Under Contract

407 Maides Avenue

Wilmington, NC 28405

$2,800,000 $11,804/Mo

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Overview

Bed

Bath

2.40

Acres(Lot)

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 enter ing 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.

Property Details

Property Type : Residential Income

Price : $2,800,000

AD Id : 69584498

MLS Id : 100540410

Beds : 35

Lot Size : 2.40 Acres

Year Built : 1986

Garage : 1

County : New Hanover

Subdivision: None Available

Map

What's Nearby

Nearby Areas

Features

Bedroom Information

Total beds: 35

Bathroom Information

Total Baths: 19
Roofing Information

Shingle
Interior Features

Ceiling Fan(s) Roof: Shingle
Heating & Cooling

Has Heating: Yes Heating: Electric, Heat Pump Has Cooling: Yes Cooling: Central Air

Building Information

Year Built: 1986 Building Area Total: 13104 Construction Materials: Vinyl Siding Stories: 1 Patio And Porch Features: Porch Private Pool: No

Lot Information

Lot Dimensions: 660x67x69x212x152x292x80x45x40x83x27 Main Square Feet: 2.4 Acres Lot Size Acres: 2.4 Lot Size Square Feet: 104631

Property Information

Subdivision: Ridgecrest Source Property Type: Residential Income Property SubType: Triplex Levels: One Property Age: 40

Listing Price Information

Listing Price: $2800000 Original Price: $3200000 Cash, Conventional

Tax Information

Parcel Number: R04909-010-027-000 Tax Block: 2111 Tax Year: 2025 Annual Tax: $17935.13

Parking Information

Parking Total: 1 Carport, Attached, Additional Parking, On Site

Garage Information

Has Attached Garage: Yes Garage Space: 1

School Information

Elementary School: Other

Junior High School: Holly Shelter

Senior High School: New Hanover
Location Information

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.

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Nearby Home Value

Address	Estimate	Bed	Bath	Sq. Ft	Lot Size
322 Lance Drive, Wilmington, NC, 28405	$749,900	5	4	--
2020 Princess Place Drive, Wilmington, NC, 28405	$719,000	3	3	--

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The data relating to real estate on this website comes in part from the Internet Data Exchange program of Hive MLS. All information is deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change, or withdrawal. Neither listing broker(s) nor ByOwner shall be responsible for any typographical errors, misinformation, or misprints, and shall be held totally harmless from any damages arising from reliance upon these data. Copyright ©2026 Hive MLS LLC. All Rights Reserved.

ByOwner last updated this listing 06/10/2026 @ 23:54

MLS: 100540410 LISTED BY: Loretta Hinson, REAL Broker LLC SOURCE: Hive MLS (North Carolina Regional)