Updated Duplex with Attached
New
For Sale
$299,900
2341 McDowell Street, Ferndale, MI 48220
Multifamily, 2 Story, Ferndale, MI
Property Size1,251 SF
Lot Size0.33 Acres
Price / SF$239.73
Days on Market5
Property Features for 2341 McDowell Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
4
Bathrooms
3
Full bathrooms
3
Rooms
Bedroom 2, Basement, Bathroom 1, Bedroom 3, Bathroom 2, Bathroom 3, Bedroom 1, Bedroom 4
Pets allowed
Yes
Interior features
Cable Available
Exterior features
Fenced, Pool - Above Ground
Fencing
Fenced
Subdivision
First Add To East Urbanrest
Elementary school district
Hazel Park
Middle school district
Hazel Park
High school district
Hazel Park
Directions
Woodward Heights to McDowell
Standard status
Active
APN
2526307022
Size
1,251 SF
Lot size
0.33 Acres
Taxes and HOA fees
Tax Description
T1N, R11E, SEC 26 FIRST ADD TO EAST URBANREST LOTS 13 TO 17 INCL, ALSO E 1/2 OF VAC ALLEY ADJ TO SAME BLK 12
Tax Annual Amount
13231
Legal Description
T1N, R11E, SEC 26 FIRST ADD TO EAST URBANREST LOTS 13 TO 17 INCL, ALSO E 1/2 OF VAC ALLEY ADJ TO SAME BLK 12
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
brick oven/BBQ
deck
2 patios
putt-putt greens
play structure
small pool
Building Details
Year built
1937
Floors in Building
2
Number of units
2
Building materials
Stone, Vinyl
Roof type
Asphalt
Architectural style
Colonial, Bungalow
Listing Agency:
Real Broker, LLC Birmingham
(248) 541-4900
Listed By:
Mike D Cottle
(248) 915-9151
Added: Sep 10
Changed: Sep 14
Last Checked: Sep 14 at 2:06PM
MLS# 20261072930
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,251-square-foot duplex in Ferndale is arranged as upper and lower units, with a full basement that includes a bathroom and family room. The property also features a 23-by-24-foot attached garage, forced-air heating, central air, public water, and an asphalt roof. Updates include the roof, both kitchens, all three bathrooms, windows, hardwood floors, and electrical service.
The 0.33-acre parcel measures 125 by 105 feet and is enclosed by a privacy fence. Outdoor improvements include a deck, two patios, an above-ground pool, brick oven and BBQ, putt-putt greens, and a play structure. The property is zoned Residential and was built in 1937 at 2341 McDowell Street in Ferndale, Michigan.
The 0.33-acre parcel measures 125 by 105 feet and is enclosed by a privacy fence. Outdoor improvements include a deck, two patios, an above-ground pool, brick oven and BBQ, putt-putt greens, and a play structure. The property is zoned Residential and was built in 1937 at 2341 McDowell Street in Ferndale, Michigan.
Key Highlights
- 1,251‑square‑foot up‑and‑down duplex with a full basement
- 125x105 lot totaling 0.33 acres; described as five 25x105 lots
- 23x24 attached garage with access to the fenced backyard
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$16,559
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.52%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$331,180
$331.2K
Cap Rate 7%
$236,557
$236.6K
Cap Rate 9%
$183,989
$184.0K
Market Conditions
NOI Build-Up for 1,251 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$24.8K $19.80/SF
− Vacancy
−$1.1K −$0.89/SF
EGI
$23.7K $18.91/SF
− OpEx
−$7.1K −$5.67/SF
NOI
$16.6K $13.24/SF
Area
Oakland County, MI
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$331,180
Cap Rate 7%
$236,557
Cap Rate 9%
$183,989
Alternative Uses
Best Use
Multifamily LT 5
$236.6K
$207.0K – $276.0K
NOI $16,559 @ 7.0% cap · market cap 5.52%
Second Best
Apartment 5plus
$219.2K
$191.8K – $255.8K
NOI $15,345 @ 7.0% cap · market cap 5.12%
Theoretical Best
Specialty Retail
$269.8K
$236.1K – $314.8K
NOI $18,888 @ 7.0% cap · market cap 6.30%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
895
Businesses Nearby
Explore this area
Business Placement
Demographics for 48220, MI
21,564
Population
12,003
Households
1.8
Avg Household Size
37
Median Age
53%
College-Educated
96%
High-School Grad
4.4 sq mi
ZIP Area
4,901
Density / Sq Mi
$86,095
Median Household Income
$54,557
Median Earnings
$1,191
Median Rent
$229,700
Median Home Value
Check the figures for this property
Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
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Frequently Asked Questions
What type of property is this?
Duplex - Up-and-down duplex with a full basement, fenced outdoor space, and updated kitchens, baths, windows, roof, and electrical systems.
Where is this duplex located?
The property is located at 2341 McDowell Street Ferndale, MI.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 1,251‑square‑foot up‑and‑down duplex with a full basement; 125x105 lot totaling 0.33 acres; described as five 25x105 lots; 23x24 attached garage with access to the fenced backyard
