Updated Duplex with Shared
For Sale
$349,000
967 Alberta St, Ferndale, MI 48220
Turnkey Ferndale duplex with two separate units, each with its own furnace and water heater, plus shared basement laundry.
Days on Market10
Property Features for 967 Alberta St
General Information
Standard status
Active
Total Parking Spaces
2
Property subtype
Investment
Additional Details
Multifamily Units
2
Amenities
basement laundry
sizable backyard
Building Details
Building Size
1,500 SF
Year Built
1922
Tenancy
Multi
Listing Agency:
DOBI Real Estate
(248) 703-3358
Listed By:
Alexandra I Lannen · License #6502411775
(248) 703-3358
Source:
Elliman
Added: Jul 24
Changed: Jul 25
Last Checked: Aug 1 at 5:32AM
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 DOBI Real Estate
Investment Insights
Based on property information with market context.
Turnkey duplex offering two residential units with separate heating and hot water: the main-level unit features 2 bedrooms and 1 full bath, while the upper unit features 1 bedroom and 1 full bath. The units share basement laundry and also benefit from a sizable backyard and a 2-car detached garage.
Updates and maintenance include central air added to the upper unit, two new water heaters, PEX hot and cold water supply plumbing, and a gutted and remodeled upper unit bath. Stainless steel appliances are included, and additional improvements are available from the listing agent.
Each unit is independently serviced with its own furnace and hot water heater, supporting straightforward operation for both investor and owner-occupant scenarios.
Updates and maintenance include central air added to the upper unit, two new water heaters, PEX hot and cold water supply plumbing, and a gutted and remodeled upper unit bath. Stainless steel appliances are included, and additional improvements are available from the listing agent.
Each unit is independently serviced with its own furnace and hot water heater, supporting straightforward operation for both investor and owner-occupant scenarios.
Key Highlights
- Updated Ferndale duplex (built 1922) with two separate units: 2BD/1BA on the main level and 1BD/1BA on the upper level
- Each unit has its own furnace and hot water heater, plus shared basement laundry
- Upper unit includes central air; recent updates also include two new water heaters and PEX hot/cold water supply plumbing
Financial Insights For Multifamily LT 5
Simulate Cap Rate and NOI
NOI Build-Up
- 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.
| Component | $ | $/SF |
|---|---|---|
| Gross rent | $29.7k | $19.80 |
| − Vacancy | −$1.3k | −$0.89 |
| EGI | $28.4k | $18.91 |
| − OpEx | −$8.5k | −$5.67 |
| NOI | $19.9k | $13.24 |
1,500 SF · lease $19.80/SF/yr · vacancy 4.50% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$283.6K
$248.2K – $330.9K
NOI $19,854 @ 7.0% cap · market cap 5.69%
Second Best
Apartment 5plus
$262.8K
$230.0K – $306.7K
NOI $18,399 @ 7.0% cap · market cap 5.27%
Theoretical Best
Specialty Retail
$323.5K
$283.1K – $377.5K
NOI $22,648 @ 7.0% cap · market cap 6.49%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Current Use
Lease Details
2
Residential units
Multi-tenant
Tenancy
Location Intelligence
Trade Area within ½ mile
1,121
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 - Turnkey Ferndale duplex with two separate units, each with its own furnace and water heater, plus shared basement laundry.
Where is this duplex located?
The property is located at 967 Alberta St Ferndale, MI.
What is the asking price?
The asking price for this property is $349,000.
What are key features of this property?
This property features: Updated Ferndale duplex (built 1922) with two separate units: 2BD/1BA on the main level and 1BD/1BA on the upper level; Each unit has its own furnace and hot water heater, plus shared basement laundry; Upper unit includes central air; recent updates also include two new water heaters and PEX hot/cold water supply plumbing
