407 Magnolia Street, New Smyrna Beach, FL 32168
Local realty services provided by:Tomlin St Cyr Real Estate Services ERA Powered
Listed by: bryan disbrow
Office: collado real estate
MLS#:NS1088689
Source:MFRMLS
Price summary
- Price:$739,900
- Price per sq. ft.:$241.48
About this home
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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Home facts
- Year built:1913
- Subdivision & Development:ANDREWS
- Listing ID #:NS1088689
- Added:48 day(s) ago
- Updated:September 17, 2026 at 04:41 PM
Rooms and interior
- Bedrooms:4
- Total bathrooms:3
- Full bathrooms:3
- Flooring:Tile, Wood
- Dining Description:Living Room/Dining Room Combo
- Kitchen Description:Dishwasher, Microwave, Refrigerator
- Bedroom Description:Primary Bedroom Main Floor
- Basement Description:Crawlspace
- Living area:2,824 sq. ft.
Heating and cooling
- Cooling:Central Air
- Heating:Central, Electric
- Central air:Yes
Structure and exterior
- Roof:Shingle
- Year built:1913
- Building area:2,824 sq. ft.
- Lot area:0.17 Acres
- Lot Features:Landscaped, Near Marina, Sidewalk
- Architectural Style:Cottage
- Construction Materials:Frame
- Exterior Features:Courtyard, Front Porch, Private Mailbox, Screened, Sidewalk
- Levels:Multi/Split Story
Schools
- High school:New Smyrna Beach High
- Middle school:New Smyrna Beach Middl
- Elementary school:Read Pattillo Elem
Utilities
- Water:Public, Water Connected
- Sewer:Public Sewer, Sewer Connected
Finances and disclosures
- Price:$739,900
- Price per sq. ft.:$241.48
- Tax amount:$4,590 (2025)
Features and amenities
- Appliances:Dishwasher, Dryer, Electric Water Heater, Gas Water Heater, Microwave, Refrigerator, Washer
- Laundry features:Dryer, In Common Area, Inside, Washer
- Amenities:Cable Connected, Living Room/Dining Room Combo, Primary Bedroom Main Floor
- Pool features:Public Pool
Parking
- Parking description:Curb Parking, Driveway, Off Street
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