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Norrison Morgan

morgannorrison@gmail.com +1(252) 469-0537

$ 2,800,000

Est. payment -/mo

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Price Dropped by $400K

407 Maides AVE Wilmington, NC 28405

35 Beds

19 Baths

13,104 SqFt

UPDATED:

Key Details

Property Type Multi-Family

Sub Type Triplex

Listing Status Active

Purchase Type For Sale

Square Footage 13,104 sqft

Price per Sqft $213

Subdivision Ridgecrest

MLS Listing ID 100540410

Style Wood Frame

Bedrooms 35

Year Built 1986

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

Fireplaces Type None

Fireplace No

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

Special Listing Condition Standard

Hive MLS / Savannah / Classic / (NCRMLS) / Cape Fear Realtors

Listed by REAL Broker LLC

SCHOOLSPROPERTIES

Elementary Schools 19

5

Douglass Academy

Public | KG - 2
5

Winter Park Model Elementary School

Public | KG - 5
5

College Park Elementary School

Public | KG - 5
4

Sunset Park Elementary School

Public | KG - 5
3

Edwin a Alderman Elementary School

Public | KG - 5
2

Gregory School of Math, Science, and Tec

Public | KG - 5
2

R Freeman School of Engineering

Public | PK - 5
1

A H Snipes Academy of Arts/Des

Public | PK - 5
1

Forest Hills Global Elementary School

Public | PK - 5
0

St Mary Catholic School

Private | PK - 8
0

Lake Forest Academy

Public | KG - 8
0

Calvary Christian School

Private | PK - 8
0

Peace Rose Montessori School

Private | PK - 2
0

Wilmington Seventy-Day Adventist School

Private | KG - 7
0

Hill School of Wilmington

Private | 1 - 8
0

Wesley Memorial Child Education Center

Private | KG - TKG
0

The Children's Schoolhouse of Wilmington

Private | PK - TKG
0

Point Institute

Private | 5 - 12
0

Wilmington Christian Academy

Private | 1 - 12

Middle Schools 5

5

Roland-Grise Middle School

Public | 6 - 8
1

D.C. Virgo Preparatory Academy

Public | 6 - 7
1

Williston Middle School

Public | 6 - 8
0

Pathways Middle and High School

Private | 6 - 12
0

Lakeside

Public | 6 - 12

High Schools 4

8

John T Hoggard High School

Public | 9 - 12
8

Isaac M Bear High School

Public | 9 - 12
4

New Hanover High School

Public | 9 - 12
0

Mary Sidberry Mosley Plc

Public | 9 - 12

School and business data provided by Attom Data.

Norrison Morgan

Agent | License ID: 351503

+1(252) 469-0537

Norrison Morgan

407 Maides AVE Wilmington, NC 28405

Key Details

Location

Interior

Exterior

Building

Schools

Others

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407 Maides AVE