Updated Duplex with Detached
For Sale
$349,000
967 Alberta St, Ferndale, MI 48220
Vacant residential duplex with separate systems, shared laundry, a backyard, and recent interior and mechanical improvements.
Property Size1,500 SF
Price / SF$232.67
Days on Market73
Property Features for 967 Alberta St
General Information
Standard status
Active
Size
1,500 SF
Total Parking Spaces
2
Property subtype
Multi-Family
Units
Unit Mix
1 x 2BR/1BA, 1 x 1BR/1BA
Multifamily Units
2
Amenities
basement laundry
sizable backyard
Building Details
Year Built
1922
Listing Agency:
DOBI Real Estate
Listed By:
Alexandra I Lannen · License #6502411775
(248) 703-3358
Source:
Premiermichiganhomesearch
Added: Aug 5
Changed: Oct 12
Last Checked: Oct 15 at 4:01AM
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
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Investment Insights
Based on property information with market context.
This residential duplex in Ferndale, Michigan, is currently vacant and includes two separate units. The main-level apartment has 2 bedrooms and 1 full bath, while the upper apartment provides 1 bedroom and 1 full bath. Both units share basement laundry and have individual furnaces and hot water heaters. The property also includes a 2-car detached garage and a sizable backyard.
Recent work includes central air conditioning for the upper unit, two new water heaters, PEX hot and cold water supply plumbing, a fully remodeled upper-unit bathroom, and stainless steel appliances. Built in 1922 and zoned Residential, the property has a documented rental history that included 96% occupancy for the furnished upper unit before the recent vacancy.
Recent work includes central air conditioning for the upper unit, two new water heaters, PEX hot and cold water supply plumbing, a fully remodeled upper-unit bathroom, and stainless steel appliances. Built in 1922 and zoned Residential, the property has a documented rental history that included 96% occupancy for the furnished upper unit before the recent vacancy.
Key Highlights
- Two‑unit duplex with a 2‑bedroom main‑level unit and a 1‑bedroom upper unit
- 2‑car detached garage, basement laundry, and sizable backyard
- Separate furnace and hot water heater serving each unit
Financial Insights
Estimated NOI and Cap Rate
NOI / Yr
$19,854
Cap Rate
5.69%
Suggested Prices Based on Cap Rates
Cap Rate 5%
$397,080
$397.1K
Cap Rate 7%
$283,629
$283.6K
Cap Rate 9%
$220,600
$220.6K
Market Conditions
NOI Build-Up for 1,500 SF
Gross rent
$29.7K $19.80/SF
− Vacancy
−$1.3K −$0.89/SF
EGI
$28.4K $18.91/SF
− OpEx
−$8.5K −$5.67/SF
NOI
$19.9K $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%
$397,080
Cap Rate 7%
$283,629
Cap Rate 9%
$220,600
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.
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Property Analytics
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Current Use
Lease Details
2
Residential units
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
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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 - Vacant residential duplex with separate systems, shared laundry, a backyard, and recent interior and mechanical improvements.
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: Two‑unit duplex with a 2‑bedroom main‑level unit and a 1‑bedroom upper unit; 2‑car detached garage, basement laundry, and sizable backyard; Separate furnace and hot water heater serving each unit
