What’s a reasonable NOI % or expense ratio for a well managed multi-family property?

A well-managed multi-family property typically runs an operating expense ratio of 35–45%, yielding an NOI of 55–65%.

Class A properties often operate closer to 30–35% expenses, while older Class C buildings may reach 45–55%. A ratio significantly outside these ranges usually signals controllable issues like high vacancy, deferred maintenance, or poorly negotiated vendor contracts.