Tenant-Occupied
For Sale
$310,000
3021 Goodrich Street, Ferndale, MI 48220
Multifamily, 2 Story, Ferndale, MI
Property Size1,580 SF
Lot Size0.12 Acres
Price / SF$196.20
Days on Market8
Property Features for 3021 Goodrich Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Multi-Family
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bathroom 1, Bedroom 1, Bedroom 3, Bedroom 2, Bathroom 2
Pets allowed
Cats OK
Interior features
Laundry Facility
Subdivision
Campbell Heightsno 1
Elementary school district
Ferndale
Middle school district
Ferndale
High school district
Ferndale
Directions
Head south on Hilton road and turn right on Mapledale. Turn left on Goodrich
Standard status
Active
APN
2527279025
Size
1,580 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
T1N, R11E, SEC 27 CAMPBELL HTS SUB NO 1 LOT 111
Tax Annual Amount
4077
Legal Description
T1N, R11E, SEC 27 CAMPBELL HTS SUB NO 1 LOT 111
Utilities
Heating system
Forced Air
Water source
Public
Amenities
on-site laundry
common storage
Building Details
Year built
1927
Floors in Building
2
Number of units
2
Building materials
Vinyl
Roof type
Asphalt
Architectural style
Other
Listing Agency:
KW Showcase Realty · Keller Williams Realty
(248) 360-2900
Listed By:
Christopher Krzeczkowski · License #6501439414
(248) 252-6786
Added: Aug 14
Changed: Aug 21
Last Checked: Aug 21 at 9:06PM
MLS# 20261064731
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 2-unit duplex contains 1,580 square feet within a 0.12-acre lot and was built in 1927. The main-level residence has an updated kitchen with modern cabinetry and flooring, along with a renovated bathroom and refreshed interior finishes. The second unit includes a stainless steel gas range, a large bedroom, and its own exterior entrance.
The property also provides basement storage, shared laundry facilities, vinyl construction, forced-air heating, an asphalt roof, and public water. Its Ferndale setting offers walkable access to downtown shops and restaurants. Multi-Family zoning supports the existing duplex configuration, and both residences are tenant occupied.
The property also provides basement storage, shared laundry facilities, vinyl construction, forced-air heating, an asphalt roof, and public water. Its Ferndale setting offers walkable access to downtown shops and restaurants. Multi-Family zoning supports the existing duplex configuration, and both residences are tenant occupied.
Key Highlights
- Two‑unit duplex with both residences tenant occupied
- 1,580 square feet on a 0.12‑acre lot
- Main‑level unit includes updated kitchen and 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
6.75%
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 occupied units include updated interiors, separate access, and on-site laundry.
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 tenant occupied; 1,580 square feet on a 0.12‑acre lot; Main‑level unit includes updated kitchen and renovated bathroom
