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    Side-by-Side Duplex with Separate Meters Title is generated by Realmo AI

    2827 Penn Street, Wilmington, NC 28412

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    For Sale
    $259,900

    MULTI_FAMILY - Wilmington, NC

    Property size:
    1,392 SF
    Lot size:
    0.24 Acres
    Price / SF:
    $186/SF
    Added:
    Jun 4, 2026
    Days on Market:
    2
    Last Refresh:
    Jun 5 at 7:06 am

    Property Features for 2827 Penn Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    R-5
    Bedrooms
    4
    Bathrooms
    2
    Rooms
    Bathroom 2, Bedroom 3, Bathroom 1, Bedroom 2, Bedroom 1, Bedroom 4
    Parking features
    Paved or Surfaced
    Patio and Porch features
    Porch
    Interior features
    2nd Kitchen
    Appliances
    Dryer
    Standard status
    Active
    APN
    R06506-012-006-000
    Size
    1,392 SF
    Lot size
    0.24 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    All 134 + Pt 135 Belmont
    Tax Annual Amount
    1268

    Utilities

    Utilities
    Water Available
    Sewer type
    Public Sewer
    Heating system
    Natural Gas, Wall Furnace
    Cooling system
    Wall/Window Unit(s), Window Unit(s)
    Water source
    Public

    Building Details

    Year built
    1942
    Floors in Building
    1
    Number of units
    2
    Flooring type
    Hardwood, Vinyl
    Building materials
    Vinyl Siding, Wood Frame
    Roof type
    Shingle

    We can help!

    Listing Contact
    The Rising Tide Team

    Listing agent The Rising Tide Team License #288488

    Listing office Intracoastal Realty Corporation 1900 Eastwood Road, Suite 38, Wilmington, NC

    Listing date Jun 4, 2026

    MLS# 100578989 Listing URL

    Copyright © 2026 Hive MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.

    HighLights

    • Side‑by‑side duplex at 2825 & 2827 Penn Street in Wilmington, NC (year built 1942)
    • Two distinct units with classic hardwood flooring and a shared yard
    • Separate utility meters for each unit
    • Heating includes natural gas wall furnace; cooling includes wall/window and window unit(s)
    • Public utilities: public water and public sewer
    • Paved/surfaced parking and shingle roof; wood frame with vinyl siding

    Overview

    This side-by-side duplex at 2825 & 2827 Penn Street provides two distinct units in a single residential income property. Each unit features a functional layout with classic hardwood flooring. The property also includes separate utility meters for the units and a spacious shared yard, supporting practical day-to-day living and straightforward unit separation.

    Located in Wilmington, North Carolina, the home sits on Penn Street within an established, quiet neighborhood. The offering is described as being just minutes from the Downtown Wilmington historic riverfront, local dining and shopping, and major transit routes. The property is zoned R-5.

    With two separate units under one roof, this configuration can fit investor and owner-occupant goals, including living in one unit while renting the other. The side-by-side setup may appeal to tenants and buyers looking for an income property with individual utility metering and an outdoor area shared between the units. As a residential income asset, it should be considered by anyone evaluating Wilmington’s R-5 duplex market for multi-unit ownership.
    Property Profile Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Real Estate Agency Law Firm Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Gym & Fitness Center Daycare Center Accounting Firm

    Zoning and permitted uses should be independently verified with local authorities.

    Location Insight

    • Map
    • Local Demand
    City
    Wilmington
    County
    New Hanover
    State
    North Carolina
    Longitude
    -77.937754
    Latitude
    34.185807

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    FAQs

    What type of property is this?
    Duplex - Two side-by-side units offer hardwood floors, separate utility meters, and a shared yard.
    Where is this duplex located?
    The property is located at 2827 Penn Street Wilmington, NC.
    What is the asking price?
    The asking price for this property is $259,900.
    What are key features of this property?
    This property features: Side‑by‑side duplex at 2825 & 2827 Penn Street in Wilmington, NC (year built 1942); Two distinct units with classic hardwood flooring and a shared yard; Separate utility meters for each unit
    (910) 256-4503
    We can help!
    Listing Contact
    The Rising Tide Team
    Real Estate License ID: 288488
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    Realmo Value Estimations

    Realmo estimates a property’s market value using a proprietary methodology that incorporates public data and user-submitted information. This cumulative value is generated by integrating a variety of conventional and innovative methods. 

    Disclaimer

    These figures are not official appraisals and should not be used as a substitute for a valuation performed by a licensed appraiser.
    Actual market value may differ due to factors not captured in the data. Estimates are offered for informational purposes only, and users should conduct independent research before making financial or investment decisions.
    By using this feature, you acknowledge that Realmo is not responsible for actions taken based on these estimates.

