Homes for sale - 407 Maides AVE, Wilmington, NC 28405

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Jason Walters

jason@waltersteam.com +1(252) 904-0357

$ 3,200,000

Est. payment | -/mo

35 Beds

19 Baths

13,104 SqFt

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$ 3,200,000

Est. payment | -/mo

Save

35 Beds

19 Baths

13,104 SqFt

Key Details

Property Type Multi-Family

Sub Type Triplex

Listing Status Active

Purchase Type For Sale

Square Footage 13,104 sqft

Price per Sqft $244

Subdivision Ridgecrest

MLS Listing ID 100540410

Style Wood Frame

Bedrooms 35

Year Built 1986

Annual Tax Amount $17,935

Lot Size 2.402 Acres

Acres 2.4

Lot Dimensions 660x67x69x212x152x292x80x45x40x83x27

Property Sub-Type Triplex

Source Hive 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

Community Ridgecrest

Zoning R-5

Direction From US-17 you head onto US-421 South, and take the left to cross the Isabel Stellings Holmes Bridge. Once off the bridge, keep right to merge onto US-74 East toward Wrightsville Beach, then continue on US-74 until you reach Kornegay Avenue, where you turn right. Turn right again onto North 30th Street, then left onto Hurst Street. Continue onto Maides Avenue and property is on right.

Interior

Interior Features Ceiling Fan(s)

Heating Electric, Heat Pump

Cooling Central Air

Exterior

Parking Features Carport, Attached, Additional Parking, On Site

Garage Spaces 1.0

Roof Type Architectural Shingle

Porch Porch

Building

Story 1

Entry Level One

Foundation Slab

New Construction No

Schools

Elementary Schools Other

Middle Schools Holly Shelter

High Schools New Hanover

Others

Tax ID R04909-010-027-000

Acceptable Financing Cash, Conventional

Listing Terms Cash, Conventional

Hive MLS / (NCRMLS) / Cape Fear Realtors

Listed by Real Broker LLC

+1(252) 904-0357

jason@waltersteam.com

526 E Nash Street, Hope, NC, 27882, United States

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407 Maides AVE Wilmington, NC 28405