What is the effective gross income of a property that has an NOI of $400,000 and expenses totaling $520,000?

Effective gross income is $920,000. NOI equals effective gross income minus operating expenses, so rearrange it: effective gross income equals NOI plus operating expenses, or $400,000 plus $520,000. The expense ratio on that property is 56.5%, which is heavy but normal for older multifamily with owner-paid utilities.

Effective gross income is what the property actually collects: scheduled rent plus other income, less vacancy and credit loss. If the vacancy allowance was 5%, the potential gross income behind that $920,000 was about $968,400.

The same rearrangement works for any missing line. Given NOI and effective gross income, expenses are the difference. Given expenses and an expense ratio, effective gross income is expenses divided by the ratio. Any two of the three figures produce the third, which is a quick way to check a listing pro forma that shows NOI without showing how it was built.