Income
Annual rent with every space occupied and paying. Use in-place rent for a trailing view, market rent for a stabilized one, and say which.
Parking, storage, laundry, pet and application fees, utility reimbursements. Everything that is not rent for the space itself.
As a share of gross potential rent. It covers physical vacancy, concessions and uncollected rent together; underwrite them separately when you have the detail.

That is $50,000 off the rent, 5.0% of gross potential rent. It is deducted from rent only; other income is added after, because parking and fees do not empty out at the same rate apartments do.

Operating expenses
The line most likely to jump after a sale. Many jurisdictions reassess on transfer, so the seller's tax bill can be the wrong starting point.
Property and liability. In coastal and wildfire markets this line has moved more in the last few years than any other.
Only what the owner pays. If residents are billed back, that recovery belongs in other income, not as a negative here.
Routine repairs, turns, contract services and payroll for maintenance. Anything that extends the life of the asset is capital, not this line.
Administrative payroll, general and administrative, marketing, professional fees, licences.
Charged against effective gross income, which is the base a real management contract uses. Enter a market fee even when the owner self-manages: a buyer will have to pay one.
Annual funding for roofs, systems and unit interiors. US reporting convention puts this below the NOI line; lenders and appraisers usually deduct it above. The page reports both.

Debt service, income taxes, depreciation and capital expenditure are not operating expenses and are not inputs here. That is the definition of NOI, not a simplification.

Size, for the per-unit and per-foot checks
Optional. Fills in the per-unit figures, which are the second sanity check after the expense ratio.
Optional. Fills in the per-square-foot figures, which is how commercial property is compared.
Net operating income$600,000
Effective gross income
$1,000,000
Total operating expenses
$400,000
Operating expense ratio
40.0%
NOI with reserves below the line
$610,000
Monthly NOI
$50,000
NOI per unit
$15,000
NOI per square foot
$15.00
Expenses per unit
$10,000

The statement, line by line

This is the artifact worth sending. Every figure below is one subtraction from the one above it, so the other side of a negotiation can check the number they disagree with instead of arguing about the total.

Annual, before debt service, income taxes, depreciation and capital expenditure. 40 units. 40,000 square feet.
LineAmountPer unit
Gross potential rent$1,000,000$25,000
Vacancy and credit loss($50,000)($1,250)
Other income$50,000$1,250
Effective gross income$1,000,000$25,000
Real estate taxes($150,000)($3,750)
Insurance($40,000)($1,000)
Utilities($65,000)($1,625)
Repairs and maintenance($70,000)($1,750)
Other operating expenses($35,000)($875)
Management fee($30,000)($750)
Replacement reserves($10,000)($250)
Total operating expenses($400,000)($10,000)
Net operating income$600,000$15,000

Expense ratio 40.0% with reserves above the line, 39.0% without. A quoted ratio that does not say which convention it used is two different numbers wearing one label.

NOI excludes debt service, income taxes, depreciation and capital expenditure by definition, so none of them is an input here. A lender or an appraiser will usually rebuild this statement with its own vacancy factor, a market management fee whether or not one is paid, and reserves deducted above the line. That rebuild is the single most common reason a broker NOI and an underwritten NOI disagree on the same building.

Everything above is computed in your browser. Nothing you type is sent to Altyst or to the site hosting this calculator, and this frame sets no cookie. It is arithmetic on the figures you entered, not investment or lending advice.

Typing an expense stack is the easy version. Building it from a rent roll and a twelve-month operating statement, with the one-time items pulled out and taxes reassessed, is the work. Altyst reads the documents and does that.

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