The standard cash flow terminology used throughout commercial real estate and planEASe reports, in order from top to bottom:

Total Gross Income: scheduled/potential income assuming no vacancy — the income the property would generate if fully occupied.

Effective Income: Gross Income minus Vacancy and Credit Loss — the income the property is actually expected to make.

Net Operating Income (NOI): Effective Income minus Operating Expenses — does not include capital spending or debt service. This is the standard NOI used in Cap Rate calculations.

Net Operating Cash Flow: NOI minus Debt Service — the cash flow after loan payments but before capital items.

Cash Flow Before Tax: Net Operating Cash Flow minus Capital Spending items (TIs, commissions, roof replacement, or anything depreciated for tax purposes rather than expensed).

Cash Flow After Tax: Cash Flow Before Tax minus tax-related deductions — expenses, loan interest, depreciation, amortized points — accounting for the investor's actual after-tax position.

Understanding this hierarchy clarifies which measure is appropriate for which ratio — Cap Rate and Cash on Cash use NOI-level figures (before debt), while IRR and other return measures typically use Cash Flow Before Tax or After Tax depending on whether leverage and taxes are being considered.