401 & 405 Massalina Drive, Panama City, FL 32401 (MLS# 792227)

401 & 405 Massalina Drive, Panama City, FL 32401

New Listing

$1,700,000

Shared dock up to 401 and 405 Massalina Drive

Property Type: Residential Bedrooms: 10 Baths: 8 Square Footage: 4,856 Lot Size (sq. ft.): 11,979 Status: Active

Current Price: $1,700,000 List Date: 7/05/2026 Last Modified: 7/05/2026

Overview

Description

ATTENTION!! 3 SEPARATE STRUCTURES, 2 SEPARATE PARCELS, 1 AWESOME PRICE!! Zoned for short term and long term rental. Waterfront on Massalina Bayou! Main House: Amazing 3-bedroom 2-bath with den/office *new construction*. Gorgeous views from covered porches on both floors. First floor has open kitchen with Forno Italian stainless appliances, large Island, gas stove, double door refrigerator w/ice maker and wine cooler. Living/dining walk out large sliding doors to covered porch, outdoor Thor stainless summer kitchen and pool/bayou views. Master bedroom and master bath with large custom shower, double vanity sink and walk in closet. Second floor open family room, den/office, large sliding doors to walk to walk out to covered porch overlooking pool/bayou. Two additional bedrooms and one bath. So much to offer with beautifully designed tile flooring throughout, tankless water heater and extra storage. 401 Massalina Drive is under a lease for 5 months with potential for 2 month exte … (Read more) ATTENTION!! 3 SEPARATE STRUCTURES, 2 SEPARATE PARCELS, 1 AWESOME PRICE!! Zoned for short term and long term rental. Waterfront on Massalina Bayou! Main House: Amazing 3-bedroom 2-bath with den/office *new construction*. Gorgeous views from covered porches on both floors. First floor has open kitchen with Forno Italian stainless appliances, large Island, gas stove, double door refrigerator w/ice maker and wine cooler. Living/dining walk out large sliding doors to covered porch, outdoor Thor stainless summer kitchen and pool/bayou views. Master bedroom and master bath with large custom shower, double vanity sink and walk in closet. Second floor open family room, den/office, large sliding doors to walk to walk out to covered porch overlooking pool/bayou. Two additional bedrooms and one bath. So much to offer with beautifully designed tile flooring throughout, tankless water heater and extra storage. 401 Massalina Drive is under a lease for 5 months with potential for 2 month extension. $3600 per month and includes utilities and pool service. 405 Massalina Drive: Carriage House plus Quadplex/Fourplex: $7100 per month or $85,200 per year in rental income from the carriage house and quadplex/fourplex. Perfect for a DSCR loan where your rental income pays for your mortgage, plus you get a dock and a place to park your boat on deep water. This is the most versatile quadplex/fourplex plus carriage house (comes fully furnished) in Panama City. Here is the rental income breakdown: Carriage house = $1750 per month; Apartment 1 (Civil Contractor) = $1450 per month; Apartment 2 (Realtor) = $1450 per month; Apartment 3 (Property Maintenance Man) = $1,000 per month (reduced because he takes care of the lawn and pool – you could charge $1450); Apartment 4 (Josh) = $1450 per month; Total income = $7100 per month or $85,200 per year. New custom landscaping and pool to relax and enjoy. Beautiful decking, shared dock with fish cleaning station. Location is easy to access to newly renovated downtown entertainment with shopping, dining, concerts and ongoing festivities.

Listing Details MLS# 792227

Contract Info

List Price/SqFt: 350.08

Location

Area: 02 – Bay County – Central
Street #: 401 & 405
Street Name: Massalina
Street Suffix: Drive
State: FL
Zip Code: 32401
County: Bay
Sub Area: 0203 – Bay – Central SW
Subdivision: Cove
Community/Resort: Bunkers Cove
Waterfront: Yes
Gulf Access: Yes
Parcel ID: 20456-010-000
Elementary School: Cherry Street
Middle School: Jinks
High School: Bay
Directions: US-98 BUS E/W Beach Drive, turn left on 4th St, right on Oak Avenue, left to W 4th St. cross over bridge. Home is on the left. Corner Massalina Drive and 4th St
Legal Description: SUDDUTHS 1ST ADD. LOT 21 BLDG 8 ORB 4783 P 213 MAP 105C2

General Property Info

Sub-Type: Detached Single Family
Design: Contemporary
Apx SqFt(Htd/Cooled): 4856
SqFt Source: Builders Plans
Full Baths: 8
Total Baths: 8
# of Stories in Building: 2
Year Built: 2025
Construction Status: Construction Complete
New Construction: Yes
Garage Y/N: No
Driveway Spaces: 4
Lot Dimensions: 120 x 100
Acreage: 0.28
Lot Size (SqFt): 11979
Pool: Yes
Pool Type: Private

Waterfront Feature

Waterfront Feet: 75
Bulkhead/Seawall: Yes

Listing Info, Tax and Legal

HOA Fee: No
New Buyer Fee: No
Last Tax Year: 2025
Brokerage Interest: No Interest

