Tenant-Occupied Duplex with Updated
For Sale
$295,000
3021 Goodrich St, Ferndale, MI 48220
Both units are occupied, with on-site laundry and basement storage.
Property Size1,580 SF
Price / SF$186.71
Days on Market47
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) 252-6786
Source:
Premiermichiganhomesearch
Added: Sep 19
Changed: Oct 25
Last Checked: Oct 7 at 3:32PM
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
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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 / Yr
$20,913
Cap Rate
7.09%
Suggested Prices Based on Cap Rates
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
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 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 7.09%
Second Best
Apartment 5plus
$276.9K
$242.3K – $323.0K
NOI $19,381 @ 7.0% cap · market cap 6.57%
Theoretical Best
Specialty Retail
$340.8K
$298.2K – $397.6K
NOI $23,855 @ 7.0% cap · market cap 8.09%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Lease Details
2
Residential units
100%
Occupancy
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
561
Businesses Nearby
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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
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Market
Vacancy Rate% for Multifamily in Midwest region
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 $295,000.
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
