What does the net operating income (NOI) of the property reflect in the provided analysis?

The net operating income (NOI) reflects the annual income generated by the property after accounting for all operating expenses, like maintenance, utilities, and property management, but before deducting any financing or tax costs. NOI is a crucial metric used in real estate to assess the income-producing ability of a property.

When appraisers or assessors evaluate a property, they look at the NOI to determine its investment potential and to compare it with similar properties in the market. This provides insights on the property's performance and financial viability, making it an essential figure in the appraisal process. Understanding NOI is key for assessing a property's profitability and making informed investment decisions.