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Brown is a financial consultant, Certified Financial Education Instructor, and researcher who has assisted thousands of clients over a more than two-decade career. She is the CEO of Xaris Financial Enterprises and a course facilitator for Cornell University. </div> </div> <div class="mntl-author-tooltip__bottom"> <span class="mntl-author-tooltip__learn-more-text">Learn about our </span> <a href="/investopedia-financial-review-board-5076269" rel="nocaes" class="mntl-author-tooltip__learn-more-link" >Financial Review Board</a> </div> </div></div> </div></div> </div></div></header> <figure id="article-primary-image_1-0" class="comp article-primary-image mntl-universal-primary-image primary-image"> <div class="primary-image__media"> <div class="img-placeholder" style="padding-bottom:67.5%;"> <img src="https://www.investopedia.com/thmb/bL_V7NUNoYKqgMwciUy49WM5Oc4=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/Income-approach_final-96e1be80d51c4eab817fef794d0e1f18.png" width="4000" height="2700" srcset="https://www.investopedia.com/thmb/N3thO1oM9N3sqqJ6Q_sclPY2W3U=/750x0/filters:no_upscale():max_bytes(150000):strip_icc()/Income-approach_final-96e1be80d51c4eab817fef794d0e1f18.png 750w" sizes="750px" alt="Income Approach: A real estate appraisal method that allows investors to estimate the value of a property based on the income it generates." class=" primary-image__image mntl-primary-image--blurry" onload="(function(e){e.classList.add('loaded')})(this)" style="--blurry: url('data:image/gif;charset=utf-8;base64,R0lGODlhCgAHAPQAAAAAAAEYOExysGWOzmyV14q5/4u6/4y5/cTb/cTa/8fb/sXc/v///f7+/v7////+/////wAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAAACwAAAAACgAHAEQILwALCBxIsIECBBAKHABAEEKABwQjSiTIQCAAhgUIJHAgYICBAwMfLIAgQCHGAgEBADs=')" /> <noscript> <img src="https://www.investopedia.com/thmb/bL_V7NUNoYKqgMwciUy49WM5Oc4=/1500x0/filters:no_upscale():max_bytes(150000):strip_icc()/Income-approach_final-96e1be80d51c4eab817fef794d0e1f18.png" width="4000" height="2700" class="loaded primary-img--noscript primary-image__image mntl-primary-image--blurry" srcset="https://www.investopedia.com/thmb/N3thO1oM9N3sqqJ6Q_sclPY2W3U=/750x0/filters:no_upscale():max_bytes(150000):strip_icc()/Income-approach_final-96e1be80d51c4eab817fef794d0e1f18.png 750w" sizes="750px" alt="Income Approach: A real estate appraisal method that allows investors to estimate the value of a property based on the income it generates." /> </noscript> </div> </div> <figcaption id="primary-image__figcap_1-0" class="comp primary-image__figcap mntl-figure-caption figure-article-caption"> <span class="figure-article-caption-owner"><p>Investopedia / Michela Buttignol</p></span> </figcaption></figure> </div><div class="loc article-content"><div id="article__primary-video-container--jw_1-0" class="comp article__primary-video-container--jw mntl-block"><div id="article__primary-video--jw_1-0" class="comp article__primary-video--jw mntl-jwplayer mm-video lazyload right-rail__offset aspectratio-16:9" data-bgset="https://cdn.jwplayer.com/v2/media/BaLvtcjA/poster.jpg?width=720" data-sizes="auto"> <video class="mntl-jwplayer__video lazyload" preload="none" data-poster="https://cdn.jwplayer.com/v2/media/BaLvtcjA/poster.jpg?width=720"></video> </div></div> <div id="article-body_1-0" class="comp article-body mntl-block" data-contain-tooltips="true"><div id="mntl-sc-page_1-0" class="comp mntl-sc-page mntl-block article-body-content" data-sc-sticky-offset="80" data-sc-ad-label-height="0" data-sc-ad-track-spacing="90" data-sc-min-track-height="250" data-sc-max-track-height="600" data-sc-breakpoint="50em" data-sc-load-immediate="1" data-sc-content-positions="[300, 1, 1, 1250, 1, 1, 1, 1]" data-bind-scroll-on-start="true"><span class="heading-toc" id="toc-what-is-the-income-approach"></span><h2 id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> What Is the Income Approach? </span> </h2> <p id="mntl-sc-block_2-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The income approach, sometimes referred to as the income capitalization approach, is a type of real estate appraisal method that allows investors to estimate the value of a property based on the income the property generates. It’s used by taking the net operating income (NOI) of the rent collected and dividing it by the <a href="https://www.investopedia.com/terms/c/capitalizationrate.