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Listed by REAL BROKER LLC
$ 3,200,000
Est. payment /mo
New
407 Maides Avenue Wilmington, NC 28405
UPDATED:
Key Details
Property Type Single Family Home
Listing Status Active
Purchase Type For Sale
MLS Listing ID LP753894
Source Triangle MLS
Property Description
Unlock a rare opportunity to own a well-performing multifamily property on a SINGLE parcel in a highly sought-after Wilmington neighborhood, currently cash flowing over $20,000 per month with three vacancies being filled that will push rents closer to $25,000, and with plenty of room to increase rents further. Amazing investment opportunity on this home with income potential for years. Each property has recently had up to $30,000 worth of updates that have brought it up to today's market standards. Step inside to discover modern finishes, refreshed interiors, and thoughtful upgrades that enhance comfort and appeal to long-term tenants. With strong rental demand in the area, this property offers consistent cash flow and room for appreciation. Whether you're expanding your portfolio or entering the market for the first time, this turnkey home stands ready to perform. Featuring a diverse mix of units from duplexes to quadplexes, the property has undergone significant renovations—over half completed—positioning its current value between $3.8M and $3.9M, with an appraised ''as repaired'' value of $4.5M and a recent ''as is'' appraisal of $3.2M at purchase. For developers, drafted plans to replace existing structures with new construction townhomes estimate a post-build value of around $10M with only about $3M in construction costs, presenting massive upside. This is a standout multifamily investment offering immediate income, undeniable value-add potential, and long-term redevelopment opportunity in one of the region's most promising markets.
Location
State NC
County New Hanover
Exterior
View Y/N Yes
Private Pool No
Building
Sewer Other
Water Other
Schools
Middle Schools New Hanover County Schools
High Schools New Hanover County Schools
Others
Senior Community No
Tax ID R04909010027000
