Derek Vickers Acquires Multifamily Property From Michael Gray For $2.8M In Melbourne
2668 Aurora Road
$2,800,000
$2,800,000/SF
Building Size
1 SF
Asset Type
MultiFamily
Closing
May 7, 2025
AI
The transaction involved the sale of a multifamily asset located at 2668 Aurora Road in Melbourne, which comprises a total of 51 units and an overall sale price of $2,800,000. The price per unit is calculated at $54,901, and the total sale price per square foot is consistent with the overall sale amount.
Summary of transaction details:
- Property Type: Multifamily
- Transaction Amount: $2,800,000
- Buyer: Derek Vickers
- Seller: Michael Gray
- Units: 51
- Market: Melbourne
- Brokers: Vitor De Sousa, CCIM & J. Blake Robison - Lightle Beckner Robison Inc.
Vitor De Sousa, CCIM and J. Blake Robison of Lightle Beckner Robison, Inc. represented the sale of Happy Acres MHP and Aurora Pines MHP, which together totaled 51 units across two mobile home parks. This transaction illustrates the ongoing demand for affordable housing assets in Florida.
Players
Melbourne MultiFamily Market Snapshot
Boundary boundary · MultiFamily · Sale transactions
Loading comparables…
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.67%
Cash-on-Cash
-1.62%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93