Duplex with Separate
For Sale
$400,000
351 Edgewood Pl, Ferndale, MI 48220
Well-maintained duplex with separate metering, individual laundry, and three off-street parking spaces.
Property Size1,972 SF
Days on Market95
Property Features for 351 Edgewood Pl
General Information
Standard status
Active
Size
1,972 SF
Total Parking Spaces
3
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,676
Building Details
Building Size
1,972 SF
Year Built
1925
Units
2
Tenancy
Multi
Listed By:
Andrea Stephan · License #6502432679
(586) 216-6990
Source:
Elliman
Added: Jun 4
Changed: Aug 31
Last Checked: Sep 5 at 12:54PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Andrea Stephan
Investment Insights
Based on property information with market context.
This well-maintained duplex offers two separate residences with a practical split in utilities and comfort systems. The lower unit is currently owner-occupied and features two bedrooms and one bathroom. The upper unit has three bedrooms and two bathrooms and is currently vacant following a long-term tenancy. Both units have separate gas and electric meters, separate central A/C systems, and additional mini-split units.
Laundry and storage are set up for independent use. The basement includes two sets of washers and dryers so each unit has its own laundry facilities, along with locked storage space available for each unit. Outside, there is a large parking pad in the backyard with three parking spaces. The property is located just minutes from downtown Ferndale, and the provided BikeScore, WalkScore, and TransitScore indicate bikeable conditions, some walkability, and good transit.
The unit configuration supports a range of owner-occupant or rental strategies, with one unit already available to move into or lease immediately. Documented updates include kitchen cabinets, flooring, and appliances, a full bathroom remodel, and an AC unit on the lower level, plus updated kitchens and bathrooms and finished third-floor living space in the upper unit. The finished third floor also presents an option to expand it to a one-bedroom unit with appropriate approvals and renovations.
Laundry and storage are set up for independent use. The basement includes two sets of washers and dryers so each unit has its own laundry facilities, along with locked storage space available for each unit. Outside, there is a large parking pad in the backyard with three parking spaces. The property is located just minutes from downtown Ferndale, and the provided BikeScore, WalkScore, and TransitScore indicate bikeable conditions, some walkability, and good transit.
The unit configuration supports a range of owner-occupant or rental strategies, with one unit already available to move into or lease immediately. Documented updates include kitchen cabinets, flooring, and appliances, a full bathroom remodel, and an AC unit on the lower level, plus updated kitchens and bathrooms and finished third-floor living space in the upper unit. The finished third floor also presents an option to expand it to a one-bedroom unit with appropriate approvals and renovations.
Key Highlights
- Well‑maintained 1925 duplex with two units: lower 2 bed/1 bath and upper 3 bed/2 bath
- Separate gas and electric meters for both units, with separate central A/C systems plus additional mini‑splits
- Each unit has dedicated laundry facilities with two sets of washers and dryers in the basement
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
$26,102
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
6.53%
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%
$522,040
$522.0K
Cap Rate 7%
$372,886
$372.9K
Cap Rate 9%
$290,022
$290.0K
Market Conditions
NOI Build-Up for 1,972 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
$39.0K $19.80/SF
− Vacancy
−$1.8K −$0.89/SF
EGI
$37.3K $18.91/SF
− OpEx
−$11.2K −$5.67/SF
NOI
$26.1K $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%
$522,040
Cap Rate 7%
$372,886
Cap Rate 9%
$290,022
Alternative Uses
Best Use
Multifamily LT 5
$372.9K
$326.3K – $435.0K
NOI $26,102 @ 7.0% cap · market cap 6.53%
Second Best
Apartment 5plus
$345.6K
$302.4K – $403.2K
NOI $24,189 @ 7.0% cap · market cap 6.05%
Theoretical Best
Specialty Retail
$425.3K
$372.2K – $496.2K
NOI $29,774 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
719
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex with separate metering, individual laundry, and three off-street parking spaces.
Where is this duplex located?
The property is located at 351 Edgewood Pl Ferndale, MI.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Well‑maintained 1925 duplex with two units: lower 2 bed/1 bath and upper 3 bed/2 bath; Separate gas and electric meters for both units, with separate central A/C systems plus additional mini‑splits; Each unit has dedicated laundry facilities with two sets of washers and dryers in the basement
