Duplex with Private
For Sale
$325,000
366 W Bennett Ave, Ferndale, MI 48220
Two residences offer individual kitchens, laundry areas, and full bathrooms for separate occupancy.
Property Size1,623 SF
Days on Market104
Property Features for 366 W Bennett Ave
General Information
Standard status
Active
Size
1,623 SF
Property subtype
Investment
Taxes and HOA fees
Annual Taxes
$4,506
Building Details
Building Size
1,623 SF
Year Built
1910
Units
2
Listing Agency:
Brookstone, Realtors LLC
(248) 894-4906
Listed By:
David Gittens Jr · License #6501402807
(248) 894-4906
Source:
Elliman
Added: May 20
Changed: Aug 30
Last Checked: Aug 30 at 9:42PM
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 Brookstone, Realtors LLC
Investment Insights
Based on property information with market context.
This 1910 duplex contains two residential units, each with two bedrooms, a full bathroom, a private entrance, a kitchen, and laundry facilities. The property also includes a basement and a fenced yard. It is currently operated with a 30-day minimum rental period for corporate stays.
The home is located at 366 W Bennett Ave in Ferndale, near downtown Ferndale, Royal Oak, freeways, and shopping. Walk Score and Bike Score are both 80, indicating a walkable and bike-friendly setting. The two-unit layout and separate access support distinct household or rental arrangements.
The home is located at 366 W Bennett Ave in Ferndale, near downtown Ferndale, Royal Oak, freeways, and shopping. Walk Score and Bike Score are both 80, indicating a walkable and bike-friendly setting. The two-unit layout and separate access support distinct household or rental arrangements.
Key Highlights
- Two‑unit duplex with 2 bedrooms and 1 full bathroom in each unit
- Private entrance, kitchen, and laundry facilities for both units
- Basement and spacious fenced yard
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
$21,483
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
6.61%
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%
$429,660
$429.7K
Cap Rate 7%
$306,900
$306.9K
Cap Rate 9%
$238,700
$238.7K
Market Conditions
NOI Build-Up for 1,623 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
$32.1K $19.80/SF
− Vacancy
−$1.4K −$0.89/SF
EGI
$30.7K $18.91/SF
− OpEx
−$9.2K −$5.67/SF
NOI
$21.5K $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%
$429,660
Cap Rate 7%
$306,900
Cap Rate 9%
$238,700
Alternative Uses
Best Use
Multifamily LT 5
$306.9K
$268.5K – $358.1K
NOI $21,483 @ 7.0% cap · market cap 6.61%
Second Best
Apartment 5plus
$284.4K
$248.9K – $331.8K
NOI $19,908 @ 7.0% cap · market cap 6.13%
Theoretical Best
Specialty Retail
$350.1K
$306.3K – $408.4K
NOI $24,505 @ 7.0% cap · market cap 7.54%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
1,475
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 - Two residences offer individual kitchens, laundry areas, and full bathrooms for separate occupancy.
Where is this duplex located?
The property is located at 366 W Bennett Ave 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 with 2 bedrooms and 1 full bathroom in each unit; Private entrance, kitchen, and laundry facilities for both units; Basement and spacious fenced yard
