2-Unit Duplex with Secure
New
For Sale
$375,000
400 E Cambourne St, Ferndale, MI 48220
Both residences are occupied, with a shared interior hall and basement serving the building.
Property Size2,000 SF
Days on Market3
Property Features for 400 E Cambourne St
General Information
Standard status
Active
Size
2,000 SF
Property subtype
Investment
Occupancy
100%
Additional Details
Utilities to Site
Yes
Multifamily Units
2
Taxes and HOA fees
Annual Taxes
$9,645
Building Details
Building Size
2,000 SF
Year Built
1929
Units
2
Listing Agency:
CJR Realty
Listed By:
Christopher Stearns
(313) 887-4410
Source:
Elliman
Added: Oct 16
Last Checked: Oct 16 at 2:10PM
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 CJR Realty
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Investment Insights
Based on property information with market context.
Built in 1929, this two-unit duplex includes a shared hallway and basement. Both units are occupied. Central air conditioning has been installed, sewer lines have been replaced with PVC, and the garage has been brought up to current code requirements. Utility services are separately arranged except for water, and the property has received rental certification in Ferndale.
The property is on E Cambourne Street in Ferndale, near downtown shops, restaurants, and nightlife. There is no driveway.
The property is on E Cambourne Street in Ferndale, near downtown shops, restaurants, and nightlife. There is no driveway.
Key Highlights
- Two occupied units
- Secure garage updated to current code requirements
- Central air conditioning installed
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$26,473
Cap Rate
7.06%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$529,460
$529.5K
Cap Rate 7%
$378,186
$378.2K
Cap Rate 9%
$294,144
$294.1K
Market Conditions
NOI Build-Up for 2,000 SF
Gross rent
$39.6K $19.80/SF
− Vacancy
−$1.8K −$0.89/SF
EGI
$37.8K $18.91/SF
− OpEx
−$11.3K −$5.67/SF
NOI
$26.5K $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 Rate 5%
$529,460
Cap Rate 7%
$378,186
Cap Rate 9%
$294,144
Alternative Uses
Best Use
Multifamily LT 5
$378.2K
$330.9K – $441.2K
NOI $26,473 @ 7.0% cap · market cap 7.06%
Second Best
Apartment 5plus
$350.5K
$306.7K – $408.9K
NOI $24,532 @ 7.0% cap · market cap 6.54%
Theoretical Best
Specialty Retail
$431.4K
$377.5K – $503.3K
NOI $30,197 @ 7.0% cap · market cap 8.05%
Zoning and permitted uses should be independently verified with authorities.
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Property Analytics
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Current Use
Lease Details
2
Residential units
100%
Occupancy
Yes
Utilities to site
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 - Both residences are occupied, with a shared interior hall and basement serving the building.
Where is this duplex located?
The property is located at 400 E Cambourne St Ferndale, MI.
What is the asking price?
The asking price for this property is $375,000.
What are key features of this property?
This property features: Two occupied units; Secure garage updated to current code requirements; Central air conditioning installed
