Under contract · MLS# NS1088689
407 Magnolia St, New Smyrna Beach
$739,900 New Smyrna Beach, FL 32168
Listing courtesy of COLLADO REAL ESTATE · (386) 427-0002 · MLS# NS1088689 · Under contract
Photos and key facts
The seller has accepted an offer, and contracts at this stage can still fall apart during the inspection or financing period. Some sellers keep taking backup offers. Ask before you plan around it either way.
About this home
Under contract-accepting backup offers. 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.
Written by the listing brokerage and shown exactly as supplied. Square footage, lot lines, school assignment, and association rules should be verified independently before you write an offer.
Property details
What the listing says about the house
As entered by the listing brokerage. Verify anything that affects your offer — square footage, flood zone, association rules, school assignment — before the inspection period ends.
Interior
- Interior features
- Living Room/Dining Room Combo, Primary Bedroom Main Floor
- Appliances
- Dishwasher, Dryer, Electric Water Heater, Gas Water Heater, Microwave, Refrigerator, Washer
- Flooring
- Tile, Wood
- Heating
- Central, Electric
- Cooling
- Central Air
- Laundry
- Common Area, Inside
- Fireplace
- Yes
- Windows
- Window Treatments
Exterior & lot
- Exterior features
- Courtyard, Private Mailbox, Sidewalk
- Construction
- Frame
- Roof
- Shingle
- Foundation
- Crawlspace
- Style
- Cottage
- Patio & porch
- Front Porch, Screened
- Other structures
- Other
- Lot features
- Historic District, City Limits, Landscaped, Near Marina, Sidewalk
- Lot dimensions
- 50 x 150
- View
- Garden, Trees/Woods
- Front exposure
- West
Water & pool
- Waterfront
- No
- Private pool
- No
- Spa
- No
Parking
- Garage
- No
- Parking
- Curb Parking, Driveway, Off Street
Community & association
- Subdivision
- Andrews
- Association
- No
- 55+ community
- No
- Pets
- Cats OK, Dogs OK
Utilities
- Utilities
- Cable Connected, Electricity Connected, Sewer Connected, Water Connected
- Water
- Public
- Sewer
- Public Sewer
Building
- Year built
- 1913
- Levels
- Multi/Split
- Stories
- 2
- New construction
- No
- Condition
- Completed
- Total area, sq ft
- 3,064
Taxes & terms
- Annual taxes
- $4,590 (2025)
- Parcel number
- 744138040630
- Zoning
- R5
- Special conditions
- None
- Financing terms
- Cash, Conventional, Trade, Owner Financing
Schools (verify with the district)
- Elementary
- Read Pattillo Elem
- Middle
- New Smyrna Beach Middl
- High
- New Smyrna Beach High
Florida specifics
- Flood zone
- X
- Community development district (CDD)
- No
- Homestead exemption (current owner)
- No
- Total monthly fees
- $0
- Water access
- No
- Water view
- No
- Elevator in building
- No
- Floor number
- 1
- Minimum lease period
- 1 Month
- Total acreage
- 0 to less than 1/4
- Additional rooms
- Garage Apartment,Inside Utility
Something here look wrong? Tell us and we will take it up with the listing agent.
Ask about this home
See it, or find out more first
Scott Lee confirms with the listing agent that it is still available, sets up a showing around your schedule, and gets the paperwork a listing page never shows.
TrustLine Real Estate is not the listing brokerage for this home. It is listed by COLLADO REAL ESTATE. We can arrange a showing and get your questions answered either way.
- Whether it is still available, confirmed with the listing agent rather than read off this page.
- A showing arranged around your schedule.
- The paperwork the listing leaves out: association rules and budget, any seller’s disclosure, and the flood zone.
- What comparable homes nearby actually closed at, not what they were listed at.
TrustLine Real Estate LLC · Scott Lee, Broker / Owner · Florida Broker License #BK3590406
Touring a home with us starts with a short written buyer agreement that states what we are paid and by whom. Every term in it is negotiable; the property search questions explain why it exists.
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