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    8 S 7th Street Wilmington, NC 28401

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    For Sale
    $895,000

    MULTI_FAMILY - Wilmington, NC

    Property size:
    3,396 SF
    Lot size:
    0.06 Acres
    Price / SF:
    $263/SF
    Added:
    Aug 19, 2025
    Days on Market:
    257
    Last Refresh:
    May 2 at 12:06 pm

    Property Features for 8 S 7th Street

    General Information

    Property type
    Residential Multi Family
    Property subtype
    Other
    Zoning
    HD
    Bedrooms
    6
    Bathrooms
    4
    Rooms
    Bathroom 1, Bedroom 5, Bedroom 1, Bedroom 4, Bedroom 6, Bathroom 4, Bathroom 3, Bedroom 2, Bedroom 3, Bathroom 2
    Parking features
    On Street
    Patio and Porch features
    Porch
    Interior features
    High Ceilings, Ceiling Fan(s)
    Appliances
    Electric Oven, Washer, Refrigerator, Dryer, Dishwasher
    Standard status
    Active
    APN
    R04817-038-012-000
    Size
    3,396 SF
    Lot size
    0.06 Acres

    Taxes and HOA fees

    Tax Year
    2025
    Tax Description
    Pt Lts 2/3 Blk 157
    Tax Annual Amount
    2711

    Utilities

    Utilities
    Natural Gas Available
    Heating system
    Forced Air, Electric (Heating)
    Cooling system
    Central Air
    Water source
    Public

    Building Details

    Year built
    1918
    Floors in Building
    2
    Number of units
    2
    Flooring type
    Wood, Tile
    Building materials
    Wood Siding
    Roof type
    Metal

    We can help!

    Listing Contact
    Jeffrey G Hovis
    Jeffrey G Hovis

    Listing agent Jeffrey G Hovis License #234605

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

    Listing date Aug 19, 2025

    MLS# 100525838 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.

    Overview

    Renovated Duplex in Historic Downtown

    This renovated duplex is located in Historic Downtown Wilmington. The property has undergone over $420,000 in renovations. Zoned for both residential and commercial use, it is suitable for investors, business owners, or those seeking a live/work opportunity. The residential layout includes three bedrooms and two updated bathrooms with modern finishes. The flexible floor plan allows for private offices, meeting rooms, a break area, and two restrooms, suitable for professional offices, art galleries, or financial services. The property allows for multiple income-generating options: live in one unit and rent out the other, use both as residential or commercial rentals, or create a hybrid setup. Located steps from Downtown Wilmington, it is within walking distance of the Soda Pop District and Castle Street Arts District. The property size is 3396 square feet and the lot size is 0.06 acres.
    Property Profile Insight Report Location Intelligence

    Current Use by Public Records

    Duplexes

    Suggested Use

    Law Firm Real Estate Agency Restaurant Spa & Massage Center Dental Office Hair Salon Nail Salon Building Supply Gym & Fitness Center Auto Repair Shop

    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
    -77.940825
    Latitude
    34.23552

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    FAQs

    What type of property is this?
    Duplex - Renovated duplex zoned for residential and commercial use.
    Where is this duplex located?
    The property is located at 8 S 7th Street 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: Prime location in Historic Downtown Wilmington, steps from key districts.; Zoned for both residential and commercial use, offering flexible live/work options.; Extensive high‑quality renovations with over $420,000 invested, ensuring a move‑in ready property.
    (910) 512-2205
    We can help!
    Listing Contact
    Jeffrey G Hovis
    Jeffrey G Hovis
    Real Estate License ID: 234605
    Learn More
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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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    8 S 7th Street, Wilmington, NC 28401

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