Two-Unit
For Sale
$249,900
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$192.23
Days on Market22
Property Features for 320 E Cambourne St
General Information
Standard status
Active
Size
1,300 SF
Property subtype
Residential Income
Taxes and HOA fees
Annual Taxes
$3,319
Listing Agency:
Real Estate One Chesterfield
(586) 598-1400
Listed By:
Charles G D'Luge · License #MISPE-6506042779
(586) 598-1400
Source:
Exprealty
Added: Aug 10
Changed: Aug 29
Last Checked: Aug 30 at 6:40PM
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
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 = 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
$17,207
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
6.89%
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%
$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
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
$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 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%
$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 6.89%
Second Best
Apartment 5plus
$227.8K
$199.3K – $265.8K
NOI $15,946 @ 7.0% cap · market cap 6.38%
Theoretical Best
Specialty Retail
$280.4K
$245.4K – $327.1K
NOI $19,628 @ 7.0% cap · market cap 7.85%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
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
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 - 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 $249,900.
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
