Updated Duplex with Central
For Sale
$349,000
967 Alberta Street, Ferndale, MI 48220
Multifamily, 2 Story, Ferndale, MI
Property Size1,500 SF
Lot Size0.12 Acres
Price / SF$232.67
Days on Market39
Property Features for 967 Alberta Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 2, Bathroom 1, Bedroom 3, Bedroom 1, Bedroom 2
Pets allowed
Yes
Interior features
Laundry Facility
Subdivision
Maple Ridge
Elementary school district
Ferndale
Middle school district
Ferndale
High school district
Ferndale
Directions
W of Livernois Rd / S of 9 Mile Rd
Standard status
Active
APN
2533429003
Size
1,500 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
T1N, R11E, SEC 33 MAPLE RIDGE SUB E 1/2 OF LOT 48
Tax Annual Amount
7079
Legal Description
T1N, R11E, SEC 33 MAPLE RIDGE SUB E 1/2 OF LOT 48
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
basement laundry
backyard
Building Details
Year built
1922
Floors in Building
2
Number of units
2
Building materials
Brick, Vinyl
Roof type
Asphalt
Architectural style
Other
Listing Agency:
DOBI Real Estate
(248) 385-3350
Listed By:
Alexandra I Lannen · License #6502411775
(248) 703-3358
Added: Jul 23
Changed: Aug 19
Last Checked: Aug 30 at 4:06PM
MLS# 20261057181
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 updated duplex in Ferndale offers two separate residential units with a shared basement laundry area. The main-level unit features two bedrooms and one full bath, while the upper unit offers one bedroom and one full bath. Each unit has its own furnace and hot water heater, supporting independent comfort and utilities. The property also includes a detached 2-car garage and a sizable backyard.
Improvements include central air added to the upper unit, two new water heaters, PEX hot and cold water supply plumbing, and a gutted and remodeled upper unit bath. Stainless steel appliances are also noted among the recent updates. The home is constructed with brick and vinyl, and features forced-air heating and an asphalt roof.
Built in 1922, the property connects to public water. It sits on a 0.12-acre lot and has an interior area of 1,500 square feet.
Improvements include central air added to the upper unit, two new water heaters, PEX hot and cold water supply plumbing, and a gutted and remodeled upper unit bath. Stainless steel appliances are also noted among the recent updates. The home is constructed with brick and vinyl, and features forced-air heating and an asphalt roof.
Built in 1922, the property connects to public water. It sits on a 0.12-acre lot and has an interior area of 1,500 square feet.
Key Highlights
- Two units: main‑level 2 bed/1 full bath and upper 1 bed/1 full bath
- Central air added to the upper unit, plus forced‑air heating
- Shared basement laundry and separate furnaces and hot water heaters
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
$19,854
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
5.69%
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%
$397,080
$397.1K
Cap Rate 7%
$283,629
$283.6K
Cap Rate 9%
$220,600
$220.6K
Market Conditions
NOI Build-Up for 1,500 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
$29.7K $19.80/SF
− Vacancy
−$1.3K −$0.89/SF
EGI
$28.4K $18.91/SF
− OpEx
−$8.5K −$5.67/SF
NOI
$19.9K $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%
$397,080
Cap Rate 7%
$283,629
Cap Rate 9%
$220,600
Alternative Uses
Best Use
Multifamily LT 5
$283.6K
$248.2K – $330.9K
NOI $19,854 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$262.8K
$230.0K – $306.7K
NOI $18,399 @ 7.0% cap · market cap 5.27%
Theoretical Best
Specialty Retail
$323.5K
$283.1K – $377.5K
NOI $22,648 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,121
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
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Updated Ferndale duplex with two units, shared basement laundry, central air, detached 2-car garage, and a sizable backyard.
Where is this duplex located?
The property is located at 967 Alberta Street Ferndale, MI.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Two units: main‑level 2 bed/1 full bath and upper 1 bed/1 full bath; Central air added to the upper unit, plus forced‑air heating; Shared basement laundry and separate furnaces and hot water heaters
