Cap Rate Calculator — RUBS Impact

Model the NOI and value created by utility billback on a multifamily asset.

Rent Roll

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Columns: Unit Type, Count, Monthly Rent

Unit Type	Count	Monthly Rent

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Income Assumptions

Vacancy & Collection Loss (%)

Other Income / Unit / Month ($)

Parking, pet, late fees (non-RUBS)

Operating Expenses Annual

Property Taxes ($)

Insurance ($)

Repairs & Maintenance ($)

Payroll ($)

Property Mgmt (% of EGI)

G&A / Other ($)

Utilities Annual, Owner-Paid

Water / Sewer ($)

Trash ($)

Gas ($)

Master-metered only

Electric — Common ($)

Other Billables Custom

Add any utility or amenity you can bill back to residents (internet, landscaping, pest control, valet trash, etc.).

Name	Annual Cost ($)	Recovery %

RUBS Assumptions Lever

Recovery Rate by Utility

Water / Sewer Recovery

85%

Trash Recovery

90%

Gas Recovery

75%

Common Electric Recovery

60%

Program Settings

Admin / Service Fee ($/unit/month)

Discretionary. Set by the landlord/operator, not Livable. Livable charges the operator a flat subscription cost; operators typically resell the service to residents at a premium. This line is pure ancillary margin to the owner.

Rollout Period (months to full enrollment)

Shorter = faster revenue. Linear ramp to 100% enrollment.

One-time Rollout Cost ($)

Software setup, resident notices, lease amendments

Deal Terms

Purchase Price / Current Basis ($)

Market / Exit Cap Rate (%) Use purchase cap rate for exit (conservative — isolates RUBS lift from cap-rate compression)

Uncheck to model exit at a different cap rate (upside case).

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NOI & Cap Rate Walk

RUBS Recovery Breakdown

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Notes: Cap rate computed as NOI ÷ Purchase Price. "Value at Market Cap" capitalizes NOI at the exit cap rate entered. RUBS income is modeled as ancillary income that flows directly to NOI, net of rollout timing. Admin fees are assumed fully implemented from month 1 of rollout. This model is an estimator — actual recovery varies by state/municipal regulation, lease timing, and resident turnover.

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