Duplex KPIs.

Duplex is a residential property type in ILORA's commercial real estate taxonomy. Two-unit residential. Owner-occupant or small-investor scale. Performance under residential sector conventions is measured against canonical KPIs including EGI, NOI, Occupancy, Renewal Rate, RUBS, Concessions, Loss to Lease, Cap Rate, DSCR. Public REIT comparables for benchmarking include EQR (Equity Residential), CPT (Camden), MAA (Mid-America), ESS (Essex), AVB (AvalonBay). Regulatory frameworks specific to this property type include Fair Housing Act, IRS Section 42 (LIHTC where applicable), HUD Section 8, local rent control, IRS Section 469. Industry organizations driving standards + research include NMHC, NAA, IREM, ULI Multifamily Council. Operating tools commonly used: Yardi Voyager, RealPage OneSite, AppFolio Property Manager, Entrata. Ilora.ai ingests rent rolls, P&Ls, lease abstracts, and operating reports specific to this asset class, then benchmarks every property against SEC EDGAR REIT filings and sector-specific industry data, surfacing where the asset under-performs comparable institutional positions and which operating-side levers offer the largest improvement opportunity.

15 definitions · Sector: RESIDENTIAL · Used by Ilora.ai specialist AI agents

NOI

Net Operating Income

Total revenue minus operating expenses (excludes financing and capital costs). The primary measure of property-level profitability.

NOI = Revenue − Operating Expenses

  • profitability
  • core
Cap Rate

Capitalization Rate

Net Operating Income divided by current property value. Expresses unleveraged annual yield as a percentage.

Cap Rate = NOI ÷ Property Value

  • valuation
  • core
DSCR

Debt Service Coverage Ratio

Net Operating Income divided by total annual debt service. Lender-required cushion measure; below 1.0 means NOI cannot cover debt.

DSCR = NOI ÷ Annual Debt Service

  • lending
  • risk
LTV

Loan-to-Value

Loan amount divided by property value. Lower LTV = lower lender risk.

LTV = Loan Amount ÷ Property Value

  • lending
  • risk
OER

Operating Expense Ratio

Operating expenses divided by gross revenue. Lower is better, but varies by property type (hotels run higher than triple-net retail).

OER = Operating Expenses ÷ Gross Revenue

  • efficiency
GRM

Gross Rent Multiplier

Property value divided by gross annual rental income. Quick valuation shortcut; less precise than cap rate.

GRM = Property Value ÷ Gross Annual Rent

  • valuation
  • shortcut
IRR

Internal Rate of Return

Annualized return on investment accounting for time value of money across the full hold period.
  • return
  • underwriting
CoC

Cash-on-Cash Return

Pre-tax annual cash flow divided by total cash invested. Measures the cash yield, not total return.

CoC = Annual Cash Flow ÷ Total Cash Invested

  • return
DCF

Discounted Cash Flow

Valuation method that projects future cash flows and discounts them to present value at a chosen rate.
  • valuation
  • underwriting
TTM

Trailing Twelve Months

A rolling sum of the most recent 12 months. Smooths seasonality for KPI comparisons.
  • period
  • core
EGI

Effective Gross Income

Gross potential rent minus vacancy and credit losses, plus other income (parking, laundry, fees).
  • income
LTL

Loss to Lease

Difference between market rent and current contract rent across the rent roll. Measures lease-up opportunity on turnover.
  • rent_roll
  • opportunity
Renewal

Renewal Rate

Percentage of expiring leases that renew. Higher renewal rates indicate retention; turnover costs avoided.
  • retention
Concessions

Concession-to-Rent

Concessions (free months, discounts) divided by gross rent. Measures pricing pressure.
  • pricing
RUBS

Ratio Utility Billing System

Method of allocating master-metered utility costs to residents based on unit area or occupant count.
  • expense
  • recovery

Industry reference

How the duplex sector operates.

Comparable public REITs / operators

  • EQR (Equity Residential)
  • CPT (Camden)
  • MAA (Mid-America)
  • ESS (Essex)
  • AVB (AvalonBay)
  • UDR
  • INVH (Invitation Homes)
  • AMH (American Homes 4 Rent)
  • SUI (Sun Communities)
  • ELS (Equity LifeStyle)

Frequently asked

Common questions about duplex.

What is Duplex real estate and how is it analyzed?
Duplex is a residential property type. Two-unit residential. Owner-occupant or small-investor scale. Performance is measured under sector conventions including EGI, NOI, Occupancy, Renewal Rate, RUBS, Concessions, Loss to Lease, Cap Rate, DSCR. Public REIT comparables: EQR (Equity Residential), CPT (Camden), MAA (Mid-America), ESS (Essex), AVB (AvalonBay). Ilora.ai ingests sector-standard documents (rent rolls, lease abstracts, P&Ls, operating reports) and benchmarks against SEC EDGAR REIT filings, surfacing under-performance vs comparable institutional assets.