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">capitalization rate</a>. </p> <div id="mntl-sc-block_3-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_4-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_5-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-advisorinsight" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_1-0" class="comp mntl-sc-block-callout-heading mntl-text-block">Key Takeaways</h3> <div id="mntl-sc-block-callout-body_1-0" class="comp mntl-sc-block-callout-body mntl-text-block"><ul><li>The income approach is a real estate valuation method that uses the income the property generates to estimate fair value.</li><li>It's calculated by dividing the net operating income by the capitalization rate.</li><li>A buyer should pay special attention to the condition of the property, operating efficiency, and vacancy when using the income approach.</li></ul></div></div></div> <span class="heading-toc" id="toc-how-the-income-approach-works"></span><h2 id="mntl-sc-block_6-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> How the Income Approach Works </span> </h2> <p id="mntl-sc-block_7-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> The income approach is typically used for income-producing properties and is one of three popular approaches to appraising real estate. The others are the cost approach and the comparison approach. The income approach for real estate valuations is akin to the <a href="https://www.investopedia.com/terms/d/dcf.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">discounted cash flow (DCF)</a> for finance. The income approach discounts the future value of rents by the capitalization rate. </p> <div id="mntl-sc-block_8-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_9-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> When using the income approach for purchasing a rental property, an investor considers the amount of income generated and other factors to determine how much the property may sell for under current market conditions. In addition to determining whether the investor may profit from the rental property, a lender will want to know its potential risk of <a href="https://www.investopedia.com/terms/r/repayment.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">repayment</a> if it extends a mortgage to the investor. </p> <div id="mntl-sc-block_10-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_11-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_12-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-important" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_2-0" class="comp mntl-sc-block-callout-heading mntl-text-block"></h3> <div id="mntl-sc-block-callout-body_2-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>Of the three methods for appraising real estate, the income approach is considered the most complex and difficult to calculate.</p></div></div></div> <span class="heading-toc" id="toc-special-considerations"></span><h2 id="mntl-sc-block_13-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Special Considerations </span> </h2> <p id="mntl-sc-block_14-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> When using the income approach for purchasing a rental property, an investor must also consider the condition of the property. Any large repairs that may be needed can substantially cut into future profits. </p> <div id="mntl-sc-block_15-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_16-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> In addition, an investor should consider how efficiently the property is operating. For example, the landlord may be giving tenants rent reductions in exchange for completing yard work or other responsibilities. Perhaps specific tenants are facing economic difficulties that should turn around in the next few months, and the landlord does not want to evict them. If the rent being collected is not greater than current <a href="https://www.investopedia.com/terms/e/expense.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">expenses</a>, the investor will most likely not purchase the property. </p> <div id="mntl-sc-block_17-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <div id="mntl-sc-block_18-0" class="comp mntl-sc-block finance-sc-block-callout mntl-block"><div id="mntl-sc-block_19-0" class="comp mntl-sc-block mntl-sc-block-callout mntl-block theme-note" data-tracking-id="mntl-sc-block-callout" data-tracking-container="true"><h3 id="mntl-sc-block-callout-heading_3-0" class="comp mntl-sc-block-callout-heading mntl-text-block no-title"></h3> <div id="mntl-sc-block-callout-body_3-0" class="comp mntl-sc-block-callout-body mntl-text-block"><p>With the income approach, the capitalization rate (often referred to simply as the “cap rate”) and estimated value have an inverse relationship—lowering the cap rate increases the estimated value.