Tenant-Occupied Duplex with Updated
New
For Sale
$305,000
3021 Goodrich St, Ferndale, MI 48220
Both units are occupied, with on-site laundry and basement storage.
Property Size1,580 SF
Price / SF$193.04
Days on Market1
Property Features for 3021 Goodrich St
General Information
Standard status
Active
Size
1,580 SF
Property subtype
Multi-Family
Occupancy
100%
Additional Details
Multifamily Units
2
Amenities
on-site laundry
common storage
Building Details
Year Built
1927
Tenancy
Multi
Listing Agency:
KW Showcase Realty
Listed By:
Christopher Krzeczkowski · License #6501439414
(248) 406-2921
Source:
Premiermichiganhomesearch
Added: Sep 19
Last Checked: Sep 19 at 10:11AM
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 1,580-square-foot duplex, built in 1927, includes two tenant-occupied units. The main-level residence has an updated kitchen with newer cabinetry and flooring, plus a renovated bathroom and refreshed interior finishes. The second unit offers a stainless steel gas range, a large bedroom, and its own exterior entry.
Shared property features include laundry facilities and storage areas in the basement. The property is within walking distance of downtown Ferndale shops and restaurants, providing convenient access to nearby retail and dining. Both units are currently occupied, and the configuration includes dedicated living spaces with common basement amenities.
Shared property features include laundry facilities and storage areas in the basement. The property is within walking distance of downtown Ferndale shops and restaurants, providing convenient access to nearby retail and dining. Both units are currently occupied, and the configuration includes dedicated living spaces with common basement amenities.
Key Highlights
- Two‑unit duplex with both residences tenant occupied
- 1,580 square feet; built in 1927
- Main‑floor unit has updated kitchen cabinetry, flooring, and a renovated bathroom
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
6.86%
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 6.86%
Second Best
Apartment 5plus
$276.9K
$242.3K – $323.0K
NOI $19,381 @ 7.0% cap · market cap 6.35%
Theoretical Best
Specialty Retail
$340.8K
$298.2K – $397.6K
NOI $23,855 @ 7.0% cap · market cap 7.82%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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 - Both units are occupied, with on-site laundry and basement storage.
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 $305,000.
What are key features of this property?
This property features: Two‑unit duplex with both residences tenant occupied; 1,580 square feet; built in 1927; Main‑floor unit has updated kitchen cabinetry, flooring, and a renovated bathroom
