Valuation worksheet

What is your apartment building worth?

Buyers of 5+ unit buildings price them off net operating income, then check the price against the loan they can get. Enter your rent roll and expenses and you get both answers: value across a cap rate range, and the price a financed buyer can carry at today's rates.

1. Rent roll

Unit type	Units	Rent per month ($)
Studio
1 bedroom
2 bedroom
3 bedroom
Other

Other income per month ($)Laundry, parking, fees.

Vacancy and bad debt (%)Use your own last 12 months if you have them.

2. Expenses per year

Property taxes ($)

Insurance ($)

Owner-paid utilities ($)

Repairs, maintenance, turnover ($)

Payroll ($)

Admin, legal, other ($)

Management (% of collected income)Charge it even if you self-manage. A buyer will.

Replacement reserves ($ per unit per year)

A sale resets the property tax bill to a share of the price

Tax rate on the new value (% of price)Your county's millage, as a percent. Only used if the box is ticked.

3. Market and money

Cap rate, low (%)

Cap rate, high (%)

10-year Treasury (%)5.00% as of October 23, 2026, U.S. Treasury daily par yield curve.

Lender spread over Treasury (%)Ask a lender. The 1.75 here is a placeholder, not a quote.

Max loan-to-value (%)80% is the ceiling on Fannie Mae's conventional term sheet and Freddie Mac's for 7+ year terms. Lenders can size lower.

Min debt service coverage (x)1.25x is the floor on both agencies' term sheets.

Amortization (years)

Your current loan balance ($)

Sources for the rate and loan limits are on the method page. The filled-in numbers describe a made-up 32-unit building. They are there so the worksheet shows a result; replace every one.

Your building

Gross scheduled rent: -
Collected income: -
Operating expenses: -
Net operating income: -
Expense ratio: -

Value at the high cap rate	-
Value at the midpoint	-
Value at the low cap rate	-
Price a financed buyer can carry	-
Per unit at the midpoint	-

Turn on JavaScript to run the worksheet, or work it by hand from the method below.

Refinance instead

How the worksheet gets its numbers

Value is net operating income divided by a cap rate. A building netting $300,000 is worth $5 million at a 6% cap and $4.6 million at 6.5%. Small moves in the cap rate swing the price by hundreds of thousands, which is why you see a range, not one number.

If a sale resets taxes, the buyer's tax bill depends on the price they pay, so the worksheet solves for both at once: value equals income before taxes divided by the cap rate plus the tax rate.

The loan-supported price is the most a buyer can pay while borrowing the full loan-to-value and still meeting the lender's coverage test at today's rate (Treasury plus the spread). Above it, the loan is capped by income, and the buyer has to bring more cash per dollar of price. Prices drift toward that line when rates rise.

Where owners overstate value

Leaving out management because you do it yourself. Leaving out reserves. Using asking rents on units that haven't leased at that rent. Using last year's insurance premium when the renewal is higher. A buyer's underwriter will add every one of these back in, so you may as well see it first.

Cap rates aren't published by any government source. Brokers and research firms survey them by market and property class; ask two brokers active in your area what similar buildings have traded at, and put their range in step 3.

Read the guides on what buyers count in NOI and selling versus refinancing.

Next step

Send the building to the desk

Janover Capital is a commercial mortgage desk. Send your building and what you're weighing. A person at the desk reads it and replies about refinancing, or about the financing side of a sale. Your worksheet numbers go with the request. Janover Capital doesn't list or sell property.

This worksheet is an estimate from your numbers, not an appraisal, and not an offer to buy or to lend.

What are you weighing?

City

State

Units

Current loan balance ($) (optional)

Timing

Name

Phone (optional)

Anything else (optional)

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Or email hello@multifamily.forsale.

Not selling yet? Watch the 10-year

The price a financed buyer can carry moves with the rate. On the worksheet's made-up building, run it at a 10-year a quarter point lower and the loan-supported price goes up; a quarter point higher and it drops. If you're waiting for rates to come down before you list or refinance, set a threshold and we'll email you when Treasury's daily yield crosses it.