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Cap Rate Bridge Calculator

A value-add's headline going-in yield hides the work needed to reach stabilized. This calculator bridges the two cap rates with NOI lift and price change.

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Value created

$2,769,231

In-place cap rate

5.63%

Stabilized cap on buy

8.75%

How the math works

Value created = (stabilized NOI ÷ exit cap) − purchase price. Bridge = stabilized cap − in-place cap.

Aim for 200bps+ stabilized yield spread over exit cap. That spread buys the reversion gain. Thinner spreads leave the deal dependent on cap compression — a bet on the market, not your operations.

How to Use

  1. Enter in-place NOI and purchase price.
  2. Enter projected stabilized NOI.
  3. Enter expected exit cap rate.
  4. Read yield bridge and created value.

Frequently Asked Questions

Why bridge cap rates?

In-place cap rate (NOI/price today) understates value-add return. Stabilized cap rate (stabilized NOI / price) shows post-lift yield. Bridge lights up the lift contribution.

Yield on cost?

Stabilized NOI ÷ (price + capex). That's what the deal actually earns after improvements. Target 100-200 bps above market exit cap for meaningful value-add.

Exit reversion?

Exit value = stabilized NOI ÷ exit cap. Compare to buy price to size created value. 30%+ creation is a strong value-add; <10% is a yield deal in disguise.

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