Two-Unit
For Sale
$229,900
320 E Cambourne St, Ferndale, MI 48220
Certificate of Compliance, separate gas and electric utilities, shared basement laundry, and off-street parking support practical occupancy.
Property Size1,300 SF
Price / SF$176.85
Days on Market67
Property Features for 320 E Cambourne St
General Information
Standard status
Active
Size
1,300 SF
Property subtype
Multi-Family
Building Details
Year Built
1924
Listing Agency:
Real Estate One Chesterfield
Listed By:
Charles G D'Luge · License #MISPE-6506042779
(586) 242-8960
Source:
Premiermichiganhomesearch
Added: Aug 11
Changed: Sep 23
Last Checked: Oct 7 at 2:00PM
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 Real Estate One Chesterfield
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Investment Insights
Based on property information with market context.
Built in 1924, this two-unit bungalow includes distinct living spaces on the lower and upper levels. The lower residence has two bedrooms, one full bathroom, a living room, dining room, and full kitchen. The upper residence offers one bedroom, one full bathroom, a living room, and full kitchen. Shared laundry is located in the basement, while each unit has separate gas and electric utilities; the owner is responsible for water.
The property includes off-street parking and a Certificate of Compliance. The building requires only minor cosmetic updates. Located in Ferndale, Michigan, the property has a Walk Score of 76 and a Bike Score of 80.
The property includes off-street parking and a Certificate of Compliance. The building requires only minor cosmetic updates. Located in Ferndale, Michigan, the property has a Walk Score of 76 and a Bike Score of 80.
Key Highlights
- Two‑unit bungalow built in 1924
- Lower unit offers 2 bedrooms, 1 full bath, living room, dining room, and full kitchen
- Upper unit includes 1 bedroom, 1 full bath, living room, and full kitchen
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$17,207
Cap Rate
7.48%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$344,140
$344.1K
Cap Rate 7%
$245,814
$245.8K
Cap Rate 9%
$191,189
$191.2K
Market Conditions
NOI Build-Up for 1,300 SF
Gross rent
$25.7K $19.80/SF
− Vacancy
−$1.2K −$0.89/SF
EGI
$24.6K $18.91/SF
− OpEx
−$7.4K −$5.67/SF
NOI
$17.2K $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%
$344,140
Cap Rate 7%
$245,814
Cap Rate 9%
$191,189
Alternative Uses
Best Use
Multifamily LT 5
$245.8K
$215.1K – $286.8K
NOI $17,207 @ 7.0% cap · market cap 7.48%
Second Best
Apartment 5plus
$227.8K
$199.3K – $265.8K
NOI $15,946 @ 7.0% cap · market cap 6.94%
Theoretical Best
Specialty Retail
$280.4K
$245.4K – $327.1K
NOI $19,628 @ 7.0% cap · market cap 8.54%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Location Intelligence
Trade Area within ½ mile
1,735
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 - Certificate of Compliance, separate gas and electric utilities, shared basement laundry, and off-street parking support practical occupancy.
Where is this duplex located?
The property is located at 320 E Cambourne St Ferndale, MI.
What is the asking price?
The asking price for this property is $229,900.
What are key features of this property?
This property features: Two‑unit bungalow built in 1924; Lower unit offers 2 bedrooms, 1 full bath, living room, dining room, and full kitchen; Upper unit includes 1 bedroom, 1 full bath, living room, and full kitchen
