In this work, the effect of wake on the rotor aerodynamics and aeroacosutics is studied based on an efficient rapid prediction model, which incorporates the induced effects of tip vortex on the blades into the blade element momentum theory. The tip vortex model is estimated using the free vortex wake method. The aerodynamic flow variables, as well as the unsteady loadings due to the radial flow and induction of tip vortices, are employed to model to equivalent sources and, therefore, noise emission, using Goldstein's acoustic analogy. The comparison between the hybrid algorithm and blade element momentum theory shows that the wake effect is not significant in the case of axial flow only. During forward flight conditions, the wake vortex correction greatly affects high frequency harmonics. In addition, a preliminary case study of a quad-rotor vehicle is also discussed, demonstrating the proposed low-fidelity computational framework is helpful for low-noise design and operation of the multi-rotor UAS vehicles.