Florida Commercial Listings With Stated NOI: What Sellers Disclose

How many listings disclose income

Method: on October 30, 2026 we pulled every active commercial-sale listing from the Stellar MLS feed (distributed through MLS GRID) and the Space Coast MLS feed, 2,466 in all. A listing counts as stating an NOI or a cap rate when that field is filled in with a value above zero. An empty field means the seller did not enter one; it does not mean the property has no income.

Sellers who state an NOI usually skip the cap rate: 68 listings give an NOI only, against 9 that give a cap rate only. The listings that give both are the ones we checked in Is the Cap Rate on the Listing Right? That post covers whether the stated cap rate matches NOI divided by price. This one is about who publishes the numbers at all.

Disclosure by property type

Types with fewer than 5 listings are omitted (none fell below that line this time). The median NOI-to-price ratio is the stated NOI divided by list price, shown only where at least 5 listings in the type state an NOI. It is a ratio of seller-entered figures, not a market cap rate.

Multi-Family 5+ discloses the most: 29 of 108 listings (26.9%) state an NOI and 79 (73.1%) state no income. Every other large category is above 90% silent, including Mixed Use (94.8% of 618), Office (95.7% of 439) and Retail (90.4% of 302). Retail is the one type where cap rates (21) nearly match NOI statements (23).

Across the 147 listings that state an NOI, the median NOI-to-price ratio is 7.00%. The ratio for the “Type not specified” group is left out because a few entries in that group are clearly data-entry errors. The small samples (Industrial has exactly 5, Medical Office 6) should be read as a loose indication only.

What this means for screening

• A cap-rate filter hides most of the market. Filtering for listings with a stated cap rate leaves 88 of 2,466. Anything that omits the field drops out, including properties that may be well priced.
• Silence is not a signal either way. The feed data cannot tell you why a seller left the field blank. Some listings are owner-user buildings, vacant or land, where there is no NOI to state.
• From the broker’s side.In Ryan Solberg’s experience, a blank NOI usually means the listing agent has not run the numbers or would rather the buyer call to ask. That is one broker’s observation, not something the feed data shows.
• Use NOI where it exists, and request it where it does not. For the 93.7% with no figure, ask first for the rent roll or the leases, then the operating statement, before you spend time modeling. For a single-tenant net lease, the NNN deal analyzer needs only the rent, term and price.
• Check what is stated.A listed NOI is the seller’s number and the MLS does not verify it. Compare it with the price using the cap rate calculator, then underwrite the property on your own assumptions in the deal analyzer.

Limits of this count

This covers active listings in the commercial-sale feeds on the snapshot date, including Business Opportunity listings, which sell a going concern. It does not include the separate land category: our pull of that category failed with a server error after 1,800 records, so land listings outside the commercial-sale set are not counted here. Counts will move as listings are added, sold or edited, and the share that discloses income can change faster than the total.

Statistics are computed by MaxLife Commercial from the listing feeds named above and are not statements by either MLS. They describe seller-entered fields on active listings on October 30, 2026.