Two-Unit Bungalow
For Sale
$360,000
1447 Albany St, Ferndale, MI 48220
Fully occupied duplex with separate entrances, updated roof and mechanical systems, plus two well-appointed units and a full basement.
Property Size2,400 SF
Days on Market25
Property Features for 1447 Albany St
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Investment
Occupancy
100%
Taxes and HOA fees
Annual Taxes
$4,490
Amenities
full basement
spacious backyard
separate entrances
Building Details
Building Size
2,400 SF
Year Built
1924
Year Renovated
2018
Units
2
Tenancy
Multi
Listing Agency:
Forward Commercial Group
(248) 792-8190
Listed By:
Rachelle Cherkasov · License #6502392741
(248) 792-8190
Source:
Elliman
Added: Jul 28
Changed: Aug 10
Last Checked: Aug 20 at 8:50AM
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 Forward Commercial Group
Investment Insights
Based on property information with market context.
This two-unit bungalow is fully occupied and designed for straightforward rental income. The property includes a full basement, a spacious backyard, and separate entrances for each unit. The main unit offers 2 bedrooms with 2 full baths and 2 half-baths, while the upper unit offers 2 bedrooms and 1 bath.
Recent improvements include furnaces installed in 2024, a roof installed in 2023, and a hot water heater installed in 2023. Both kitchens and all bathrooms were gut renovated in 2018, supporting a well-maintained, turn-key setup.
With the two-unit layout and independent access, the building provides a functional configuration for ongoing tenant occupancy.
Recent improvements include furnaces installed in 2024, a roof installed in 2023, and a hot water heater installed in 2023. Both kitchens and all bathrooms were gut renovated in 2018, supporting a well-maintained, turn-key setup.
With the two-unit layout and independent access, the building provides a functional configuration for ongoing tenant occupancy.
Key Highlights
- Fully occupied 2‑unit bungalow duplex with separate entrances
- Updates include roof (2023), furnaces (2024), and hot water heater (2023)
- Gut renovation completed for both kitchens and all bathrooms (2018)
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
$31,767
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
8.82%
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%
$635,340
$635.3K
Cap Rate 7%
$453,814
$453.8K
Cap Rate 9%
$352,967
$353.0K
Market Conditions
NOI Build-Up for 2,400 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
$47.5K $19.80/SF
− Vacancy
−$2.1K −$0.89/SF
EGI
$45.4K $18.91/SF
− OpEx
−$13.6K −$5.67/SF
NOI
$31.8K $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%
$635,340
Cap Rate 7%
$453,814
Cap Rate 9%
$352,967
Alternative Uses
Best Use
Multifamily LT 5
$453.8K
$397.1K – $529.5K
NOI $31,767 @ 7.0% cap · market cap 8.82%
Second Best
Apartment 5plus
$420.6K
$368.0K – $490.7K
NOI $29,439 @ 7.0% cap · market cap 8.18%
Theoretical Best
Specialty Retail
$517.7K
$453.0K – $603.9K
NOI $36,236 @ 7.0% cap · market cap 10.07%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
595
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 - Fully occupied duplex with separate entrances, updated roof and mechanical systems, plus two well-appointed units and a full basement.
Where is this duplex located?
The property is located at 1447 Albany St Ferndale, MI.
What is the asking price?
The asking price for this property is $360,000.
What are key features of this property?
This property features: Fully occupied 2‑unit bungalow duplex with separate entrances; Updates include roof (2023), furnaces (2024), and hot water heater (2023); Gut renovation completed for both kitchens and all bathrooms (2018)
