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Unit Mix Income Calculator
Build the income side of a multifamily underwrite from unit mix. Studios, 1-BR, 2-BR, and 3-BR roll into gross scheduled rent, then effective gross income after vacancy, then NOI after OpEx, then valuation at your cap rate.
OpEx / EGI for valuation
Monthly gross scheduled rent
$47,000
Annual gross scheduled rent
$564,000
Effective gross income
$535,800
Net operating income
$310,764
Valuation at cap rate
$5,179,400
Total units
26
Avg rent per unit
$1,808
Dominant unit type
46% 1-BR
How the math works
Unit mix drives both gross income and how the property prices. Buyers want diversified mix (studios + 1-BR + 2-BR) for liquidity — single-mix properties (all studios or all 3-BR) get cap-rate haircuts of 25-100 basis points. Class-A urban favors 1-BR heavy, suburban workforce favors 2-BR heavy, college towns favor 3-4 BR shared.
EGI = GSR × (1 − vacancy − collection loss − concessions). NOI = EGI − OpEx. Valuation = NOI ÷ cap rate. The cap rate you apply should reflect both market and unit mix. Always sanity- check valuation per door and per square foot against recent sales of similar mix.
How to Use
- Enter unit count and rent for each bedroom type.
- Set economic vacancy (physical vacancy + collection loss + concessions).
- Enter operating expense ratio for the property class.
- Enter the market cap rate for valuation.
- Read GSR, EGI, NOI, valuation, and dominant unit type signal.
Frequently Asked Questions
What's a healthy unit mix?
Diversified — typically 10-25% studios, 35-50% 1-BR, 25-40% 2-BR, and 5-15% 3-BR for urban infill. Suburban garden-style skews 1-BR/2-BR heavy. Single-mix assets (all 1-BR or all studios) trade at 25-100 bps wider cap rates due to demand concentration risk.
What does GSR vs EGI vs NOI mean?
GSR (gross scheduled rent) is 100%-occupied face rent. EGI (effective gross income) deducts vacancy, collection loss, and concessions. NOI (net operating income) deducts operating expenses but not debt service or capex. Valuation = NOI ÷ cap rate.
What operating expense ratio should I use?
Class-A urban: 30-40%. Class-B garden: 38-48%. Class-C value-add: 45-55%. The ratio is OpEx ÷ EGI, not OpEx ÷ GSR. Tax-heavy markets (TX, IL) skew higher; low-tax markets (NV, FL parts) lower. Always sanity-check against trailing 12-month T12 of comparable buildings.
How do I price each unit?
Pull comp set rents for each bed/bath count within 1 mile listed in the last 60 days, adjust for amenities and condition. Asking minus typical concessions is the effective comp rent. Don't average across the building — each unit type comps on its own.
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