407 Maides Ave, Wilmington, NC 28405
- $2,800,000
- 35
- BD
- 19
- BA
- List Price
- $2,800,000
- Status
- ACTIVE UNDER CONTRACT
- Days on Market
- 100
- Price Change
- ▲ $300,000 1772764455
- MLS#
- 100540410
- Subtype
- Residential Income
- Year Built
- 1986
- Bedrooms
- 35
- Bathrooms
- 19
- Lot Size
- 104,631
- Acres
- 2.40
- Subdivision
- Ridgecrest
- Neighborhood
- Ridgecrest
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.
Additional Information
- Interior Features
- Ceiling Fans
- Zoning
- R-5
- Heating
- Electric, Heat Pump
- Air Conditioning
- Central Air
- Stories
- 1
- Levels
- One
- Roof
- Architectural
- Foundation
- Slab
- Parking Features
- Carport, Attached, Additional Parking, On Site
- Garage Spaces
- 1
- Elementary School
- Other
- Middle School
- Holly Shelter
- High School
- New Hanover
Listing courtesy of REAL Broker LLC.