407 Maides Ave Wilmington, NC 28405
Old East Wilmington NeighborhoodEstimated payment $16,136/month
Highlights
- Ceiling Fan
- Heating Available
- 1-Story Property
- Holly Shelter Middle School Rated 9+
About This Home
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.
Property Details
Home Type
- Multi-Family
Year Built
- Built in 1986
Parking
- 1
Home Design
- Architectural Shingle Roof
- Vinyl Siding
Interior Spaces
- 1-Story Property
- Ceiling Fan
Schools
- New Hanover High School
Utilities
- Heating Available
Map
Home Values in the Area
Average Home Value in this Area
Tax History
| Year | Tax Paid | Tax Assessment Tax Assessment Total Assessment is a certain percentage of the fair market value that is determined by local assessors to be the total taxable value of land and additions on the property. | Land | Improvement |
|---|---|---|---|---|
| 2025 | $17,935 | $3,047,600 | $285,800 | $2,761,800 |
| 2024 | $10,415 | $1,197,100 | $182,700 | $1,014,400 |
| 2023 | $10,116 | $1,197,100 | $182,700 | $1,014,400 |
| 2022 | $10,175 | $1,197,100 | $182,700 | $1,014,400 |
| 2021 | $10,245 | $1,197,100 | $182,700 | $1,014,400 |
| 2020 | $4,959 | $470,800 | $175,714 | $295,086 |
| 2019 | $4,959 | $470,800 | $175,714 | $295,086 |
| 2018 | $0 | $470,800 | $175,714 | $295,086 |
| 2017 | $9,633 | $470,800 | $175,714 | $295,086 |
| 2016 | $5,188 | $468,200 | $84,000 | $384,200 |
| 2015 | $4,958 | $468,200 | $84,000 | $384,200 |
| 2014 | $4,748 | $468,200 | $84,000 | $384,200 |
Property History
| Date | Event | Price | List to Sale | Price per Sq Ft |
|---|---|---|---|---|
| 01/12/2026 01/12/26 | Price Changed | $2,800,000 | -12.5% | $214 / Sq Ft |
| 11/25/2025 11/25/25 | For Sale | $3,200,000 | 0.0% | $244 / Sq Ft |
| 11/10/2025 11/10/25 | Off Market | $3,200,000 | -- | -- |
| 11/09/2025 11/09/25 | For Sale | $3,200,000 | 0.0% | $244 / Sq Ft |
| 08/14/2012 08/14/12 | Rented | $475 | 0.0% | -- |
| 08/14/2012 08/14/12 | Under Contract | -- | -- | -- |
| 05/02/2012 05/02/12 | For Rent | $475 | -- | -- |
Purchase History
| Date | Type | Sale Price | Title Company |
|---|---|---|---|
| Warranty Deed | $3,214,500 | None Listed On Document | |
| Warranty Deed | $3,214,500 | None Listed On Document | |
| Warranty Deed | $1,100,000 | None Available | |
| Deed | -- | None Available | |
| Deed | $704,000 | -- | |
| Deed | $128,000 | -- | |
| Deed | $26,000 | -- | |
| Deed | $5,000 | -- |
Mortgage History
| Date | Status | Loan Amount | Loan Type |
|---|---|---|---|
| Closed | $2,887,857 | Construction | |
| Previous Owner | $1,100,000 | Purchase Money Mortgage |
Source: Hive MLS
MLS Number: 100540410
APN: R04909-010-027-000
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