Lakefront Duplex with
887-889 Colony Drive Aurora, OH 44202
887-889 Colony Drive, Aurora, OH, 44202
$299,900
For Sale
$299,900
MULTI_FAMILY - Aurora, OH
Property Size3,100 SF
Lot Size2.19 Acres
Price / SF$96.74
Days on Market52
Property Features for 887-889 Colony Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Duplex
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bedroom 3, Basement, Bathroom 2, Laundry Room, Bedroom 4, Bathroom 1, Bedroom 1, Bedroom 2
- Parking features
- Driveway, Garage
- Appliances
- Dryer, Range, Washer
- Standard status
- Active
- APN
- 03-003-00-00-001-000
- Size
- 3,100 SF
- Lot size
- 2.19 Acres
Taxes and HOA fees
- Tax Year
- 2025
- Tax Description
- LOT 3 S
- Tax Annual Amount
- 5341
Utilities
- Sewer type
- Public Sewer
- Heating system
- Baseboard, Natural Gas
- Cooling system
- Central Air
- Water source
- Well
- Water front features
- Lake, Lake Front, Waterfront
- Water front
- 1
Building Details
- Year built
- 1940
- Floors in Building
- 2
- Building materials
- VinylSiding
- Roof type
- Asphalt, Fiberglass
Listing Agency
Century 21 Goldfire Realty
(330) 527-2221
8028 State St., Garrettsville, OH
Listed by
Wendy L Borrelli · License #428594
(330) 687-4496
Added: May 31 Updated: Jul 17 at 10:18 pm Checked: Jul 21 at 3:06 am
MLS# 5214068
Listing URL
Copyright © 2026 MLS Now. 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 side-by-side raised ranch duplex offers two separate living spaces, with each unit featuring two bedrooms and central air conditioning. The roof was installed approximately 3–4 years ago. The property includes a detached 20x24 garage and a 30x40 outbuilding with concrete floors and a mezzanine, providing substantial storage and workspace. The existing home is in need of substantial rehabilitation or tear down and is being sold as-is.
The property is located at 887–889 Colony Drive in Aurora, Ohio, on 2.18 acres with lakefront water views. It is described as approximately 1.17 acres of land and 1 acre of water, and it falls within the Aurora school district.
As presented, the duplex can be restored or redevelopment options can be explored with local zoning. The listing notes that the sale is best suited for a cash offer and indicates no financing due to the condition of the home.
The property is located at 887–889 Colony Drive in Aurora, Ohio, on 2.18 acres with lakefront water views. It is described as approximately 1.17 acres of land and 1 acre of water, and it falls within the Aurora school district.
As presented, the duplex can be restored or redevelopment options can be explored with local zoning. The listing notes that the sale is best suited for a cash offer and indicates no financing due to the condition of the home.
Key Highlights
- 2.18‑acre lakefront property in Aurora with lake and waterfront views
- Side‑by‑side raised ranch duplex with separate living spaces; each unit has 2 bedrooms
- Central air and natural gas baseboard heat; appliances include washer, dryer, and range
Local 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 | $40.9k | $13.20 |
| − Vacancy | −$2.4k | −$0.76 |
| EGI | $38.6k | $12.44 |
| − OpEx | −$11.6k | −$3.73 |
| NOI | $27.0k | $8.71 |
3,100 SF · lease $13.20/SF/yr · vacancy 5.79% · expense 30.00%
Alternative Uses
Best Use
Multifamily LT 5
$385.5K
$337.3K – $449.8K
NOI $26,986 @ 7.0% cap · market cap 9.00%
Second Best
Apartment 5plus
$356.8K
$312.2K – $416.3K
NOI $24,976 @ 7.0% cap · market cap 8.33%
Theoretical Best
Office A
$624.4K
$546.4K – $728.5K
NOI $43,709 @ 7.0% cap · market cap 14.57%
Zoning and permitted uses should be independently verified with local authorities.
Property Analytics
Property Profile
Location Intelligence
Current Use by Public Records
Duplexes
Similar For Sale Nearby
FAQs
What type of property is this?
Duplex - Side-by-side raised ranch duplex with lakefront acreage, each unit with two bedrooms, plus a newer roof and large outbuildings.
Where is this duplex located?
The property is located at 887-889 Colony Drive Aurora, OH.
What is the asking price?
The asking price for this property is $299,900.
What are key features of this property?
This property features: 2.18‑acre lakefront property in Aurora with lake and waterfront views; Side‑by‑side raised ranch duplex with separate living spaces; each unit has 2 bedrooms; Central air and natural gas baseboard heat; appliances include washer, dryer, and range
