Six-Unit Duplex
For Sale
$960,000
1447 Albany St, Ferndale, MI 48220
Fully leased bungalow-style duplex assets span established neighborhoods in Ferndale and Royal Oak.
Property Size4,502 SF
Price / SF$213.24
Days on Market9
Property Features for 1447 Albany St
General Information
Standard status
Active
Size
4,502 SF
Property subtype
Multifamily
Zoning
R-1
Occupancy
100%
Additional Details
Gross Income
$86,700
Multifamily Units
6
Building Details
Building Size
4,502 SF
Construction
bungalow-style
Listing Agency:
Forward Commercial Group
(248) 662-5066
Listed By:
Rachelle Cherkasov · License #6501406396
(248) 662-5066
Source:
Cpix.resimplifi
Added: Aug 12
Changed: Aug 15
Last Checked: Aug 20 at 4:03AM
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 residential portfolio comprises six units totaling approximately 4,502 square feet. The offering includes bungalow-style duplex properties with all units currently leased. The assets are located in Ferndale and Royal Oak, within Oakland County, and carry R-1 zoning.
The portfolio is offered as a multi-property residential investment at 1447 Albany St, Ferndale, MI 48220. Existing occupancy provides an in-place leasing profile, while the duplex configuration supports a straightforward residential income property format. Tenant privacy is required during any property review or inspection.
The portfolio is offered as a multi-property residential investment at 1447 Albany St, Ferndale, MI 48220. Existing occupancy provides an in-place leasing profile, while the duplex configuration supports a straightforward residential income property format. Tenant privacy is required during any property review or inspection.
Key Highlights
- Six residential units totaling approximately 4,502 square feet
- 100% leased residential portfolio
- Bungalow‑style duplex properties
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
$59,590
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
6.21%
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%
$1,191,800
$1.2M
Cap Rate 7%
$851,286
$851.3K
Cap Rate 9%
$662,111
$662.1K
Market Conditions
NOI Build-Up for 4,502 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
$89.1K $19.80/SF
− Vacancy
−$4.0K −$0.89/SF
EGI
$85.1K $18.91/SF
− OpEx
−$25.5K −$5.67/SF
NOI
$59.6K $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%
$1,191,800
Cap Rate 7%
$851,286
Cap Rate 9%
$662,111
Alternative Uses
Best Use
Multifamily LT 5
$851.3K
$744.9K – $993.2K
NOI $59,590 @ 7.0% cap · market cap 6.21%
Second Best
Apartment 5plus
$788.9K
$690.3K – $920.4K
NOI $55,223 @ 7.0% cap · market cap 5.75%
Theoretical Best
Specialty Retail
$971.0K
$849.7K – $1.13M
NOI $67,973 @ 7.0% cap · market cap 7.08%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
6
Residential units
100%
Occupancy
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
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Fully leased bungalow-style duplex assets span established neighborhoods in Ferndale and Royal Oak.
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 $960,000.
What are key features of this property?
This property features: Six residential units totaling approximately 4,502 square feet; 100% leased residential portfolio; Bungalow‑style duplex properties
