6831 Main St #312, Wilmington: $525K Mayfaire Condo at $336/sq ft

Property Summary

This 3-bed / 2.5-bath condo at 6831 Main Street #312 in the Villages at Mayfaire is listed at $525,000 — placing it squarely in the middle price segment for the UNCW/Mayfaire corridor. The unit's primary economic story is twofold: a reported assumable VA loan at 2.25% (not confirmed in current public listing data — requires agent verification) that could meaningfully reduce a buyer's effective cost of capital, and a $336/sq ft ask that runs slightly above recent building comps. For investors and agents tracking the 28405 Mayfaire submarket, this listing tests whether walkability-premium pricing holds as inventory accumulates in the $400K–$600K band.

Note on listing status: Verification searches indicate Unit #312 may have last sold for $495,000 in 2026 and may not currently be active on the market. The $525,000 list price appears in some aggregator data as a median list price for Mayfaire Townview rather than a confirmed active listing for this specific unit. Buyers should confirm current availability and pricing directly with a listing agent.

Fast Facts

• Address: 6831 Main Street #312, Wilmington, NC 28405
• List Price: $525,000 (status unconfirmed — verify with agent)
• Beds / Baths: 3 bed / 2.5 bath (original research lists 3 total baths per some sources; verify exact configuration)
• Square Footage: 1,561 sq ft
• Lot Size: N/A (condo)
• Year Built: 2007 (Villages at Mayfaire development)
• Price / Sq Ft: ~$336 at list price; last sale recorded at ~$320/sq ft
• DOM: Not confirmed for this unit; Mayfaire area average is approximately 83 days
• HOA Fees: Not specified in public listing details — requires agent verification
• Assumable Loan: VA loan at 2.25% interest rate was referenced in original research but could not be confirmed in verification searches. Requires direct verification with seller or listing agent.

What Stands Out

• Reported assumable VA loan at 2.25% is the headline differentiator, if it can be confirmed. With conventional 30-year rates averaging around 6.09–6.76% in early 2026, assumption of a sub-2.5% mortgage creates substantial payment savings. On a $200,000 balance, for example, savings could be approximately $323/month versus a conventional loan at 6.09%. The actual savings depend entirely on the remaining loan balance, which is unverified. Qualification requirements, assumption fees, and remaining loan balance should be confirmed directly.
• Walkability to Mayfaire Town Center is immediate: retail, dining, a fitness center, and a movie theater are accessible on foot. This is a genuine lifestyle-driven location, not a proximity marketing stretch.
• Building amenities include a resort-style pool, elevators, secure building entry, a billiard room, home theater, dedicated parking, and bike racks/storage — features that support the pricing premium versus garden-style condos elsewhere in the corridor.
• Interior finishes include wood flooring, stainless steel kitchen appliances, a fireplace, and a primary suite with walk-in closet, tiled shower, and soaking tub.
• No short-term rental data found. STR viability is unconfirmed — Wilmington's regulatory environment and any HOA restrictions on rentals need direct verification before underwriting an investment thesis.
• UNCW proximity (~10-minute drive) feeds a steady tenant and buyer pool, though this unit's price point likely skews toward owner-occupants or long-term hold investors rather than student housing.

Pricing Lens

At ~$336/sq ft, this unit carries a modest premium over the two closest active comps in the same building and street. The premium is directionally justified by the additional bedroom and larger footprint, but the spread is narrow enough that buyers should pressure-test against sold data. Note that the average price per square foot in Mayfaire Townview has recently ranged from $317–$328/sq ft depending on the snapshot, and the last recorded sale of this unit was at approximately $320/sq ft ($495,000).

The broader Mayfaire neighborhood reported a median sale price of $589,000 in February 2026, up approximately 1.6% year-over-year per Redfin. A separate snapshot showed the median at $580,000, down 6.5% YoY — the discrepancy likely reflects different time periods and small sample sizes. The original research cited 65% YoY appreciation for Mayfaire Townview specifically, but this figure could not be confirmed in verification searches and almost certainly reflects an extremely small sample size rather than a sustainable trend. Broader Mayfaire corridor inventory sits at 64–80 active listings, with concentration in the $400K–$600K range. That density of competing supply at similar price points is a headwind for sellers and a negotiation lever for buyers.

Neighborhood & Market Context

Mayfaire Town Center is the dominant commercial anchor for Wilmington's northern residential corridor. The mixed-use district supports consistent foot traffic and retail tenancy, which in turn underpins residential demand. UNCW's enrollment base and the broader healthcare and logistics employment centers in Wilmington provide the demand-side fundamentals.

The 28403–28405 corridor continues to see development pressure, particularly in attached-product formats (condos, townhomes). Buyers in this corridor are predominantly lifestyle-oriented owner-occupants — professionals, downsizers, or dual-income households prioritizing convenience over acreage. Pure investment buyers should note the thin rental yield profile at this price point absent a confirmed STR play. Rental listings in the building have been observed at approximately $2,000/month for 1–2 bedroom units, which provides a rough baseline for long-term rental income expectations on smaller units.

Risks & Watch-Outs

• Listing status is uncertain. Verification searches suggest Unit #312 may have sold for $495,000 in 2026 and may no longer be actively listed at $525,000. Confirm current status before proceeding.
• Assumable VA loan at 2.25% is not confirmed in any public listing data. This was referenced in original aggregator research but could not be verified. Do not make purchasing decisions based on this claim without direct confirmation from the seller or listing agent.
• HOA fees are unspecified. In amenity-rich condo developments like this, monthly HOA assessments of $300–$500+ are common (estimated range, not confirmed for this building) and materially affect carrying costs and cash-on-cash returns.
• Flood zone status is not confirmed. Mayfaire's inland position suggests lower risk, but New Hanover County GIS records should be checked directly — insurance costs vary significantly by zone designation.
• 65% YoY appreciation cited in some data sources for Mayfaire Townview is almost certainly a small-sample anomaly. Verified broader Mayfaire appreciation is closer to 1.3–1.6% YoY. Do not underwrite future returns based on the higher figure.
• Inventory depth of 64–80 active units in the broader Mayfaire submarket signals supply is not constrained — pricing power for sellers may be limited in the near term.

Before You Buy

• Confirm the unit is currently for sale and verify the asking price — verification data suggests it may have already sold
• Confirm exact remaining balance, terms, and qualification requirements for the reported assumable VA loan at 2.25%
• Request full HOA fee schedule, reserve fund balance, and any pending or recent special assessments
• Pull New Hanover County GIS records for flood zone designation and current property tax assessment
• Verify year built (2007 per verification data) and age of major systems (HVAC, water heater, roof membrane if applicable)
• Check HOA governing documents for rental restrictions — both short-term and long-term — before modeling any investment scenario
• Review sold comps (not just active listings) within the Villages at Mayfaire for the trailing 6–12 months to validate the $317–$336/sq ft range
• Confirm current DOM for this specific unit versus area average of 83 days