Real estate metrics: Cap Rate

I already mentioned Cap Rate in this other post as a comparative metric for Cash-on-Cash. As a reminder, the formula for the Cap Rate is: $$ Cap \space Rate = \frac{Net \space Operating \space Income \space (NOI)}{Property \space Price} $$ This is another handy metric that allows you to answer the question &ldquo;How good is this property independent of my financing?&rdquo;, or putting it in a…