Updated Multifamily Income
For Sale
Contact for pricing
1785 Channing St, Ferndale, MI 48220
Updated and rental-certified multifamily property available for sale, ready to perform from day one.
Property Size1,700 SF
Price / SF$222.94
Days on Market129
Property Features for 1785 Channing St
General Information
Standard status
Active
Size
1,700 SF
Property subtype
Multifamily
Additional Details
Multifamily Units
2
Building Details
Year Built
1915
Listing Agency:
Berkshire Hathaway HomeServices The Loft Warehouse
(313) 658-6400
Listed By:
Jerome Huez · License #MI 6501368881
Source:
Crexi
Added: Mar 25
Changed: Jul 23
Last Checked: Jul 24 at 5:29AM
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 Berkshire Hathaway HomeServices The Loft Warehouse
Investment Insights
Based on property information with market context.
This updated multifamily income property is described as rental-certified and ready to perform from day one. The offering is positioned as updated and rental-certified, with the stated objective of being performance-ready for a new owner.
The property is located at 1785 Channing St in Ferndale, Michigan. No additional unit mix, square footage details, or exterior/interior feature specifics are provided in the available information.
At this time, the provided data supports a clear high-level snapshot: updated condition and rental-certified status, available for purchase as a multifamily residential income asset.
The property is located at 1785 Channing St in Ferndale, Michigan. No additional unit mix, square footage details, or exterior/interior feature specifics are provided in the available information.
At this time, the provided data supports a clear high-level snapshot: updated condition and rental-certified status, available for purchase as a multifamily residential income asset.
Key Highlights
- Multifamily property built in 1915
- Updated and rental‑certified, ready to perform
Financial Insights For Apartment 5plus
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $39.6k | $23.28 |
| − Vacancy | −$1.7k | −$0.98 |
| EGI | $37.9k | $22.30 |
| − OpEx | −$17.1k | −$10.04 |
| NOI | $20.9k | $12.27 |
1,700 SF · lease $23.28/SF/yr · vacancy 4.20% · expense 45.00%
Alternative Uses
Best Use
Apartment 5plus
$297.9K
$260.7K – $347.6K
NOI $20,853 @ 7.0% cap · market cap 5.50%
Second Best
—
—
no second resolved use
Theoretical Best
Specialty Retail
$366.7K
$320.8K – $427.8K
NOI $25,667 @ 7.0% cap · market cap 6.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
511
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?
Multifamily property - Updated and rental-certified multifamily property available for sale, ready to perform from day one.
Where is this multifamily property located?
The property is located at 1785 Channing St Ferndale, MI.
What is the asking price?
The asking price for this property is $379,000.
What are key features of this property?
This property features: Multifamily property built in 1915; Updated and rental‑certified, ready to perform