</p></div></div></div> <p id="mntl-sc-block_20-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> An investor must also ascertain how many units on average are empty at any given time. Not receiving full rent from every unit will affect the investor’s income from the property. This is especially important if a property is in great need of repairs and many units are vacant—indicating a low occupancy rate. If the units are not filled on a regular basis, rent collection will be lower than it could be, and purchasing the property may not be in the investor’s best interest. </p> <div id="mntl-sc-block_21-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-example-of-the-income-approach"></span><h2 id="mntl-sc-block_22-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Example of the Income Approach </span> </h2> <p id="mntl-sc-block_23-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> With the income approach, an investor uses market sales of comparables for choosing a capitalization rate. For example, when valuing a four-unit apartment building in a specific county, the investor looks at the recent selling prices of similar properties in the same county. After calculating the capitalization rate, the investor can divide the rental property’s NOI by that rate. For example, a property with a net operating income (NOI) of $700,000 and a chosen capitalization rate of 8% is worth $8.75 million. </p> <div id="mntl-sc-block_24-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_25-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> You can use NOI and capitalization rate to calculate property value in a variety of situations, ranging from properties that you are considering for outright purchase to properties in which you are weighing an investment as part of a group through <a href="https://www.investopedia.com/best-real-estate-crowdfunding-sites-5070790" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">real estate crowdfunding platforms</a>. </p> <div id="mntl-sc-block_26-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-how-to-calculate-net-operating-income"></span><h2 id="mntl-sc-block_27-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> How to Calculate Net Operating Income </span> </h2> <p id="mntl-sc-block_28-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <a href="https://www.investopedia.com/terms/n/noi.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">Net operating income is calculated</a> by subtracting operating expenses from a property’s revenues. Suppose you’re looking at a hypothetical eight-unit apartment building. Each unit rents for $2,000 a month, so the building’s annual rents total $192,000. Let’s say the building owner collects another $3,000 per month combined from tenants who rent storage lockers in the basement. And the landlord also gets paid $1,000 each month from operators who have vending machines in the basement  So, the building’s yearly revenue is $192,000 plus $36,000 plus $12,000 per year, for a total of $240,000. </p> <div id="mntl-sc-block_29-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_30-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Operating expenses include maintenance and repairs, <a href="https://www.investopedia.com/terms/p/propertytax.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="1">property taxes,</a> insurance, property management fees, janitorial services, and utilities. Let’s say operating expenses for this building total $180,000. Those outlays do not include <a href="https://www.investopedia.com/terms/c/capitalexpenditure.