407 Maides AVE Active Save Request In-Person Tour Request Virtual Tour
Wilmington,NC 28405
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