407 Magnolia Street, New Smyrna Beach, FL 32168
- $739,900
- 4
- BD
- 3
- BA
- 2,824
- SqFt
- List Price
- $739,900
- Status
- Active
- Days on Market
- 1
- MLS#
- NS1088689
- Property Style
- Single Family
- Architectural Style
- Cottage
- Year Built
- 1913
- Bedrooms
- 4
- Bathrooms
- 3
- Living Area
- 2,824
- Lot Size
- 7,500
- Acres
- 0.17
- Total Acreage
- 0 to less than 1/4
- Legal Subdivision Name
- Andrews
- MLS Area Major
- New Smyrna Beach
Property Description
Turn-Key 1031 Exchange Opportunity in Historic Downtown New Smyrna Beach! Or perhaps you're looking for a charming downtown residence with an income-producing cottage? Rare opportunity to acquire a fully leased multifamily property located in the highly desirable B&B District of Historic Downtown New Smyrna Beach, also within the Historic and Arts Overlay Districts. Whether you're seeking a turn-key investment, a 1031 Exchange property, or a future owner-occupied residence with rental income, this unique property offers exceptional flexibility and long-term value. Ideally situated just a short walk from Canal Street's popular shops, restaurants, art galleries, breweries, and year-round entertainment, this property offers the walkable downtown lifestyle that tenants love and that continues to drive strong rental demand. The property features a charming two-story main residence with two separate apartments, plus a detached cottage: Lower Unit: Spacious 2-bedroom, 1-bath apartment featuring a fireplace and private laundry. Upper Unit: 1-bedroom, 1-bath apartment with a private rear entrance and its own laundry facilities Approximately 800 square feet with loft, private laundry, and excellent rental flexibility. All three units are currently occupied by long-term tenants, providing immediate, stable cash flow from day one. Current gross rental income is approximately $63,000 annually. Property Highlights, Three fully leased residential rental units, Multi-family zoning Located within the Historic and Arts Overlay District, Prime Downtown New Smyrna Beach location Easy walk to Canal Street shopping, dining, galleries, and entertainment Main residence roof approximately 8 years old, Detached cottage roof replaced in 2026 Strong long-term rental history with excellent tenant demand Owner currently pays all utilities, including electric, water, natural gas for the water heaters, and the gas range, as the property is serviced by one electric meter and one water meter. With an estimated 6.5 capitalization rate, this property presents an outstanding opportunity for investors seeking dependable income, excellent location, and long-term appreciation potential. Properties like this—fully leased, income-producing multifamily investments in Historic Downtown New Smyrna Beach—rarely become available. Schedule your private showing today.
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Additional Information
- Taxes
- $4590
- Minimum Lease
- 1-7 Days
- Location
- Historic District, City Limits, Landscaped, Near Marina, Sidewalk
- Community Features
- No Deed Restriction
- Property Description
- Split Level
- Zoning
- R5
- Interior Layout
- Living Room/Dining Room Combo, Primary Bedroom Main Floor
- Interior Features
- Living Room/Dining Room Combo, Primary Bedroom Main Floor
- Floor
- Tile, Wood
- Appliances
- Dishwasher, Dryer, Electric Water Heater, Gas Water Heater, Microwave, Refrigerator, Washer
- Utilities
- Cable Connected, Electricity Connected, Sewer Connected, Water Connected
- Heating
- Central, Electric
- Air Conditioning
- Central Air
- Fireplace Description
- Decorative, Living Room
- Exterior Construction
- Frame
- Exterior Features
- Courtyard, Private Mailbox, Sidewalk
- Roof
- Shingle
- Foundation
- Crawlspace
- Pool
- No Pool
- Garage Features
- Curb Parking, Driveway, Off Street
- Elementary School
- Read Pattillo Elem
- Middle School
- New Smyrna Beach Middl
- High School
- New Smyrna Beach High
- Pets
- Allowed
- Flood Zone Code
- X
- Parcel ID
- 744138040630
- Legal Description
- 41-17-34 S 3/4 OF LOT 63 & N 11.75 FT OF LOT 64 BLK 4 ANDREW S PROPERTY NEW SMYRNA MB 1 PG 128 MB 2 PG 68 MB 12 PG 183 MB 17 PG 79 PER OR 3136 PG 0896 PER OR 8070 PG 2163 PER OR 832
Listing courtesy of COLLADO REAL ESTATE. 386-427-0002
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