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="2">capital expenditures</a>, such as the cost of installing a new central air conditioning system; capital expenditures are not part of NOI. NOI is a before-income-tax figure on a property’s income and cash flow statement. It excludes not only capital expenditures but also principal and interest payments on any loans, depreciation, and <a href="https://www.investopedia.com/terms/a/amortization.asp" data-component="link" data-source="inlineLink" data-type="internalLink" data-ordinal="3">amortization</a>. </p> <div id="mntl-sc-block_31-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_32-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> So, the NOI for this building is $60,000 ($240,000 revenue minus $180,000 operating expenses). </p> <div id="mntl-sc-block_33-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <span class="heading-toc" id="toc-demonstrating-the-propertys-capitalization-rate"></span><h2 id="mntl-sc-block_34-0" class="comp mntl-sc-block finance-sc-block-heading mntl-sc-block-heading"> <span class="mntl-sc-block-heading__text"> Demonstrating the Property’s Capitalization Rate </span> </h2> <p id="mntl-sc-block_35-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> What does the income approach tell you about this property’s value? Sticking with an 8% capitalization rate, the mathematical question becomes: $60,000 equals 8% of how much? In mathematical terms, “how much” is X. So, using your eighth-grade algebra (with modern help in the form of a calculator) to determine the value of X, start by multiplying $60,000 by 10. Do the same for 0.08. Now you have $600,000 = 0.8 of X. Multiply both by 10 again to arrive at 6,000,000 = 8 of X. Now divide 6,000,000 by 8 and do the same for the other side of the equation. The result: $750,000 (6,000,000/8) = X. With a cap rate of 8%, the property is worth $750,000. </p> <div id="mntl-sc-block_36-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <p id="mntl-sc-block_37-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Here’s what it looks like on paper: </p> <div id="mntl-sc-block_38-0" class="comp mntl-sc-block mntl-sc-block-adslot mntl-block"></div> <ul id="mntl-sc-block_39-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> <li>$60,000 = 8% of what?</li><li>$60,000 = 0.08 of X</li><li>($60,000 x 10) = (0.08 x 10) of X</li><li>$600,000 = 0.8 of X</li><li>($600,000 x 10) = (0.8 x 10) of X</li><li>$6,000,000 = 8 of X</li><li>$6,000,000/8 = 8/8 of X</li><li>$750,000 = 1 of X</li><li>$750,000 = X<br/></li> </ul></div> <div id="textnote-placeholder_1-0" class="comp textnote-placeholder mntl-block"></div> <div id="textnote_1-0" class="comp textnote mm-ads-gpt-adunit gpt textnote "> <div id="textnote" class="wrapper" ></div> </div></div> </div><div class="loc article-post-content"><div id="performance-marketing_1-0" class="comp performance-marketing mntl-block "><div id="gam-ad-table_1-0" class="comp gam-ad-table ad-table mntl-block"><div id="brokertable--v2_1-0" class="comp brokertable--v2 brokertable finance-ad-table mm-ads-ad-table mntl-block ad-table--v2" data-ad-table="brokertable2-"><div id="mm-ads-ad-table__heading_1-0" class="comp mm-ads-ad-table__heading mntl-text-block">Compare Accounts</div> <div id="mm-ads-ad-table__disclosure_1-0" class="comp mm-ads-ad-table__disclosure mntl-block" data-tracking-container="true"><button id="mm-ads-ad-table__disclosure-label_1-0" class="comp mm-ads-ad-table__disclosure-label mntl-button"> Advertiser Disclosure </button> <div id="mm-ads-ad-table__disclosure-description_1-0" class="comp mm-ads-ad-table__disclosure-description mntl-block"><div id="mm-ads-ad-table__disclosure-close_1-0" class="comp mm-ads-ad-table__disclosure-close mntl-text-block">×</div> <div id="mm-ads-ad-table__disclosure-content_1-0" class="comp mm-ads-ad-table__disclosure-content mntl-text-block">The offers that appear in this table are from partnerships from which Investopedia receives compensation. 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Investopedia does not include all offers available in the marketplace.</div></div></div> <div id="mm-ads-ad-table__content_1-0" class="comp mm-ads-ad-table__content mntl-block"><div id="mm-ads-ad-table-column_1-0" class="comp mm-ads-ad-table-column mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit gpt adtable dynamic"> <div id="brokertable2-1" class="wrapper" data-type="adtable" data-pos="brokertable2-1" data-priority="9" data-sizes="["fluid"]" data-rtb="false" data-wait-for-third-party="false" data-targeting="{}"></div> </div> <div id="mm-ads-ad-table-column_2-0" class="comp mm-ads-ad-table-column mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit gpt adtable dynamic"> <div id="brokertable2-2" class="wrapper" data-type="adtable" data-pos="brokertable2-2" data-priority="9" data-sizes="["fluid"]" data-rtb="false" data-wait-for-third-party="false" data-targeting="{}"></div> </div> <div id="mm-ads-ad-table-column_3-0" class="comp mm-ads-ad-table-column mm-ads-gpt-dynamic-adunit mm-ads-gpt-adunit gpt 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