Duplex with Attached
New
For Sale
$299,900
Pending
2341 McDowell St, Ferndale, MI 48220
Up-and-down duplex with a finished basement, substantial fenced yard, and multiple outdoor amenities.
Property Size1,751 SF
Lot Size0.30 Acres
Days on Market4
Property Features for 2341 McDowell St
General Information
Standard status
Pending
Size
1,751 SF
Lot size
0.30 Acres
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$13,231
Amenities
brick oven/BBQ
deck
2 patios
putt-putt greens
play structure
small pool
privacy fenced backyard
Building Details
Building Size
1,751 SF
Year Built
1937
Units
2
Tenancy
Multi
Listed By:
Robert Visingardi · License #6501279563
(248) 935-8201
Source:
Elliman
Added: Sep 11
Last Checked: Sep 14 at 9:15AM
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 Robert Visingardi
Investment Insights
Based on property information with market context.
Built in 1937, this up-and-down duplex includes two kitchens, three bathrooms, and a full basement with a family room and bathroom. The attached 23-by-24-foot garage provides direct access to the 125-foot-wide backyard, which is enclosed by a privacy fence and includes a brick oven and BBQ, deck, two patios, putt-putt greens, play equipment, and a small pool.
The property occupies a 125-by-105-foot lot assembled from five 25-by-105-foot lots at 2341 McDowell St in Ferndale. Updates include the roof, kitchens, bathrooms, windows, hardwood flooring, and electrical systems. The address has a Walk Score of 83 and a Bike Score of 58.
The property occupies a 125-by-105-foot lot assembled from five 25-by-105-foot lots at 2341 McDowell St in Ferndale. Updates include the roof, kitchens, bathrooms, windows, hardwood flooring, and electrical systems. The address has a Walk Score of 83 and a Bike Score of 58.
Key Highlights
- Up‑and‑down duplex configuration with two kitchens and 3 baths
- Full basement includes a family room and full bath
- Attached 23x24 garage with access to the 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
$23,177
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
7.73%
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%
$463,540
$463.5K
Cap Rate 7%
$331,100
$331.1K
Cap Rate 9%
$257,522
$257.5K
Market Conditions
NOI Build-Up for 1,751 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
$34.7K $19.80/SF
− Vacancy
−$1.6K −$0.89/SF
EGI
$33.1K $18.91/SF
− OpEx
−$9.9K −$5.67/SF
NOI
$23.2K $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%
$463,540
Cap Rate 7%
$331,100
Cap Rate 9%
$257,522
Alternative Uses
Best Use
Multifamily LT 5
$331.1K
$289.7K – $386.3K
NOI $23,177 @ 7.0% cap · market cap 7.73%
Second Best
Apartment 5plus
$306.8K
$268.5K – $358.0K
NOI $21,478 @ 7.0% cap · market cap 7.16%
Theoretical Best
Specialty Retail
$377.7K
$330.5K – $440.6K
NOI $26,437 @ 7.0% cap · market cap 8.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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Current Use
Lease Details
Multi-tenant
Tenancy
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
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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 finished basement, substantial fenced yard, and multiple outdoor amenities.
Where is this duplex located?
The property is located at 2341 McDowell St 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: Up‑and‑down duplex configuration with two kitchens and 3 baths; Full basement includes a family room and full bath; Attached 23x24 garage with access to the backyard
