Waterfront
Address
405 Massalina Drive, Panama City, FL
Price
$ 865,000
Property Attributes
- MLS#1006983
- TypeSingle Family
- Listing Status Active
- CountyBay
- CityPanama City
- AreaBay County
- NeighborhoodCOVE THE
- Zip32401
- StyleCraftsman Style
- Year Built2025
- Price$ 865,000
- Bedrooms7
- Full Bathrooms6
- Half Bathrooms0
- Sqr Footage2988
Data Source:
Emerald Coast MLS (ECAR)
Property 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 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.
| Elementary School | Middle School | High School |
|---|---|---|
| Cherry Street Elementary School | Jinks Middle School | Bay High School |
| Price History | |
|---|---|
| 7/5/2026 | Listed $865,000 |
General Features
| Utilities | Electric,Public Water,TV Cable |
|---|---|
| Zoning | Resid Multi-Family, Resid Single Family |
| Property Subtype | Detached Single Family |
| County | Bay |
| Property Type | Residential |
| Subdivision Name | COVE THE |
| Status | Active |
| 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 |
| High School | Bay |
| City | Panama City |
| MLS Area | 27 - Bay County |
| Lot Size Units | Acres |
| Elementary School | Cherry Street |
| Middle/Junior High School | Jinks |
| MLS Area Minor | 2703 - Bay - Central SW |
| Standard Status | Active |
| Sewer | Public Sewer |
| View | Bayou,Bay |
| Waterfront Features | Bayou |
| Heating | Central |
| Cooling | Central Air |
| Patio/Porch Features | Deck Open,Porch Open |
| Architectural Style | Craftsman Style |
| Construction Materials | Siding CmntFbrHrdBrd |
| Year Built | 2025 |
| Stories Count | 2 |
| New Construction | false |
| Attached Garage | false |
| Total Rooms | 9 |
| Carport Y/N | true |
| Property Condition | Construction Complete |
| Carport Spaces | 2 |
Interior Features
| Total Baths | 6 |
|---|---|
| Air Conditioning Y/N | true |
| Heating Y/N | true |
| Window Features | Window Treatment All |
Exterior Features
| Lot Features | Bulkhead/Seawall,Corner,Within 1/2 Mile to Water |
|---|---|
| Lot Dimensions | 60x100 |
| Road Surface Type | Paved |
| Road Frontage Type | City Street |
| Waterfront Y/N | true |
| Exterior Amenities | Balcony,Fenced Back Yard,Summer Kitchen |
| Building Area Total | 2988 |
| Parking Features | Carport Attached,Covered |
| Total Parking | 2 |
Amenities
- Foreclosure
- Views
- Short Sale
- New Construction
- Adult 55+
- Lease To Own
- No HOA Fees
- Furnished
- Primary On Main
- Air Conditioning
- Seller Finance
- Green
- Fixer Upper
- Horse
- Golf
- Fireplace
- Deck
- Garage
- Basement
- Pool
Property vs Single Family Average in 32401
Price
Year Built
Emerald Coast Association of REALTORS®, Inc. All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumer's personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers
