Tenant-Occupied Duplex with Updated
New
For Sale
$310,000
3021 Goodrich St, Ferndale, MI 48220
Two-unit property with on-site laundry, basement storage, and separate exterior access for the second residence.
Property Size1,580 SF
Days on Market6
Property Features for 3021 Goodrich St
General Information
Standard status
Active
Size
1,580 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,077
Amenities
on-site laundry
common storage
Building Details
Building Size
1,580 SF
Year Built
1927
Units
2
Tenancy
Multi
Listing Agency:
Keller Williams Showcase Realty
(248) 252-6786
Listed By:
Christopher Krzeczkowski · License #6501439414
(248) 252-6786
Source:
Elliman
Added: Aug 16
Changed: Aug 18
Last Checked: Aug 20 at 11:20AM
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 Keller Williams Showcase Realty
Investment Insights
Based on property information with market context.
This two-unit residential property, built in 1927, is currently occupied by tenants. The main-level residence includes an updated kitchen with newer cabinetry and flooring, along with a renovated bathroom and refreshed interior finishes. The second residence offers a large bedroom, a stainless steel gas range, and its own exterior entry.
On-site laundry and shared basement storage serve the property. The duplex is located at 3021 Goodrich St in Ferndale, near downtown shops and restaurants. The surrounding area has a Walk Score of 68, described as Somewhat Walkable, and a Bike Score of 52, described as Bikeable.
On-site laundry and shared basement storage serve the property. The duplex is located at 3021 Goodrich St in Ferndale, near downtown shops and restaurants. The surrounding area has a Walk Score of 68, described as Somewhat Walkable, and a Bike Score of 52, described as Bikeable.
Key Highlights
- Both units are tenant occupied
- Main‑floor unit has an updated kitchen, renovated bathroom, and refreshed interior
- Second unit includes a stainless steel gas range and dedicated exterior entrance
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
$20,913
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
6.75%
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%
$418,260
$418.3K
Cap Rate 7%
$298,757
$298.8K
Cap Rate 9%
$232,367
$232.4K
Market Conditions
NOI Build-Up for 1,580 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
$31.3K $19.80/SF
− Vacancy
−$1.4K −$0.89/SF
EGI
$29.9K $18.91/SF
− OpEx
−$9.0K −$5.67/SF
NOI
$20.9K $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%
$418,260
Cap Rate 7%
$298,757
Cap Rate 9%
$232,367
Alternative Uses
Best Use
Multifamily LT 5
$298.8K
$261.4K – $348.6K
NOI $20,913 @ 7.0% cap · market cap 6.75%
Second Best
Apartment 5plus
$276.9K
$242.3K – $323.0K
NOI $19,381 @ 7.0% cap · market cap 6.25%
Theoretical Best
Specialty Retail
$340.8K
$298.2K – $397.6K
NOI $23,855 @ 7.0% cap · market cap 7.70%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
561
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 - Two-unit property with on-site laundry, basement storage, and separate exterior access for the second residence.
Where is this duplex located?
The property is located at 3021 Goodrich St Ferndale, MI.
What is the asking price?
The asking price for this property is $310,000.
What are key features of this property?
This property features: Both units are tenant occupied; Main‑floor unit has an updated kitchen, renovated bathroom, and refreshed interior; Second unit includes a stainless steel gas range and dedicated exterior entrance
