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401 & 405 Massalina Drive

Panama City, FL 32401
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Bed 10

Bed

Bath 8

Bath

Acres0.28

Acre(Lot)

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.

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Detail Ic Property Details

Property Type : Residential

Price : $1,700,000

AD Id : 87631166

MLS Id : 792227

Beds : 10

Lot Size : 0.28 Acre

Year Built : 2025

County : Bay

Subdivision: Cove

  • Map Map

Map

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Feature Features

  • Bedroom Information

    Total beds: 10

    Bathroom Information

    Total Baths: 8 Full Baths: 8

    Room Information

    Rooms Total: 14

    Roofing Information

    Metal
  • Interior Features

    DoubleVanity, InteriorSteps, MainLevelPrimary, WalkInClosets
    Roof: Metal
    Appliances: GasRange, TanklessWaterHeater
  • Heating & Cooling

    Has Heating: Yes Heating: Electric Has Cooling: Yes Cooling: CentralAir, CeilingFans Water front: 1

  • Building Information

    Year Built: 2025
    Building Area Total: 4856
    Construction Materials: HardiplankType
    Stories: 2
    Patio And Porch Features: Covered, Patio
    Pool Features: ElectricHeat, InGround, Private
    Private Pool: Yes
    Water front Features: Bayou,Seawall
    View: Bayou

  • Lot Information

    Lot Dimensions: 120 x 100 Main Square Feet: 0.28 Lot Size Acres: 0.28 Lot Size Square Feet: 11,979 Lot Description: SprinklerSystem,Paved

    Property Information

    Subdivision: Cove Source Property Type: Residential MLS Area Minor: 0203 - Bay - Central SW Zoning Description: Resid Single Family Property SubType: Single Family Residence Levels: Two Property Age: 1

  • Listing Price Information

    Listing Price: $1700000

  • Tax Information

    Parcel Number: 20456-010-000 Tax Year: 2025 Tax Legal Desc: SUDDUTHS 1ST ADD. LOT 21 BLDG 8 ORB 4783 P 213 MAP 105C2

  • School Information

    Elementary School: Cherry Street Junior High School: Jinks Senior High School: Bay
  • Utility Information

    SewerAvailable
  • Location Information

    Direction: 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
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ByOwner last updated this listing 07/06/2026 @ 12:36

MLS: 792227 LISTED BY: Mike Herring, Keller Williams Realty Emerald 850-654-2900 SOURCE: CPAR

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