Renovated Duplex with Detached
For Sale
$295,000
306 N Kenwood Ave, Royal Oak, MI 48067
Two residential units support owner occupancy, rental income, or multigenerational living with shared basement storage.
Property Size1,396 SF
Price / SF$211.32
Days on Market23
Property Features for 306 N Kenwood Ave
General Information
Standard status
Active
Size
1,396 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Additional Details
Highway Access
Yes
Multifamily Units
2
Amenities
enclosed front porch
shared basement with dedicated storage
Building Details
Year Built
1917
Abandoned
No
Listing Agency:
DOBI Real Estate
Listed By:
Sara Trombly
(586) 524-6902
Source:
Vmrealestatemichigan
Added: Aug 26
Changed: Sep 17
Last Checked: Sep 16 at 9:53PM
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.
Located at 306 N. Kenwood Avenue in Royal Oak, this 1,396-square-foot duplex was built in 1917 and contains two residential units. The lower apartment has 2 bedrooms and 1 full bathroom, including a bathroom update completed in 2021. The upper unit received substantial renovations in 2024, including new flooring, neutral paint, a remodeled bathroom, and an updated kitchen. An enclosed front porch adds usable common-area space, while the shared basement provides dedicated storage for each unit.
The property also includes a detached 2-car garage. Mechanical improvements include a furnace installed in 2019 and a hot water tank replaced in 2023. Its setting provides walkable access to downtown Royal Oak restaurants, boutiques, nightlife, and year-round events, with I-75 and I-696 only minutes away. The configuration supports owner occupancy with rental income or multigenerational living.
The property also includes a detached 2-car garage. Mechanical improvements include a furnace installed in 2019 and a hot water tank replaced in 2023. Its setting provides walkable access to downtown Royal Oak restaurants, boutiques, nightlife, and year-round events, with I-75 and I-696 only minutes away. The configuration supports owner occupancy with rental income or multigenerational living.
Key Highlights
- Two‑unit duplex measuring 1,396 square feet
- Upper unit renovated in 2024 with updated kitchen, remodeled bathroom, new flooring, and fresh paint
- Lower unit includes 2 bedrooms and 1 full bathroom updated in 2021
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
6.26%
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 6.26%
Second Best
Apartment 5plus
$244.6K
$214.1K – $285.4K
NOI $17,124 @ 7.0% cap · market cap 5.80%
Theoretical Best
Specialty Retail
$301.1K
$263.5K – $351.3K
NOI $21,077 @ 7.0% cap · market cap 7.14%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
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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
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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 - Two residential units support owner occupancy, rental income, or multigenerational living with shared basement storage.
Where is this duplex located?
The property is located at 306 N Kenwood Ave Royal Oak, 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 measuring 1,396 square feet; Upper unit renovated in 2024 with updated kitchen, remodeled bathroom, new flooring, and fresh paint; Lower unit includes 2 bedrooms and 1 full bathroom updated in 2021
