Two-Story
New
For Sale
$295,000
306 N Kenwood Avenue, Royal Oak, MI 48067
Multifamily, 2 Story, Royal Oak, MI
Property Size1,396 SF
Lot Size0.14 Acres
Price / SF$211.32
Days on Market6
Property Features for 306 N Kenwood Avenue
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 1, Bathroom 2, Bedroom 2, Basement, Bedroom 1
Pets allowed
Call
Interior features
Programmable Thermostat
Exterior features
Fenced
Fencing
Fenced
Subdivision
Howarth Gardens
Elementary school district
Royal Oak
Middle school district
Royal Oak
High school district
Royal Oak
Directions
North Off Of 11 Mile And East Of Campbell
Standard status
Active
APN
2514355003
Size
1,396 SF
Lot size
0.14 Acres
Taxes and HOA fees
Tax Description
T1N, R11E, SEC 14 HOWARTH GARDENS LOT 41
Tax Annual Amount
5383
Legal Description
T1N, R11E, SEC 14 HOWARTH GARDENS LOT 41
Utilities
Heating system
Forced Air
Cooling system
Ceiling Fan(s)
Water source
Public
Amenities
enclosed front porch
shared basement with dedicated storage
Building Details
Year built
1917
Floors in Building
2
Number of units
2
Building materials
Aluminum
Roof type
Asphalt
Architectural style
Colonial
Listing Agency:
DOBI Real Estate
(248) 385-3350
Listed By:
Sara Trombly
(586) 524-6902
Added: Aug 26
Changed: Aug 30
Last Checked: Aug 31 at 11:06AM
MLS# 20261068291
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 1,396-square-foot Colonial duplex, built in 1917, contains two residential units within a two-story layout. The lower apartment offers two bedrooms and one full bathroom, including a bathroom update completed in 2021. The upper apartment was renovated in 2024 with new flooring, neutral paint, a remodeled bathroom, and an updated kitchen. An enclosed front porch adds usable common space, while the basement provides separate storage areas for each unit.
The 0.14-acre property includes a detached two-car garage and fenced exterior space. Mechanical improvements include a furnace installed in 2019 and a hot water tank added in 2023. Public water, forced-air heating, ceiling fans, aluminum construction, and an asphalt roof are also documented. Located in Royal Oak, the property is near downtown restaurants, boutiques, nightlife, and year-round events, with access to I-75 and I-696 within minutes. Zoning is Residential.
The 0.14-acre property includes a detached two-car garage and fenced exterior space. Mechanical improvements include a furnace installed in 2019 and a hot water tank added in 2023. Public water, forced-air heating, ceiling fans, aluminum construction, and an asphalt roof are also documented. Located in Royal Oak, the property is near downtown restaurants, boutiques, nightlife, and year-round events, with access to I-75 and I-696 within minutes. Zoning is Residential.
Key Highlights
- Two‑story duplex with 1,396 square feet of property size
- Lower unit includes 2 bedrooms and 1 full bathroom
- 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
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
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Highway access
Yes
Paved road 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 residential units share basement storage, a fenced yard, 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 $295,000.
What are key features of this property?
This property features: Two‑story duplex with 1,396 square feet of property size; Lower unit includes 2 bedrooms and 1 full bathroom; Upper unit renovated in 2024 with updated kitchen and remodeled bathroom
