Property valuation is the process of estimating what a multifamily property is worth based on its income, expenses, physical asset, and market conditions. In income-producing apartments, valuation often centers on net operating income (NOI) and the capitalization rate, along with market analysis of occupancy, rents, expenses, and demand. The result helps owners, operators, lenders, and asset managers make decisions about acquisitions, refinancing, budgets, and capital planning.