Renovated Duplex with Detached
For Sale
$320,000
306 N Kenwood Avenue, Royal Oak, MI 48067
Two-unit residential property with updated interiors, basement storage, and a detached garage.
Property Size1,396 SF
Days on Market51
Property Features for 306 N Kenwood Avenue
General Information
Standard status
Active
Size
1,396 SF
Total Parking Spaces
2
Property subtype
Residential Income
Zoning
Residential
Additional Details
Highway Access
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$5,383
Amenities
enclosed front porch
shared basement with dedicated storage
Building Details
Building Size
1,396 SF
Year Built
1917
Buildings
1
Stories
2
Units
2
Listing Agency:
DOBI Real Estate
(586) 524-6902
Listed By:
Sara Trombly
(586) 524-6902
Source:
Insiderealty
Added: Jul 13
Changed: Aug 31
Last Checked: Aug 31 at 5:10PM
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 DOBI Real Estate
Investment Insights
Based on property information with market context.
This 1917 duplex includes two residential units along with an enclosed front porch and a shared basement that provides separate storage for each unit. The lower apartment offers 2 bedrooms and 1 full bathroom, which was updated in 2021. Renovation work completed in 2024 refreshed the upper unit with new flooring, neutral paint, a remodeled bathroom, and an improved kitchen. A detached 2-car garage adds useful on-site storage and parking capacity. Mechanical improvements include a furnace installed in 2019 and a hot water tank added in 2023.
The property is located on N. Kenwood Avenue near downtown Royal Oak, with restaurants, boutiques, nightlife, and community events nearby. Access to I-75 and I-696 is available within minutes. Residential zoning supports the property's duplex configuration.
The property is located on N. Kenwood Avenue near downtown Royal Oak, with restaurants, boutiques, nightlife, and community events nearby. Access to I-75 and I-696 is available within minutes. Residential zoning supports the property's duplex configuration.
Key Highlights
- Duplex with 2 residential units and Residential zoning
- Lower unit has 2 bedrooms and 1 full bathroom; bathroom updated in 2021
- Upper unit renovated in 2024 with updated kitchen and remodeled 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
$18,478
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
5.77%
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%
$369,560
$369.6K
Cap Rate 7%
$263,971
$264.0K
Cap Rate 9%
$205,311
$205.3K
Market Conditions
NOI Build-Up for 1,396 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
$27.6K $19.80/SF
− Vacancy
−$1.2K −$0.89/SF
EGI
$26.4K $18.91/SF
− OpEx
−$7.9K −$5.67/SF
NOI
$18.5K $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%
$369,560
Cap Rate 7%
$263,971
Cap Rate 9%
$205,311
Alternative Uses
Best Use
Multifamily LT 5
$264.0K
$231.0K – $308.0K
NOI $18,478 @ 7.0% cap · market cap 5.77%
Second Best
Apartment 5plus
$244.6K
$214.1K – $285.4K
NOI $17,124 @ 7.0% cap · market cap 5.35%
Theoretical Best
Specialty Retail
$301.1K
$263.5K – $351.3K
NOI $21,077 @ 7.0% cap · market cap 6.59%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Location Intelligence
Trade Area within ½ mile
396
Businesses Nearby
Explore this area
Business Placement
Demographics for 48067, MI
24,589
Population
13,714
Households
1.8
Avg Household Size
36
Median Age
67%
College-Educated
96%
High-School Grad
4.6 sq mi
ZIP Area
5,345
Density / Sq Mi
$107,355
Median Household Income
$76,700
Median Earnings
$1,435
Median Rent
$309,200
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 residential property with updated interiors, basement storage, and a detached garage.
Where is this duplex located?
The property is located at 306 N Kenwood Avenue Royal Oak, MI.
What is the asking price?
The asking price for this property is $320,000.
What are key features of this property?
This property features: Duplex with 2 residential units and Residential zoning; Lower unit has 2 bedrooms and 1 full bathroom; bathroom updated in 2021; Upper unit renovated in 2024 with updated kitchen and remodeled bathroom
