Derek Vickers Acquires Multifamily Property From Michael Gray For $2.8M In Melbourne
SOLD
$2,800,000
Florida
See Similar DealsMultiFamily1 SF
Sold 05/08/2025
SOLD
Derek Vickers Acquires Multifamily Property From Michael Gray For $2.8M In Melbourne
2668 Aurora Road
See Similar DealsMultiFamily1 SF
Sold 05/08/2025
Summary
FLORIDA
Asset Type:MultiFamily
Price Per Square Foot:$2,800,000
Total Square Footage:1 SF
Transaction Type:Sale
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.
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Deal Type
30 years
10 years
Operating Income
Operating Expenses (Annual)
Net Operating Income (NOI)
$149,333.33
Debt Service Coverage Ratio (DSCR)
0.94x
Cap Rate
5.33%
Cash Flow (Annual)-$9,947.82
Cash-on-Cash Return-1.27%
Monthly Debt Service$13,273.43
Annual Debt Service$159,281.14
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