? Net operating income measures how much money your investment property generates after you pay operating expenses but before you make mortgage payments. This metric gives investors, lenders, and appraisers a standardized way to evaluate property performance. You need to understand what is net operating income because it strips away<a class=\"moretag\" href=\"https:\/\/griffinfunding.com\/blog\/mortgage\/net-operating-income-definition-formula-examples\/\">&#8230;<\/a><\/p>\n","protected":false},"author":2,"featured_media":11417,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[100],"tags":[],"class_list":["post-11416","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-mortgage"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Net Operating Income: Definition, Formula, &amp; Examples | Griffin Funding<\/title>\n<meta name=\"description\" content=\"Learn what net operating income (NOI) is, how to calculate it, and why it matters for real estate investors. 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