532 Magnolia Avenue
Property Description
INCOME-PRODUCING TRIPLEX + ADJOINING VACANT LOT + ADDITIONAL INCOME POTENTIAL! Add 532 Magnolia Ave to your rental portfolio and start collecting income from day one. This fully furnished, three-unit investment property is currently generating $3,425/month or $41,100/year in gross rental income and is being offered at $510,993. Based on current rents and seller-provided annual property taxes of $5,330.48, the asking price represents an approximate 7 percent cap rate before other operating expenses-with additional upside potential. The property offers a desirable unit mix: Unit 1 is approximately 440 SF with 1 bedroom/1 bathroom, living room and kitchen. Unit 2 is approximately 560 SF with 1 bedroom/1 bathroom, living room, kitchen, dining room and balcony. Unit 3, the largest residence at approximately 1,154 SF, features 3 bedrooms/2 bathrooms, living room, kitchen, dining room and porch. The investment opportunity extends beyond the three existing rental units. The sale includes the adjoining vacant lot at 146 Marion St., PID 5339-21-02-0051, creating approximately 75' x 150' of combined property and providing substantial additional space for parking, storage and potential future opportunities. Buyer to verify zoning, permitted uses and development potential. There's also a 1-car garage with potential to generate additional rental income, providing another opportunity to increase the property's return. Investor-friendly features include three separate electric meters, upgraded electrical service in each unit, 2016 roof, newer central HVAC serving the main residence, PTAC heating and cooling in the two 1-bedroom units and hardwood flooring. Located near colleges, shopping, employment and Daytona Beach amenities, this property combines existing cash flow, multiple income streams, additional land and value-add potential in one acquisition. 3 Units + $41,100 Current Annual Gross Rent + Garage Income Potential + Adjoining Vacant Lot = One Unique Investment Opportunity. All rental amounts, measurements, expenses, lot dimensions, zoning, permitted uses and development potential to be independently verified by buyer. Approximate cap rate is calculated using current gross rental income less seller-provided property taxes only and does not include insurance, utilities, maintenance, vacancy, reserves or other operating expenses.
Key Property Information
| Listing Status: | Available |
|---|---|
| Listing Type: | Call for offers |
| Property Types: | 2-4 Units |
| Price: | $510,993 |
| No. of Units: | 3 |
| Year Built: | 1935 |
| Lot Size: | 2,154.00 Sq ft |
| Opportunity Zone: | No |
| Price per unit: | $170,331 |
| Property Website | Click Here |
| Number of Bedrooms: | 5 |
| Number of Bathrooms: | 4 |
ID: 3yd-DBAARFL-1231493
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