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$ 3,200,000
Est. payment /mo
New
407 Maides AVE Wilmington, NC 28405
UPDATED:
Key Details
Property Type Multi-Family
Sub Type Other
Listing Status Active
Purchase Type For Sale
Subdivision None-Guilford County
MLS Listing ID 753894
HOA Y/N No
Property Sub-Type Other
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
Interior
Fireplace No
Exterior
Water Access Desc Other
Building
Sewer Other
Water Other
Schools
Middle Schools New Hanover County Schools
High Schools New Hanover County Schools
Others
Tax ID R04909-010-027-000
Ownership More than a year
Acceptable Financing Cash, Private Financing Available
Listing Terms Cash, Private Financing Available
Special Listing Condition None
Listed by REAL BROKER LLC
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