887-889 Colony Drive, Aurora, OH 44202
- Added:
- May 31, 2026
- Days on Market:
- 6
- Last Refresh:
- Jun 5 at 10:06 am
Property Features for 887-889 Colony Drive
General Information
- Property type
- Residential Multi Family
- Property subtype
- Other
- Bedrooms
- 4
- Bathrooms
- 2
- Rooms
- Bedroom 2, Bedroom 4, Laundry Room, Basement, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 3
- 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
- Natural Gas, Baseboard
- Cooling system
- Central Air
- Water source
- Well
- Water front features
- Waterfront, Lake, Lake Front
- Water front
- 1
Building Details
- Year built
- 1940
- Floors in Building
- 2
- Building materials
- VinylSiding
- Roof type
- Asphalt, Fiberglass
Listing agent Wendy L Borrelli License #428594 (330) 687-4496
Listing office Century 21 Goldfire Realty 8028 State St., Garrettsville, OH (330) 527-2221
Listing date May 31, 2026
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.
HighLights
- Side‑by‑side raised ranch duplex on 2.18 acres with lakefront (waterfront) views
- Each unit offers 2 bedrooms with separate living spaces and central air conditioning
- Detached 20x24 garage plus a 30x40 outbuilding with concrete floors and a mezzanine
- Roof installed approximately 3–4 years ago; vinyl siding with asphalt/fiberglass roofing
- Utilities include well water and public sewer; natural gas baseboard heat and central air
- Home built in 1940 and sold as‑is with need of substantial rehabilitation
Overview
The site includes a detached 20x24 garage and a 30x40 outbuilding with concrete floors and a mezzanine, providing practical storage and flexible workshop or hobby space. The home is positioned to take advantage of the waterfront setting. Buyers are encouraged to confirm details related to their intended use with local authorities.
For investors, renovators, or owner-users, the layout supports independent day-to-day living between the two units, while the outbuildings add tangible utility for equipment, projects, or overflow storage. For those considering a rebuild or a new custom home direction, the combination of acreage, lakefront views, and existing utility structures may be a meaningful starting point. The seller’s disclosures note the property requires significant rehab, so prospective buyers should view accordingly with their advisors.
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 |
Alternative Uses
Current Use by Public Records
Location Insight
- Map
- Local Demand
- City
- Aurora
- County
- Portage
- State
- Ohio
- Longitude
- -81.377694
- Latitude
- 41.320112
