Duplex with Separate
For Sale
$400,000
351 Edgewood Pl, Ferndale, MI 48220
Well-maintained duplex with separate metering, individual laundry, and three off-street parking spaces.
Property Size1,972 SF
Days on Market139
Property Features for 351 Edgewood Pl
General Information
Standard status
Active
Size
1,972 SF
Total Parking Spaces
3
Property subtype
Investment
Additional Details
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$7,676
Building Details
Building Size
1,972 SF
Year Built
1925
Units
2
Tenancy
Multi
Listed By:
Andrea Stephan · License #6502432679
(586) 216-6990
Source:
Elliman
Added: Jun 4
Changed: Oct 18
Last Checked: Oct 19 at 7:36AM
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 Andrea Stephan
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Investment Insights
Based on property information with market context.
This well-maintained duplex offers two separate residences with a practical split in utilities and comfort systems. The lower unit is currently owner-occupied and features two bedrooms and one bathroom. The upper unit has three bedrooms and two bathrooms and is currently vacant following a long-term tenancy. Both units have separate gas and electric meters, separate central A/C systems, and additional mini-split units.
Laundry and storage are set up for independent use. The basement includes two sets of washers and dryers so each unit has its own laundry facilities, along with locked storage space available for each unit. Outside, there is a large parking pad in the backyard with three parking spaces. The property is located just minutes from downtown Ferndale, and the provided BikeScore, WalkScore, and TransitScore indicate bikeable conditions, some walkability, and good transit.
The unit configuration supports a range of owner-occupant or rental strategies, with one unit already available to move into or lease immediately. Documented updates include kitchen cabinets, flooring, and appliances, a full bathroom remodel, and an AC unit on the lower level, plus updated kitchens and bathrooms and finished third-floor living space in the upper unit. The finished third floor also presents an option to expand it to a one-bedroom unit with appropriate approvals and renovations.
Laundry and storage are set up for independent use. The basement includes two sets of washers and dryers so each unit has its own laundry facilities, along with locked storage space available for each unit. Outside, there is a large parking pad in the backyard with three parking spaces. The property is located just minutes from downtown Ferndale, and the provided BikeScore, WalkScore, and TransitScore indicate bikeable conditions, some walkability, and good transit.
The unit configuration supports a range of owner-occupant or rental strategies, with one unit already available to move into or lease immediately. Documented updates include kitchen cabinets, flooring, and appliances, a full bathroom remodel, and an AC unit on the lower level, plus updated kitchens and bathrooms and finished third-floor living space in the upper unit. The finished third floor also presents an option to expand it to a one-bedroom unit with appropriate approvals and renovations.
Key Highlights
- Well‑maintained 1925 duplex with two units: lower 2 bed/1 bath and upper 3 bed/2 bath
- Separate gas and electric meters for both units, with separate central A/C systems plus additional mini‑splits
- Each unit has dedicated laundry facilities with two sets of washers and dryers in the basement
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,102
Cap Rate
6.53%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$522,040
$522.0K
Cap Rate 7%
$372,886
$372.9K
Cap Rate 9%
$290,022
$290.0K
Market Conditions
NOI Build-Up for 1,972 SF
Gross rent
$39.0K $19.80/SF
− Vacancy
−$1.8K −$0.89/SF
EGI
$37.3K $18.91/SF
− OpEx
−$11.2K −$5.67/SF
NOI
$26.1K $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%
$522,040
Cap Rate 7%
$372,886
Cap Rate 9%
$290,022
Alternative Uses
Best Use
Multifamily LT 5
$372.9K
$326.3K – $435.0K
NOI $26,102 @ 7.0% cap · market cap 6.53%
Second Best
Apartment 5plus
$345.6K
$302.4K – $403.2K
NOI $24,189 @ 7.0% cap · market cap 6.05%
Theoretical Best
Specialty Retail
$425.3K
$372.2K – $496.2K
NOI $29,774 @ 7.0% cap · market cap 7.44%
Zoning and permitted uses should be independently verified with authorities.
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Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
719
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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Market
Vacancy Rate% for Multifamily in Midwest region
Frequently Asked Questions
What type of property is this?
Duplex - Well-maintained duplex with separate metering, individual laundry, and three off-street parking spaces.
Where is this duplex located?
The property is located at 351 Edgewood Pl Ferndale, MI.
What is the asking price?
The asking price for this property is $400,000.
What are key features of this property?
This property features: Well‑maintained 1925 duplex with two units: lower 2 bed/1 bath and upper 3 bed/2 bath; Separate gas and electric meters for both units, with separate central A/C systems plus additional mini‑splits; Each unit has dedicated laundry facilities with two sets of washers and dryers in the basement
