Six-Unit Duplex
For Sale
$360,000
1447 Albany St, Ferndale, MI 48220
Fully leased bungalow-style duplex assets span established neighborhoods in Ferndale and Royal Oak.
Property Size2,400 SF
Price / SF$150
Days on Market54
Property Features for 1447 Albany St
General Information
Standard status
Active
Size
2,400 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Gross Income
$86,700
Multifamily Units
6
Building Details
Year Built
1924
Construction
bungalow-style
Listing Agency:
Forward Commercial Group
Listed By:
Emil Cherkasov, Rachelle Cherkasov · License #6501406396
(248) 792-8190
Source:
Premiermichiganhomesearch
Added: Aug 14
Changed: Oct 6
Last Checked: Oct 5 at 8:58PM
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 / Yr
$31,767
Cap Rate
8.82%
Suggested Prices Based on Cap Rates
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
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 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
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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
Check the figures for this property
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 - 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 $360,000.
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
