Updated Dec 4, 2024
Basis Industrial Acquires Development Site In Melbourne, FL For $1.5M
2480 Aurora Rd, Melbourne, FL 32935, USA
$1,500,000
$11/SF
Building Size
128,502 SF
Asset Type
Development Site
Closing
Nov 23, 2022
About this deal
AI
The development site located at 2480 Aurora Rd in Space Coast, Melbourne, FL has been sold in a recent transaction. The property, measuring 128,502 square feet, was acquired by Basis Industrial, represented by Daniel Weinstein & Anthony Scavo. The seller of the site was Fred Boozer Jr. The sale price for the transaction amounted to $1,500,000, resulting in a price per buildable square foot (PPBSF) of $12.
Summary of transation details
- Property Type: Development Site
- Transaction Amount: $1,500,000
- Address: 2480 Aurora Rd, Space Coast, Melbourne, FL
- Buyer: Basis Industrial - Daniel Weinstein & Anthony Scavo
- Seller: Fred Boozer Jr.
- Broker: Ken Hobson - Marcus & Millichap
Basis Industrial, the buyer, has plans to develop a 3-story Class A Self-Storage facility on the acquired development site. The total development costs for this project are expected to be $18,000,000.
On the Map
$1,500,000
$11/SF
Development Site
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Players
Melbourne Development Site Market Snapshot
Boundary boundary · Development Site · Sale transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
10.58%
Cash-on-Cash
-3.02%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93