407 Maides Ave, Wilmington 28405: $2.8M–$3.2M Multifamily Asset, Not a Waterfront Estate

Property Summary

The listing at 407 Maides Avenue, Wilmington, NC 28405 has circulated with conflicting price points and a mischaracterization as a waterfront luxury estate. Public MLS data confirms this is a multifamily investment property in Old East Wilmington, listed between $2.8M and $3.2M depending on the source — not a $2.5M single-family waterfront home in the Intracoastal Waterway corridor. The discrepancy matters because it highlights how data errors propagate through aggregator platforms, potentially misleading investors evaluating Wilmington's $2M+ tier.

This property's real story is its income-producing profile and redevelopment upside in a transitioning urban neighborhood — a fundamentally different asset class than the luxury waterfront inventory on Pembroke Jones Drive or Figure Eight Island.

Fast Facts

• Address: 407 Maides Avenue, Wilmington, NC 28405
• List Price: $2,800,000–$3,200,000 (varies by source; Zillow shows $3.2M, Realtor.com shows $2.8M)
• Tax-Assessed Value: $3,047,600
• Beds / Baths: 35 beds / 19 baths (Zillow lists 117 beds — likely a data entry error)
• Square Footage: 13,104 sq ft
• Lot Size: 2.4 acres
• Year Built: 1986
• Price per Sq Ft: ~$244/sq ft (at $3.2M)
• Zoning: R-5
• Property Type: Multifamily — triplex/mixed duplexes to quadplexes
• Status: Contingent as of approximately March 5, 2026
• Days on Market: ~5 days before going contingent
• Annual Property Taxes: $17,935
• Listed: November 26, 2025

What Stands Out

• Estimated monthly cash flow exceeds $20,000, trending toward $25,000 as vacancies are filled, against an estimated monthly mortgage payment of $18,344–$18,401. If accurate, this implies a thin but positive cash-on-cash margin at current rents.
• Appraised "as repaired" value of $4.5M suggests significant equity spread versus the ask — but investors should independently verify this appraisal's methodology and date.
• 2.4 acres zoned R-5 in Old East Wilmington creates redevelopment optionality. Developer-drafted plans reference new construction townhomes with an estimated post-build value of ~$10M against $3M in construction costs. These figures are not independently confirmed.
• Recent unit renovations reportedly up to $30,000 per unit indicate the current owner has invested in stabilizing income.
• The property went contingent in roughly 5 days, signaling strong investor demand at this price point — or a pre-arranged deal.
• Bed/bath count discrepancies across platforms (35 beds vs. 117 beds) are a red flag for data reliability on this listing.

Pricing Lens

At ~$244/sq ft, this property prices below typical single-family residential in the 28405 zip code, where median price per square foot for existing homes ranges from approximately $280–$297/sq ft based on recent market data from Redfin and Realtor.com However, multifamily pricing uses different metrics — cap rate, gross rent multiplier, and per-unit cost are more relevant than residential $/sq ft.

Direct comps for multifamily portfolios of this scale in Old East Wilmington are scarce in public MLS data. The table below contextualizes pricing against what's publicly available:

Key takeaway: The $400,000 price spread between aggregator sources is unusually large and must be resolved before any underwriting. The tax-assessed value of $3,047,600 sits between the two figures, which may suggest the higher number is closer to market.

Neighborhood & Market Context

Old East Wilmington is one of Wilmington's older urban neighborhoods, located east of downtown. It has seen incremental revitalization over the past decade, driven by proximity to UNCW, New Hanover Regional Medical Center, and downtown's expanding commercial base. The neighborhood is not waterfront — there is no evidence of Intracoastal Waterway access at this address.

The R-5 zoning supports higher-density residential development, which aligns with the city's broader push toward urban infill. Wilmington's multifamily vacancy rates have tightened in recent years as population growth outpaces new rental supply, particularly in workforce-affordable segments.

Risks & Watch-Outs

• Data integrity is poor across platforms. The bed count discrepancy (35 vs. 117), the $400K price spread, and the initial mischaracterization as a waterfront estate all suggest aggregator data cannot be trusted at face value.
• Year built 1986 means core systems — roofing, HVAC, plumbing, electrical — may be at or past useful life across multiple units. Replacement costs across a 13,000+ sq ft multifamily complex are substantial.
• Flood zone status is not confirmed in available public data. Old East Wilmington includes areas within FEMA flood zones; a property-specific lookup via the FEMA Flood Map Service Center is required to determine whether this address falls in an AE, VE, X, or other zone. Insurance costs could materially affect cash flow projections.
• The $4.5M "as repaired" appraisal and $10M post-development valuation are seller-side claims. Neither has been independently verified in public records.
• Annual taxes of $17,935 on a $3M+ assessed value are consistent with New Hanover County's current county tax rate of $0.306 per $100 of assessed value (FY 2025–2026), though total effective rates including city/municipal taxes may differ. The county completed its most recent property reappraisal in 2025, with the next scheduled for 2029 — verify whether this property's assessed value reflects the 2025 reassessment and whether a post-sale reassessment could increase the tax burden.
• Contingent status means the deal may close before outside investors can compete, but contingencies can fall through.

Before You Buy

• Confirm the actual list price directly with the listing brokerage — resolve the $2.8M vs. $3.2M discrepancy
• Obtain a current rent roll with lease terms, vacancy history, and tenant payment records
• Verify the unit count, configuration, and legal nonconforming status under R-5 zoning
• Order an independent appraisal — do not rely on seller-provided "as repaired" valuation
• Request capital expenditure history and remaining useful life estimates for roofing, HVAC, and plumbing across all units
• Confirm FEMA flood zone designation via the FEMA Flood Map Service Center and obtain insurance quotes reflecting actual flood risk
• Review the referenced townhome redevelopment plans and confirm zoning/entitlement feasibility with the City of Wilmington
• Verify tax reassessment timeline with New Hanover County — the 2025 reappraisal has already occurred; next reappraisal is 2029