    AI approach

    Realmo AI Method estimates property value using machine learning models trained on millions of comparable listings, transactions, and market signals. It analyzes property features, location intelligence data, and current market dynamics to predict the most probable market value in real time.

    Realmo CapRate Calculation

    Realmo calculates the Capitalization Rate (Cap Rate) to help estimate a property's potential return on investment. The Cap Rate is a fundamental metric in commercial real estate that measures the relationship between a property's net operating income and its market value.

    How We Calculate Cap Rate

    Cap Rate Formula:
    Cap Rate (%) = (Net Operating Income / Property Value) × 100

    Net Operating Income (NOI) Formula:
    NOI = Area × Lease Rate × (1 - Vacancy Rate) × (1 - Operating Expense Ratio)

    Components

    Net Operating Income (NOI) represents the annual income a property generates after operating expenses:

    • Area: Building square footage from property records
    • Lease Rate: Annual $/sqft based on market data for the property type and geographic location
    • Vacancy Rate: Percentage of unoccupied space based on market data for the property type and location
    • Operating Expense Ratio: Operating costs as a percentage of income, varies by property type

    Property Value is derived from:

    • Recent sale price (if available)
    • Statistical models using comparable sales
    • AI-powered valuation estimates

    Example Calculation

    For a 100,000 sqft Office Building:

    • Lease Rate: $25.00/sqft/year (market data for Office in this area)
    • Vacancy Rate: 8% (market data for Office in this area)
    • Operating Expense Ratio: 35% (typical for Office properties)
    • Property Value: $15,000,000

    Step 1: Calculate NOI

    NOI = 100,000 × $25.00 × (1 - 0.08) × (1 - 0.35)
    NOI = 100,000 × $25.00 × 0.92 × 0.65
    NOI = $1,495,000/year

    Step 2: Calculate Cap Rate

    Cap Rate = ($1,495,000 / $15,000,000) × 100
    Cap Rate = 9.97%

    Property Type Considerations

    Net Operating Income calculations vary by property type due to different operating expense ratios:

    • Office: Higher expenses (30-40%) for HVAC, utilities, maintenance
    • Retail: Moderate expenses (25-35%) for common area maintenance
    • Industrial/Warehouse: Lower expenses (15-25%) for minimal tenant services
    • Multifamily: Moderate expenses (35-45%) including property management
    • Self-Storage: Lower expenses (25-35%) due to minimal maintenance

    Market lease rates and vacancy rates are specific to each property type and geographic location, reflecting local market conditions.

    Disclaimer

    These calculations are estimates for informational purposes only and should not be used as a substitute for professional financial analysis or appraisal.

    • Cap Rate calculations depend on market data that may change over time
    • Actual operating expenses, lease rates, and vacancy rates may differ from market averages
    • Individual property conditions, lease terms, and tenant quality significantly impact actual NOI
    • Property value estimates are approximations and not official appraisals
    • Cap rates vary widely by market, property condition, and investment risk profile

    Professional Guidance Recommended: Before making any investment or financial decisions, consult with licensed appraisers, commercial real estate brokers, and financial advisors who can evaluate your specific property and circumstances.
    By using this feature, you acknowledge that Realmo is not responsible for investment decisions or actions taken based on these estimates.

    Cap approach

    Capitalization Method calculates value based on estimated net operating income (NOI) and applying a market-based capitalization rate (cap rate), we estimate what a typical investor might be willing to pay for it.

    Comparable approach

    Comparable estimate is based on recent sales of similar nearby properties, adjusted for factors like size, condition, and location.

    Relative

    Relative property class coefficient uses factors that account for typical price differences between various asset types (e.g., retail vs. industrial) to provide a more accurate market-aligned estimate.

    Geo

    Comparable Sales Method, enhanced by Geo coefficients — location-based adjustment factors that reflect differences in price levels across neighborhoods, cities, or regions ensuring a more accurate, market-sensitive valuation.

    Stat Estimate

    This method estimates value based on actual market adjusted recent (~5 years) sales of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all similar sales ($/sqft) are above this value
    • Range-to: 75% of all similar sales ($/sqft) are below this value
    AI Estimate

    This method estimates value based on AI market estimation of comparable properties around by location and property type.

    • Ranges - area data calculated by industry standard IQR Outlier Removal Method
    • Range-from: 75% of all estimations ($/sqft) are above this value
    • Range-to: 75% of all estimations ($/sqft) are below this value
    Alternative use

    Estimate considers the property’s potential value if used for a different purpose-based on zoning, demand, and market feasibility.

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