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Cap Rate Calculator
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Calculate cap rate (capitalization rate) — the standard real-estate metric for comparing properties apples-to-apples regardless of financing. Cap rate = NOI (Net Operating Income) / Property Value. NOI = gross rent − operating expenses (property tax, insurance, maintenance, management, vacancy) but does NOT subtract mortgage payments or income tax. Output: NOI in dollars, cap rate as a percentage, and a market-tier classification.
Cap rates are inversely correlated with appreciation expectations and risk. Hot appreciation markets compress cap rates: 2021-2022 saw 3-4% cap rates in cities that historically ran 6-7% because investors paid up for expected appreciation. Rising-rate environments expand cap rates as prices adjust to higher financing costs. Typical ranges: tier-A coastal markets (Manhattan, San Francisco, San Jose) 3-4.5%; tier-A growth markets (Nashville, Austin, Phoenix) 4.5-6%; tier-B mid-markets 6-8%; tier-C cash-flow markets 8-12%; above 10% often signals distressed property or high vacancy/management risk.
Cap rate vs ROI: cap rate is property-level only — useful for deal screening and comparing across properties. Cash-on-cash return adds financing (leverage typically doubles or triples cash-on-cash vs cap rate). IRR (internal rate of return) adds appreciation, principal paydown, and tax benefits over a holding period. For a full investment analysis, look at all three metrics, not just cap rate.
Nasıl Kullanılır
- Enter purchase price (or estimated current market value if analyzing existing property).
- Enter gross monthly rent (multiply by 12 for annual).
- Enter operating expenses: property tax (annual), insurance (~0.5-1% of value), maintenance (1% of value reserve), HOA, property management 8-12%, utilities if landlord-paid.
- Enter vacancy allowance — typically 5-10% of gross rent.
- Read NOI (gross rent − operating expenses) and cap rate (NOI / price).
- Compare to market cap rates for similar properties (look at recent comparable sales' price and NOI to derive their cap rates).
Ne Zaman Kullanılır
- Comparing two or more rental properties side by side — cap rate normalizes for property size, location, and financing.
- Negotiating offers — if comparable properties trade at 6% cap and the listing is at 5% cap, you have data to support a lower offer.
- Setting target yield for an investment portfolio — most investors target a specific cap rate (e.g., 7%+) and only buy properties meeting it.
- Commercial real estate analysis — cap rates are the standard metric for office, retail, industrial; more universal than ROI.
Ne Zaman Kullanılmaz
- When financing terms vary significantly between options — cash-on-cash return is more relevant when you're comparing different leverage scenarios.
- Owner-occupied home analysis — your house is not an investment in cap-rate sense; the metric doesn't apply.
- Speculation plays where appreciation is the thesis — cap rate is a cash-flow metric and ignores future value increases.
- Short-term rentals where revenue is highly variable — single-cap-rate snapshots don't capture seasonality and platform-fee complexity.
Yaygın Kullanım Senaryoları
- Onboarding a colleague who needs the same calculation/conversion
- Verifying a number or output before passing it on
- Quick calculation during a typical workday
- Pre-decision sanity-check on inputs and outputs
Sık Sorulan Sorular
What is a good cap rate?
2-4% suggests a pricey market (coastal cities). 4-7% is typical in healthy markets. 7-10% signals strong cash flow or secondary markets. Above 10% often indicates distressed property or market risk. Cap rates are inversely correlated with property appreciation expectations.
How is cap rate different from ROI?
Cap rate is NOI / property price — property-only, unleveraged. ROI can include financing (cash-on-cash), appreciation, tax benefits, and principal paydown. Cap rate is the cleanest apples-to-apples comparison across properties; ROI tells you the whole story for a specific investor.
Does cap rate include my mortgage payment?
No. Cap rate measures the property's ability to produce income regardless of how it's financed. Two investors buying the same property with different loans have the same cap rate but different cash-on-cash returns.
Why do cap rates compress in hot markets?
When more investors chase the same assets, prices rise faster than rents, pushing cap rates down. 2021-2022 saw 3-4% cap rates in cities that historically ran 6-7%. In a rising-rate environment, expect cap rate expansion as prices adjust.
How do interest rates affect cap rates?
Significantly. As rates rise, real-estate investors require higher cap rates to maintain spread over risk-free Treasuries. Historical pattern: cap rates run roughly 250-400 basis points above 10-year Treasury yield for stabilized commercial property. When 10-year Treasury hit 1% in 2020, cap rates compressed to 4-5% across markets. As 10-year Treasury rose to 4-5% in 2024-2025, cap rates expanded to 6-8% in many secondary markets — meaning property values had to fall (since rents adjusted slowly). Watch the 10-year Treasury as a cap-rate predictor.
What's the difference between going-in cap rate and exit cap rate?
Going-in: NOI in year 1 / current price. Exit cap: terminal-year NOI / projected sale price. Real-estate IRR analysis uses both — you buy at one cap rate, run the property for 5-10 years (NOI grows with rent increases), then sell at a different (usually higher) cap rate. Conservative investors assume exit cap rates 50-100 basis points higher than going-in (cap rates typically rise over time as buildings age). Optimistic models assume exit cap = going-in cap or even compression. Sensitivity-analysis your IRR on different exit cap assumptions.