Updated Two-Unit
For Sale
$325,000
316 Spencer St, Ferndale, MI 48220
Separate utility meters support straightforward operation across the two residential units.
Property Size1,368 SF
Days on Market48
Property Features for 316 Spencer St
General Information
Standard status
Active
Size
1,368 SF
Property subtype
Investment
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,224
Building Details
Building Size
1,368 SF
Year Built
1924
Buildings
1
Units
2
Listed By:
Drew Mahar
(269) 760-2744
Source:
Elliman
Added: Sep 2
Changed: Oct 18
Last Checked: Oct 16 at 10:44AM
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 Drew Mahar
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Investment Insights
Based on property information with market context.
Built in 1924, this Ferndale duplex contains two separately metered residences. The lower unit includes two bedrooms, one full bathroom, hardwood floors, an updated kitchen with granite counters and stainless-steel appliances, and a covered front sitting porch. The upper residence provides one bedroom, one bathroom, an updated kitchen with stainless-steel appliances, and newer flooring throughout.
Major property systems—including the roof, electrical, plumbing, HVAC, gutters, and basement waterproofing—were updated within the last 10 years. The configuration offers distinct living spaces and separate utility accounting at 316 Spencer St in Ferndale, Michigan. The property has a Walk Score of 57 and a Bike Score of 58.
Major property systems—including the roof, electrical, plumbing, HVAC, gutters, and basement waterproofing—were updated within the last 10 years. The configuration offers distinct living spaces and separate utility accounting at 316 Spencer St in Ferndale, Michigan. The property has a Walk Score of 57 and a Bike Score of 58.
Key Highlights
- Two‑unit duplex at 316 Spencer St, Ferndale, MI 48220
- Lower residence offers 2 bedrooms, 1 full bath, hardwood floors, and a granite‑counter kitchen
- Upper residence includes 1 bedroom, 1 bath, updated kitchen, and new flooring throughout
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$18,107
Cap Rate
5.57%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$362,140
$362.1K
Cap Rate 7%
$258,671
$258.7K
Cap Rate 9%
$201,189
$201.2K
Market Conditions
NOI Build-Up for 1,368 SF
Gross rent
$27.1K $19.80/SF
− Vacancy
−$1.2K −$0.89/SF
EGI
$25.9K $18.91/SF
− OpEx
−$7.8K −$5.67/SF
NOI
$18.1K $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%
$362,140
Cap Rate 7%
$258,671
Cap Rate 9%
$201,189
Alternative Uses
Best Use
Multifamily LT 5
$258.7K
$226.3K – $301.8K
NOI $18,107 @ 7.0% cap · market cap 5.57%
Second Best
Apartment 5plus
$239.7K
$209.8K – $279.7K
NOI $16,780 @ 7.0% cap · market cap 5.16%
Theoretical Best
Specialty Retail
$295.1K
$258.2K – $344.3K
NOI $20,655 @ 7.0% cap · market cap 6.36%
Zoning and permitted uses should be independently verified with authorities.
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Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
522
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
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Cap Rate, Value Estimation, Potential NOI and more
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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Separate utility meters support straightforward operation across the two residential units.
Where is this duplex located?
The property is located at 316 Spencer St Ferndale, MI.
What is the asking price?
The asking price for this property is $325,000.
What are key features of this property?
This property features: Two‑unit duplex at 316 Spencer St, Ferndale, MI 48220; Lower residence offers 2 bedrooms, 1 full bath, hardwood floors, and a granite‑counter kitchen; Upper residence includes 1 bedroom, 1 bath, updated kitchen, and new flooring throughout
