Free Tool · Multiplex Investment
Multiplex Investment Calculator
Cap rate, NOI, cash flow, and DSCR for a duplex, triplex, or fourplex — with real CMHC rents and the financing levers that matter.
Purchase price, or land + construction for a build. Your number.
Up to 4 units is as-of-right in Toronto under Bill 23 / EHON — and 2–4 unit multiplexes are exempt from development charges.
Cap rate
3.4%
NOI ÷ total project cost
NOI / year
$41,184
Gross rent / year
$79,200
Monthly cash flow
-$1,371
Gross rent multiplier
15.2
Cash-on-cash
-5.5%
DSCR
0.71
Below the 1.10× MLI Select minimum
Est. equity created
-$376,320
NOI ÷ your cap rate − cost · estimate
Your cash in
$300,000
Estimate · not financial advice
This is an illustrative estimate, not financial advice or a price quote. Every result depends entirely on the assumptions you enter — construction costs, rents, expenses, and financing all vary by property and market. Confirm any investment decision with your accountant, lender, and a Metrohomes consultation for site-specific costs.
Per-unit rent pre-fills from the CMHC Rental Market Survey (zone average) and is editable. Operating-expense presets are rules of thumb (vacancy is a separate line). DSCR ≥ 1.10 is the CMHC MLI Select minimum; conventional financing typically wants 1.20+. Confirm financing with a mortgage professional and project cost with a Metrohomes consultation.
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About This Calculator
Run the numbers like a lender would
A multiplex lives or dies on its operating numbers. This calculator builds them the way investors and lenders do — gross rent, operating expenses, NOI, then cap rate, cash-on-cash return, and DSCR — so you can see whether a duplex, triplex, or fourplex actually carries itself before you commit.
Enter an address and we pre-fill per-unit rent from the CMHC Rental Market Survey; you control cost, expenses, and financing. It is MLI Select aware (5+ units, amortization up to 50 years) and reflects Toronto’s as-of-right multiplex rules. When you want real build costs on a real lot, talk to our team.
Frequently Asked Questions
What is a good cap rate for a Toronto multiplex?
Cap rate is NOI divided by total project cost. In Toronto, well-located rental multiplexes often trade around 4–5%, with suburban or higher-risk properties higher. A higher cap rate means more income relative to price, but cap rate alone ignores financing — check cash-on-cash and DSCR too.
What is DSCR and why does it matter?
Debt Service Coverage Ratio is NOI divided by your annual mortgage payments. Lenders — including CMHC for insured multi-unit financing — typically want DSCR of at least 1.1, meaning the building’s income covers the mortgage 1.1 times over. This calculator flags whether your inputs clear that bar.
How does CMHC MLI Select change the math?
MLI Select is CMHC’s insurance program for buildings of five or more units. By earning affordability, energy-efficiency, and accessibility points, you can access very low down payments and amortizations up to 50 years — which lowers your annual debt service and improves DSCR and cash flow. Set the calculator to 5+ units and a 50-year amortization to see the effect.
How many units can I build as-of-right in Toronto?
Under Ontario’s Bill 23 and Toronto’s EHON policy, up to four residential units are permitted as-of-right on most residential lots — no rezoning — and 2–4 unit multiplexes are exempt from development charges. Five or more units typically requires additional approvals but opens up MLI Select financing.
Where do the rents come from?
When you enter an address, we pre-fill the average rent for your CMHC Rental Market Survey zone — real published data — which you can adjust per unit. Project cost and financing are your own assumptions, so the result is an honest framework rather than a quote.