Updated Tenant-Occupied
For Sale
$310,000
3021 Goodrich Street, Ferndale, MI 48220
Multi-family property with two occupied units, on-site laundry, basement storage, and access to downtown shops and restaurants.
Property Size1,580 SF
Days on Market18
Property Features for 3021 Goodrich Street
General Information
Standard status
Active
Size
1,580 SF
Property subtype
Residential Income
Zoning
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$4,077
Amenities
on-site laundry
common storage areas
Building Details
Building Size
1,580 SF
Year Built
1927
Stories
2
Units
2
Tenancy
Multi
Listing Agency:
KW Showcase Realty
(248) 252-6786
Listed By:
Christopher Krzeczkowski · License #6501439414
(248) 252-6786
Source:
Carolbollo
Added: Aug 14
Changed: Aug 29
Last Checked: Aug 30 at 5:35PM
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 KW Showcase Realty
Investment Insights
Based on property information with market context.
This tenant-occupied duplex offers two residential units within a 1927 building zoned Multi-Family. The main-floor residence includes an updated kitchen with modern cabinetry and flooring, along with a renovated bathroom and refreshed interior finishes. The second unit features a stainless steel gas range, a large bedroom, and its own exterior entrance.
On-site laundry facilities and shared basement storage support day-to-day functionality for both units. The property is positioned within walking distance of downtown Ferndale shops and restaurants, providing an established urban setting for residents.
On-site laundry facilities and shared basement storage support day-to-day functionality for both units. The property is positioned within walking distance of downtown Ferndale shops and restaurants, providing an established urban setting for residents.
Key Highlights
- Two‑unit duplex with both residences currently tenant occupied
- Main‑floor unit has updated kitchen cabinetry, flooring, and renovated bathroom
- Second unit includes 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 - Multi-family property with two occupied units, on-site laundry, basement storage, and access to downtown shops and restaurants.
Where is this duplex located?
The property is located at 3021 Goodrich Street 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: Two‑unit duplex with both residences currently tenant occupied; Main‑floor unit has updated kitchen cabinetry, flooring, and renovated bathroom; Second unit includes stainless steel gas range and dedicated exterior entrance
