Active

$739,900

Features:
  • 4 Bedrooms
  • 3 Bathrooms
  • 2824 sq ft
Overview
  • ID: MFRNS1088689
  • Bedrooms: 4
  • Bathrooms: 3
  • Size: 2824 sq ft
Property Details
Remarks
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.
Financial Considerations
Price:
$739,900
HOA Fee:
N/A
Tax Amount:
$4590
Price per SqFt:
$262
Tax 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
Exterior Features
Lot Size:
7500
Lot Features:
Historic District, City Limits, Landscaped, Near Marina, Sidewalk
Waterfront:
No
Parking Spaces:
N/A
Parking:
Curb Parking, Driveway, Off Street
Roof:
Shingle
Pool:
No
Pool Features:
N/A
Interior Features
Bedrooms:
4
Bathrooms:
3
Heating:
Central, Electric
Cooling:
Central Air
Appliances:
Dishwasher, Dryer, Electric Water Heater, Gas Water Heater, Microwave, Refrigerator, Washer
Furnished:
Yes
Floor:
Tile, Wood
Levels:
Multi/Split
Additional Features
Property Sub Type:
Single Family Residence
Style:
N/A
Year Built:
1913
Construction Type:
Frame
Garage Spaces:
No
Covered Spaces:
N/A
Direction Faces:
West
Pets Allowed:
No
Special Condition:
None
Additional Features:
Courtyard, Private Mailbox, Sidewalk
Additional Features 2:
NA
Map
  • Address
    407 MAGNOLIA ST
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