Multifamily analyser

Underwrite a whole building rather than a single unit. Start from a lending program, project the income out ten years, and see what a refinance or a shift in the exit cap rate does to the return. Every figure recalculates as you type, and none of it leaves your browser.

Whole-building underwriting: NOI, DSCR, a 10-year projection, refinance and IRR.

Market

Payments use Canadian semi-annual compounding, the convention on Canadian fixed-rate mortgages.

Property & year one

Illustrative only — use the actual assessment for the building.

Roofs, boilers, windows, suite turnovers. Not optional — only the timing is.

Financing

Land transfer tax varies by province; Toronto adds a second municipal tax.

Added to the mortgage rather than paid at closing, so it does not raise the cash you need.

Renewal risk: the 5-year term ends long before the 30-year amortization, so the balance must be renewed — possibly at a very different rate — in year 5.

Growth & exit

Your figures will be saved in this browser as you type.

YEAR-ONE POSITION

Net operating income
C$140,973
Cap rate
5.9%
Cash-on-cash return
3.0%
Modest
Debt service coverage
1.16x
Below typical lender minimum
Annual debt service
C$121,958
Cash required to close
C$636,000
Gross rent multiplier
9.8x
Low relative to rent
Operating expense ratio
37.8%
Within the usual range

INCOME STATEMENT — YEAR ONE

Gross potential rentC$243,600
Vacancy loss-C$17,052
Effective gross incomeC$226,548
Operating expenses-C$85,575
Net operating incomeC$140,973

NOI excludes the mortgage on purpose — that is what makes the cap rate describe the building rather than your down payment. Operating expenses here are fully loaded: tax, insurance, maintenance, management and the capital expenditure reserve, which is 37.8% of effective gross income.

FINANCING

Purchase priceC$2,400,000
Down paymentC$600,000
Closing costsC$36,000
Cash required to closeC$636,000
CMHC premium (financed, not cash)C$52,200
Total loan amountC$1,852,200
Monthly payment (P&I)C$10,163
Interest, first paymentC$8,016
Principal, first paymentC$2,147

These calculations are educational decision-support, not investment or mortgage advice. Every figure follows from the assumptions you entered — verify rent, vacancy, taxes and achievable financing against local market data and a mortgage broker before relying on any of it.