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    Two-Unit Residential Income Property Title is generated by Realmo AI

    201 Walker Avenue, Aurora, IN 47001

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    For Sale
    $189,900

    Duplex-style property with one vacant unit for immediate occupancy or rental alongside a month-to-month tenant.

    Type:Multi Family / Multi Fam 2-4 units
    Property size:
    2,040 SF
    Price / SF:
    $93/SF
    Added:
    Jun 3, 2026
    Days on Market:
    4
    Last Refresh:
    Jun 6 at 4:25 am

    Property Features for 201 Walker Avenue

    General Information

    Standard status
    Active
    Size
    2,040 SF
    Property subtype
    Multi Family / Multi Fam 2-4 units

    Building Details

    Year Built
    1900

    We can help!

    Listing Contact
    Jeff McGownd
    Jeff McGownd

    Listing agent Jeff McGownd

    Listing office Keller Williams Realty Services

    Listing date Jun 3, 2026

    Source Compass

    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 Keller Williams Realty Services

    HighLights

    • Duplex‑style property with 1 vacant unit and 1 unit currently occupied on a month‑to‑month basis
    • Lower unit: 3 bedrooms, 1 full bath, with basement access and laundry
    • Upper unit: 1 bedroom, 1 full bath and currently vacant
    • Two‑level home built in 1900 with shingle roof
    • Heating and cooling include forced air gas heating and central air plus ceiling fans and wall unit cooling
    • Interior includes gas fireplace, vinyl and wood windows, and drywall/plaster walls; basement (crawl, partial) is present

    Overview

    This duplex-style residential income property includes a lower and upper unit. The lower unit features three bedrooms, one full bathroom, basement access, and laundry, and it is currently occupied on a month-to-month basis. The upper unit offers one bedroom and one full bathroom and is currently vacant, allowing for immediate occupancy, leasing, or additional customization prior to rent-up.

    Located in Aurora, Indiana at 201 Walker Avenue, the property is described as conveniently positioned near local amenities. The configuration supports flexibility depending on how an owner intends to operate the building.

    For investors and owner-occupants, the layout provides a practical live-and-lease setup, with income potential from the occupied lower unit while the upper unit is ready for use. Buyers also have the option to explore whether to continue operating as a multifamily property or to convert the home back into a single-family residence, subject to applicable requirements. The existing month-to-month occupancy in one unit can help support continuity while the vacant unit provides short-term flexibility.
    Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Restaurant Law Firm Spa & Massage Center Dental Office Hair Salon Nail Salon Auto Repair Shop Gym & Fitness Center Big Box & Wholesale Store

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Aurora
    County
    Dearborn
    State
    Indiana
    Longitude
    -84.906985
    Latitude
    39.060877

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    FAQs

    What type of property is this?
    Duplex - Duplex-style property with one vacant unit for immediate occupancy or rental alongside a month-to-month tenant.
    Where is this duplex located?
    The property is located at 201 Walker Avenue Aurora, IN.
    What is the asking price?
    The asking price for this property is $189,900.
    What are key features of this property?
    This property features: Duplex‑style property with 1 vacant unit and 1 unit currently occupied on a month‑to‑month basis; Lower unit: 3 bedrooms, 1 full bath, with basement access and laundry; Upper unit: 1 bedroom, 1 full bath and currently vacant
    (812) 221-4148
    We can help!
    Listing Contact
    Jeff McGownd
    Jeff McGownd
    Learn More
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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