4000 Masonboro Loop Rd: $1.295M for 1,344 Sq Ft Signals a 2.11-Acre Land Play

Property Summary

4000 Masonboro Loop Rd is not a traditional residential listing. At $1,295,000 for a 1,344 sq ft home built in 1938, the implied ~$964/sq ft price makes no sense as a housing purchase — but the 2.11-acre lot with 600+ ft of road frontage adjacent to both the Masonboro Loop Trail and commercial-zoned parcels reframes this as a land and redevelopment play priced at roughly $614K per acre. The listing tests whether Masonboro corridor land values have matured enough to support seven-figure pricing for acreage whose highest-and-best use almost certainly isn't the aging structure sitting on it.

Fast Facts

• Address: 4000 Masonboro Loop Rd, Wilmington, NC 28409
• List Price: $1,295,000
• Beds / Baths: 3 bed / 1 full bath, 1 half bath
• Square Footage: 1,344 sq ft
• Lot Size: 2.11 acres (91,912 sq ft)
• Year Built: 1938
• Price / Sq Ft (structure): ~$964
• Price / Acre (land): ~$614,000
• HOA: None reported
• Zoning: R-15 Residential (adjacent to CB commercial districts)
• DOM: ~14 days (listed approximately April 14, 2026)
• MLS#: 100549421
• Tax Assessment: $514,600 total ($276,600 land / $238,000 improvements)

What Stands Out

• Land-to-structure value ratio is extreme. The county assesses improvements at just $238,000 — meaning the seller is pricing the dirt at roughly $1.06M, or more than 4x the county's land assessment of $276,600. That gap is the entire thesis of this listing.
• 600+ ft of frontage on Masonboro Loop Rd with adjacency to the Masonboro Loop Trail creates visibility and access rarely available on a single residential parcel in this corridor.
• Zoning adjacency matters. The parcel is zoned R-15 but sits next to commercial business (CB) districts, which raises the question of whether rezoning to commercial or multi-family use is viable. This is not confirmed — buyer must verify with New Hanover County Planning.
• The existing structure is functionally obsolete for the price point. A 1938 build with aluminum siding, crawl space foundation, electric heat pump, and 1,344 sq ft does not compete as a residential product at $1.295M. The barn and workshop on-site reinforce the rural-transitional character.
• Zestimate of $1,227,000 runs below ask by roughly $68,000, though Zillow's automated model likely struggles with a parcel where acreage dominates value.
• Price discrepancy across platforms: Zillow and Compass show $1,295,000; Red Door and LoopNet have shown $1,195,000. Buyers should confirm the current ask directly with the listing agent.

Pricing Lens

At ~$964/sq ft, comparing this listing to traditional residential comps is misleading. The correct frame is price-per-acre for developable land in the 28409 Masonboro corridor. Limited direct comps are publicly available, but the following data points help triangulate:

The $614K/acre implied here sits well below the Waynick corridor but reflects Masonboro Loop's more interior, less waterfront-adjacent positioning. Without additional closed-sale comps for 1+ acre parcels in 28409, price validation remains difficult. Investors should pull New Hanover County tax records filtered for lots over one acre in this zip code to build a defensible comp set.

Neighborhood & Market Context

Masonboro Loop Road runs through a transitional corridor south of Wrightsville Beach, where residential parcels increasingly sit adjacent to commercial and mixed-use development. The Masonboro Loop Trail — a 1.4-mile multi-use path running along Masonboro Loop Road from Navaho Trail to Pine Grove Drive — adds infrastructure value. Phase 1 of the trail is underway, and Phase 2 began mobilization in July 2025. The trail network has been a stated priority in Wilmington's long-range planning and tends to lift surrounding land values over time.

The 28409 zip code covers a broad swath of south Wilmington and Masonboro, an area experiencing incremental commercial growth and infill development. Proximity to CB-zoned parcels suggests the corridor is already shifting in character, which is precisely the kind of signal land speculators monitor.

Risks & Watch-Outs

• Flood zone status is not specified in any reviewed listing. A 2.11-acre parcel in coastal New Hanover County requires a FEMA flood map review — insurance costs could materially alter the redevelopment pro forma.
• Rezoning is not guaranteed. The listing implies potential for commercial or multi-family use, but R-15 zoning is the current designation. New Hanover County rezoning applications involve public hearings and are never certain.
• The 1938 structure likely has deferred maintenance, outdated systems, and possible environmental concerns (lead paint, asbestos) common to pre-1950s construction. Demolition costs should be factored into any redevelopment budget.
• Tax assessment gap is significant. The county values the property at $514,600 — less than 40% of the ask. If reassessed post-sale at or near the purchase price, annual property taxes would increase substantially.
• Price discrepancy across listing platforms ($1,295,000 vs. $1,195,000) creates ambiguity. Confirm the binding ask price before underwriting.

Before You Buy

• Confirm current list price directly with the listing agent — resolve the $1,295,000 vs. $1,195,000 discrepancy
• Pull FEMA flood zone determination for the full 2.11-acre parcel via New Hanover County GIS
• Request a pre-application meeting with New Hanover County Planning to assess rezoning feasibility from R-15 to CB or multi-family
• Obtain a Phase I environmental assessment given the 1938 build date and outbuildings
• Review New Hanover County tax records for recent closed sales on 1+ acre parcels in 28409 to build a defensible land comp set
• Verify utility capacity (water, sewer, stormwater) for any higher-density redevelopment scenario
• Estimate demolition and site-clearing costs for the existing structure, barn, and workshop
• Confirm Masonboro Loop Trail easement boundaries — determine whether any portion of the 2.11 acres is encumbered