Updated Duplex with Detached
For Sale
$349,000
967 Alberta Street, Ferndale, MI 48220
Multifamily, 2 Story, Ferndale, MI
Property Size1,500 SF
Lot Size0.12 Acres
Price / SF$232.67
Days on Market47
Property Features for 967 Alberta Street
General Information
Property type
Residential Multi Family
Property subtype
Other
Zoning
Residential
Bedrooms
3
Bathrooms
2
Full bathrooms
2
Rooms
Basement, Bedroom 2, Bathroom 2, Bedroom 3, Bedroom 1, Bathroom 1
Pets allowed
Yes
Interior features
Laundry Facility
Subdivision
Maple Ridge
Elementary school district
Ferndale
Middle school district
Ferndale
High school district
Ferndale
Directions
W of Livernois Rd / S of 9 Mile Rd
Standard status
Active
APN
2533429003
Size
1,500 SF
Lot size
0.12 Acres
Taxes and HOA fees
Tax Description
T1N, R11E, SEC 33 MAPLE RIDGE SUB E 1/2 OF LOT 48
Tax Annual Amount
7079
Legal Description
T1N, R11E, SEC 33 MAPLE RIDGE SUB E 1/2 OF LOT 48
Utilities
Heating system
Forced Air
Cooling system
Central Air
Water source
Public
Amenities
basement laundry
Building Details
Year built
1922
Floors in Building
2
Number of units
2
Building materials
Brick, Vinyl
Roof type
Asphalt
Architectural style
Other
Listing Agency:
DOBI Real Estate
(248) 385-3350
Listed By:
Alexandra I Lannen · License #6502411775
(248) 703-3358
Added: Jul 23
Changed: Sep 6
Last Checked: Sep 7 at 6:06PM
MLS# 20261057181
Copyright © 2026 Realcomp Limited II. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 1,500-square-foot duplex in Ferndale includes a two-bedroom, one-bath main-level residence and a one-bedroom, one-bath upper residence. The units share basement laundry, a detached two-car garage, and a backyard, while each has its own furnace and hot water heater. Recent work includes central air in the upper unit, two new water heaters, PEX supply plumbing, a remodeled upper-level bathroom, and stainless steel appliances. The building was constructed in 1922 and features brick and vinyl exterior materials, forced-air heating, asphalt roofing, and public water service.
Located at 967 Alberta Street in Ferndale, the property is currently vacant and zoned Residential. The 0.12-acre parcel provides a compact duplex setting with dedicated garage space and outdoor area.
Located at 967 Alberta Street in Ferndale, the property is currently vacant and zoned Residential. The 0.12-acre parcel provides a compact duplex setting with dedicated garage space and outdoor area.
Key Highlights
- Two‑unit layout: 2‑bedroom main‑level residence and 1‑bedroom upper residence
- 1500 square feet on a 0.12‑acre parcel
- Detached 2‑car garage, basement laundry, and backyard
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
$19,854
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
5.69%
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%
$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
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
$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 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%
$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.
Property Analytics
Property Profile
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
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 units include separate mechanical systems, basement laundry, and a shared backyard.
Where is this duplex located?
The property is located at 967 Alberta Street 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 layout: 2‑bedroom main‑level residence and 1‑bedroom upper residence; 1500 square feet on a 0.12‑acre parcel; Detached 2‑car garage, basement laundry, and backyard
