Renovated Duplex with Live-Work
For Sale
$895,000
8 S 7th Street, Wilmington, NC 28401
Residential Income, Wilmington, NC
Property Size3,166 SF
Lot Size0.06 Acres
Price / SF$282.69
Days on Market368
Property Features for 8 S 7th Street
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning
HD
Bedrooms
6
Bathrooms
4
Full bathrooms
4
Rooms
Bedroom 3, Bedroom 6, Bathroom 1, Bedroom 1, Bathroom 2, Bedroom 5, Bedroom 2, Bedroom 4, Bathroom 4, Bathroom 3
Parking features
On Street
Patio and Porch features
Porch
Interior features
High Ceilings, Ceiling Fan(s)
Fireplace
1
Appliances
Electric Oven, Washer, Refrigerator, Dryer, Dishwasher
Subdivision
Historic District
Elementary school
Snipes
Middle school
Williston
High school
New Hanover
Directions
from Downtown take Market Street east, turn right on S 7th Street and building in on the right.
Standard status
Active
APN
R04817-038-012-000
Size
3,166 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
Legal Description
Pt Lts 2/3 Blk 157
Utilities
Utilities
Natural Gas Available
Heating system
Electric (Heating), Forced Air
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, Wood Frame
Roof type
Metal
Listing Agency:
Intracoastal Realty Corporation
(910) 256-4503
Listed By:
Jeffrey G Hovis · License #234605
(910) 512-2205
Added: Aug 19, 2025
Changed: Aug 19
Last Checked: Aug 21 at 10:06PM
MLS# 100525838
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.
Investment Insights
Based on property information with market context.
Renovated in a historic residential structure built in 1918, this duplex contains 3,166 square feet and offers adaptable residential and commercial configurations. The residential layout includes three bedrooms and two updated bathrooms, while the commercial arrangement provides private offices, meeting rooms, a break area, and two restrooms. Interior features include high ceilings, wood and tile flooring, central air, forced-air heating, and a porch. The property also includes a metal roof, wood siding, a wood-frame structure, and on-street parking.
The property is located at 8 S 7th Street in Wilmington, within walking distance of the Soda Pop District and Castle Street Arts District. Public water serves the property, natural gas is available, and the site measures 0.056 acres. HD zoning is identified in the property information.
The property is located at 8 S 7th Street in Wilmington, within walking distance of the Soda Pop District and Castle Street Arts District. Public water serves the property, natural gas is available, and the site measures 0.056 acres. HD zoning is identified in the property information.
Key Highlights
- 3,166‑square‑foot duplex on a 0.056‑acre site
- Renovated property with residential and commercial configuration options
- Residential layout includes 3 bedrooms and 2 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
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
2,581
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 - Updated two-unit property supports residential, commercial, or hybrid occupancy configurations.
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: 3,166‑square‑foot duplex on a 0.056‑acre site; Renovated property with residential and commercial configuration options; Residential layout includes 3 bedrooms and 2 updated bathrooms