Remarks & Misc

Remarks: ATTENTION!! 3 SEPARATE STRUCTURES, 2 SEPARATE PARCELS, 1 AWESOME PRICE!! Zoned for short term and long term rental. Waterfront on Massalina Bayou! Main House: Amazing 3-bedroom 2-bath with den/office *new construction*. Gorgeous views from covered porches on both floors. First floor has open kitchen with Forno Italian stainless appliances, large Island, gas stove, double door refrigerator w/ice maker and wine cooler. Living/dining walk out large sliding doors to covered porch, outdoor Thor stainless summer kitchen and pool/bayou views. Master bedroom and master bath with large custom shower, double vanity sink and walk in closet. Second floor open family room, den/office, large sliding doors to walk to walk out to covered porch overlooking pool/bayou. Two additional bedrooms and one bath. So much to offer with beautifully designed tile flooring throughout, tankless water heater and extra storage. 401 Massalina Drive is under a lease for 5 months with potential for 2 month extension. $3600 per month and includes utilities and pool service. 405 Massalina Drive: Carriage House plus Quadplex/Fourplex: $7100 per month or $85,200 per year in rental income from the carriage house and quadplex/fourplex. Perfect for a DSCR loan where your rental income pays for your mortgage, plus you get a dock and a place to park your boat on deep water. This is the most versatile quadplex/fourplex plus carriage house (comes fully furnished) in Panama City. Here is the rental income breakdown: Carriage house = $1750 per month; Apartment 1 (Civil Contractor) = $1450 per month; Apartment 2 (Realtor) = $1450 per month; Apartment 3 (Property Maintenance Man) = $1,000 per month (reduced because he takes care of the lawn and pool – you could charge $1450); Apartment 4 (Josh) = $1450 per month; Total income = $7100 per month or $85,200 per year. New custom landscaping and pool to relax and enjoy. Beautiful decking, shared dock with fish cleaning station. Location is easy to access to newly renovated downtown entertainment with shopping, dining, concerts and ongoing festivities.

More Information

Den

Second: Yes

Family Room

Second: Yes

Pool Features

Heated – Electric: Yes
Inground: Yes

Separate Apartment

First: Yes

Appliances

Dishwasher: Yes
Disposal: Yes
Microwave: Yes
Range – Gas: Yes
Refrigerator: Yes
Water Heater – Tankless: Yes
Wine Refrigerator: Yes

Interior Features

Breakfast Bar: Yes
Floor – Tile: Yes
Lighting – Recessed: Yes
Pantry: Yes
Stairs: Yes
Window – Treatment None: Yes

Construction/Siding

Roof – Metal: Yes
Siding – Hardie Board: Yes

Exterior

Patio Covered: Yes
Sprinkler System: Yes

Financing

Cash: Yes
Conventional: Yes
FHA: Yes

Furnished

Unfurnished: Yes

Kitchen

First: Yes

Living Room

First: Yes

Lot Features

Landscaped: Yes
Waterfront: Yes

Lot Access

City Street: Yes
Paved Road: Yes

Parking Features

Driveway: Yes

Present Zoning

Resid Single Family: Yes

Rooms

Bedroom: Yes
Den: Yes
Family Room: Yes
Kitchen: Yes
Living Room: Yes
Primary Bedroom: Yes
Separate Apartment: Yes

Showing

ShowingTime: Yes

Utilities

Cable – Available: Yes
Electricity – Connected: Yes
Natural Gas – Connected: Yes
Sewer Available: Yes
Public Water – Available: Yes

Waterview

Bayou: Yes

Sale Type

As Is: Yes
Other – See Remarks: Yes

Waterfront Type

Bayou w/ Gulf Access: Yes

Primary Bedroom

First: Yes

Bedroom

First: Yes
Second: Yes

Cooling

Ceiling Fan(s): Yes
Central Air: Yes

Heating

Electric: Yes

Primary Bdrm/Primary Bath

MBath Double Vanity: Yes
MBath Shower Only: Yes
MBath Walk-In Closet: Yes

Property Features

Appliances: Dishwasher; Disposal; Microwave; Range – Gas; Refrigerator; Water Heater – Tankless; Wine Refrigerator Primary Bedroom: First Bedroom: First; Second Cooling: Ceiling Fan(s); Central Air Heating: Electric Exterior: Patio Covered; Sprinkler System Financing: Cash; Conventional; FHA Furnished: Unfurnished Kitchen: First Living Room: First Lot Features: Landscaped; Waterfront Lot Access: City Street; Paved Road Den: Second Family Room: Second Pool Features: Heated – Electric; Inground Separate Apartment: First Parking Features: Driveway Rooms: Bedroom; Den; Family Room; Kitchen; Living Room; Primary Bedroom; Separate Apartment Sale Type: As Is; Other – See Remarks Showing: ShowingTime Utilities: Cable – Available; Electricity – Connected; Natural Gas – Connected; Sewer Available; Public Water – Available Waterfront Type: Bayou w/ Gulf Access Waterfront Feature: Bulkhead/Seawall; Bulkhead/Seawall Waterview: Bayou Present Zoning: Resid Single Family

Room Information

Room Name	Level	Dimensions	Length	Width	Remarks
Primary Bedroom	First	12 x 12	12.00	12.00	Main House (401 Massalina)
Bedroom	Second	13 x 10	13.00	10.00	Main House (401 Massalina)
Bedroom	Second	13 x 10	13.00	10.00	Main House (401 Massalina)
Bedroom	First	10 x 10	10.00	10.00	Carriage House (405 Massalina)
Bedroom	First	10 x 10	10.00	10.00	Carriage House (405 Massalina)
Living Room	First	8 x 11	8.00	11.00	Main House (401 Massalina)
Family Room	Second	21 x 13	21.00	13.00	Main House (401 Massalina)
Den	Second	7 x 10	7.00	10.00	Main House (401 Massalina)
Living Room	First	12 x 10	12.00	10.00	Carriage House (405 Massalina)
Kitchen	First	8 x 6	8.00	6.00	Carriage House (405 Massalina)
Separate Apartment	First	20 x 20	20.00	20.00	Apartment (405 Massalina)
Separate Apartment	First	20 x 20	20.00	20.00	Apartment
Separate Apartment	First	20 x 20	20.00	20.00	Apartment
Separate Apartment	First	20 x 20	20.00	20.00	Apartment

Listing Office: Keller Williams Realty Emerald

Last Updated: July – 05 – 2026

Information deemed reliable but not guaranteed.