Cap Rates are of interest to most investors.  Income or Net Operating Income can be a moving target.  Once you have your NOI nailed down use the simple formulas to figure Income, Value, and Rate.

Net Operating Income ÷ Capitalization = Value

Net Operating Income ÷ Value = Rate

Value x Rate = Income

Gross Rent Multiplier

Certain properties, such as single-family homes or duplex are not purchased for income alone.  As a substitute for a more elaborate capitalization analysis, the gross rent multiplier (GRM) and gross income multiplier (GIM) are oftern used.

For five or more residential units, commercial or industrial; Sales price ÷ Gross income = GIM

For one to four residential units: Sales price ÷ Gross Rent = GRM