Welcome to 399 Magnolia Drive SE, a modern two storey home with a basement legal suite in the heart of Mahogany, one of Calgary's most sought after lake communities. Built in 2023, this thoughtfully designed home offers 5 bedrooms, 3.5 bathrooms, and 1,749 sq. ft. RMS above grade, fully finished basement legal suite( 2 bedrooms) with a separate private entrance. The main level features a bright open concept layout with quartz countertops, a large kitchen island, luxury vinyl plank flooring, a dedicated home office, and spacious living and dining areas designed for comfortable everyday living and entertaining. Upstairs, you'll find a generous primary bedroom complete with a walk-in closet and 3-piece ensuite, along with two additional bedrooms, a full bathroom, and the convenience of upper-level laundry. The legal basement is an excellent mortgage helper or investment opportunity, offering 2 bedrooms, a full kitchen, a 4-piece bathroom, with a laundry, and its own private entrance. The main floor is vacant, providing immediate possession for an owner-occupant, while the basement is currently tenanted with a lease in place until August 2026. Outside, enjoy a private backyard, rear alley access with a parking pad, and an unbeatable location just minutes from Mahogany Lake, the Mahogany Beach Club, parks, playgrounds, schools, shopping, restaurants, and extensive walking and biking pathways. A rare opportunity to own a nearly new home with a legal suite in one of Calgary's premier lake communities, ideal for homeowners and investors alike.