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What is net operating income (NOI)?

Short answerNOI is a property’s gross rental income minus vacancy and operating expenses such as taxes, insurance, repairs and management, before debt payments. Commercial and multifamily lenders size loans on it.

Reviewed by Juan Fernando Romero, NMLS 2557318Updated October 14, 2026

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Multifamily Loans (5+ Units)

A multifamily loan finances apartment buildings with five or more units and is underwritten as a commercial loan on the property’s net operating income (NOI).

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