405 Massalina Drive, Panama City, FL 32401 (MLS# 792225)

405 Massalina Drive, Panama City, FL 32401

New Listing

$865,000

Property Type: Residential Bedrooms: 7 Baths: 6 Square Footage: 2,988 Lot Size (sq. ft.): 5,663 Status: Active

Current Price: $865,000 List Date: 7/05/2026 Last Modified: 7/05/2026

Overview

Description

$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. Waterfront masterpiece with deep water access to the Bay and the Gulf of Mexico. 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. New custom landscaping and beautiful decking, shared dock with fish cleaning station. Location is easy to access to newly renovated downtown entertainment with shopping, dining, concerts and ongo … (Read more)

Listing Details MLS# 792225

Contract Info

List Price/SqFt: 289.49

Location

Area: 02 – Bay County – Central
Street #: 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: 20456-000-000
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 20 BLK 8 ORB 4783 P 213 MAP 105C2

General Property Info

Sub-Type: Quadplex Multi-Units
Design: N/A
Apx SqFt(Htd/Cooled): 2988
SqFt Source: Builders Plans
Full Baths: 6
Total Baths: 6
Year Built: 2025
Construction Status: Construction Complete
New Construction: Yes
Garage Y/N: No
Driveway Spaces: 4
Lot Dimensions: 60.0 ft x 100.0 ft
Acreage: 0.14
Lot Size (SqFt): 5663
Pool: No

Waterfront Feature

Waterfront Feet: 60
Bulkhead/Seawall: Yes

Listing Info, Tax and Legal

HOA Fee: No
New Buyer Fee: No
Brokerage Interest: No Interest
As Is: Yes

Remarks & Misc

Remarks: $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. Waterfront masterpiece with deep water access to the Bay and the Gulf of Mexico. 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. New custom landscaping and 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. Direct views of Massalina Bayou offering serene surroundings and a true coastal lifestyle. Prime location near top shopping, dining, entertainment, and local attractions. This unique combination of parcels provides endless possibilities–multigenerational living, a fully income-producing investment, or use the carriage house a primary residence and rent out the fourplex for excellent rental income. With its unmatched flexibility, new construction quality, and breathtaking bayou views, this property checks all the boxes.

More Information

Separate Apartment

First: Yes

Appliances

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

Interior Features

Breakfast Bar: Yes
Floor – Tile: Yes
Lighting – Recessed: Yes
Pantry: Yes
Window – Treatment All: Yes

Construction/Siding

Roof – Metal: Yes
Siding – Hardie Board: Yes

Exterior

Porch Covered: Yes
Sprinkler System: Yes

Financing

Cash: Yes
Conventional: Yes

Furnished

Furnished: 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
Kitchen: Yes
Living Room: Yes
Separate Apartment: Yes

Showing

ShowingTime: Yes

Utilities

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

Waterview

Bayou: Yes

Sale Type

As Is: Yes
Other – See Remarks: Yes

Waterfront Type

Bayou w/ Gulf Access: Yes

Bedroom

First: Yes

Cooling

Ceiling Fan(s): Yes
Central Air: Yes

Heating

Central: Yes
Electric: Yes

Property Features

Appliances: Dishwasher; Disposal; Microwave; Range – Gas; Refrigerator; Water Heater – Tankless Bedroom: First Cooling: Ceiling Fan(s); Central Air Heating: Central; Electric Exterior: Porch Covered; Sprinkler System Financing: Cash; Conventional Furnished: Furnished Kitchen: First Living Room: First Lot Features: Landscaped; Waterfront Lot Access: City Street; Paved Road Separate Apartment: First Parking Features: Driveway Rooms: Bedroom; Kitchen; Living Room; Separate Apartment Sale Type: As Is; Other – See Remarks Showing: ShowingTime Utilities: Cable – Available; Electricity – Connected; Natural Gas – Available; Public Sewer – Connected; Public Water – Connected 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
Bedroom	First	10 x 10	10.00	10.00	Carriage House
Bedroom	First	10 x 10	10.00	10.00	Carriage House
Living Room	First	12 x 10	12.00	10.00	Carriage House
Kitchen	First	8 x 6	8.00	6.00	Carriage House
Separate Apartment	First	20 x 20	20.00	20.00	Apartment #1
Separate Apartment	First	20 x 20	20.00	20.00	Apartment #2
Separate Apartment	First	20 x 20	20.00	20.00	Apartment #3
Separate Apartment	First	20 x 20	20.00	20.00	Apartment #4

Listing Office: Keller Williams Realty Emerald

Last Updated: July – 05 – 2026

Information deemed reliable but not guaranteed.