Renovated Duplex with Live-Work
For Sale
$895,000
8 S 7th St, Wilmington, NC 28401
Historic property with residential and commercial zoning, updated interiors, and a flexible layout for living or business use.
Property Size3,166 SF
Price / SF$282.69
Days on Market364
Property Features for 8 S 7th St
General Information
Standard status
Active
Size
3,166 SF
Property subtype
Multi-Family
Building Details
Year Built
1918
Buildings
1
Listing Agency:
Intracoastal Realty Corporation
(910) 512-2205
Listed By:
Jeffrey G Hovis · License #234605
Source:
Coastalrealtyassociates
Added: Sep 1, 2025
Changed: Aug 28
Last Checked: Aug 29 at 10:39AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Intracoastal Realty Corporation
Investment Insights
Based on property information with market context.
This 3,166-square-foot duplex, built in 1918, combines a historic structure with extensive renovations and adaptable interior planning. The residential configuration includes three bedrooms and two updated bathrooms. Its commercial arrangement can accommodate private offices, meeting rooms, a break area, and two restrooms, supporting a range of residential, office, gallery, or financial-service uses identified for the property.
The building is located at 8 S 7th St in Wilmington’s Historic Downtown, within walking distance of the Soda Pop District and Castle Street Arts District. Residential and commercial zoning allows the property to serve as a duplex, business location, or combined live-work setting. The two-unit layout also supports separate occupancy or rental arrangements, subject to applicable requirements.
The building is located at 8 S 7th St in Wilmington’s Historic Downtown, within walking distance of the Soda Pop District and Castle Street Arts District. Residential and commercial zoning allows the property to serve as a duplex, business location, or combined live-work setting. The two-unit layout also supports separate occupancy or rental arrangements, subject to applicable requirements.
Key Highlights
- 3,166‑square‑foot duplex at 8 S 7th St, Wilmington, NC 28401
- Built in 1918 with extensive interior renovations
- Three bedrooms and two updated bathrooms
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$40,209
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.49%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$804,180
$804.2K
Cap Rate 7%
$574,414
$574.4K
Cap Rate 9%
$446,767
$446.8K
Market Conditions
NOI Build-Up for 3,166 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$66.1K $20.88/SF
− Vacancy
−$12.5K −$3.95/SF
EGI
$53.6K $16.93/SF
− OpEx
−$13.4K −$4.23/SF
NOI
$40.2K $12.70/SF
Area
Wilmington, NC
Vacancy
18.90%
Lease Rate
$20.88 /SF/Yr
Expense Ratio
25.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$804,180
Cap Rate 7%
$574,414
Cap Rate 9%
$446,767
Alternative Uses
Best Use
Multifamily LT 5
$38.77M
$33.92M – $45.23M
NOI $2,713,607 @ 7.0% cap · market cap 303.20%
Second Best
Mixed Use
$38.18M
$33.41M – $44.54M
NOI $2,672,432 @ 7.0% cap · market cap 298.60%
Theoretical Best
—
—
same as Best Use
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
628
Businesses Nearby
Explore this area
Business Placement
Demographics for 28401, NC
22,204
Population
13,017
Households
1.7
Avg Household Size
41
Median Age
34%
College-Educated
88%
High-School Grad
31.0 sq mi
ZIP Area
716
Density / Sq Mi
$52,159
Median Household Income
$35,739
Median Earnings
$1,183
Median Rent
$263,000
Median Home Value
Market
Vacancy Rate% for Office in South region
Questions? Ask Rey
Realmo’s AI knows this listing — price, zoning, demand, history. Ask anything.
Frequently Asked Questions
What type of property is this?
Duplex - Historic property with residential and commercial zoning, updated interiors, and a flexible layout for living or business use.
Where is this duplex located?
The property is located at 8 S 7th St Wilmington, NC.
What is the asking price?
The asking price for this property is $895,000.
What are key features of this property?
This property features: 3,166‑square‑foot duplex at 8 S 7th St, Wilmington, NC 28401; Built in 1918 with extensive interior renovations; Three bedrooms and two updated bathrooms
