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

List Price/SqFt: 350.08

Status: Active

List Date: 2026-07-05

List Price: $1,700,000

Current Price: $1,700,000

Sub Area: 0203 - Bay - Central SW

Community/Resort: Bunkers Cove

Waterfront: Yes

Gulf Access: Yes

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

Area: 02 - Bay County - Central

Street #: 401 & 405

Street Name: Massalina

Street Suffix: Drive

State: FL

Zip Code: 32401

County: Bay

Subdivision: Cove

Parcel ID: 20456-010-000

Legal Description: SUDDUTHS 1ST ADD. LOT 21 BLDG 8 ORB 4783 P 213 MAP 105C2

Acreage: 0.28

Design: Contemporary

Lot Size (SqFt): 11979

Apx SqFt(Htd/Cooled): 4856

Construction Status: Construction Complete

SqFt Source: Builders Plans

# of Stories in Building: 2

Lot Dimensions: 120 x 100

New Construction: Yes

Garage Y/N: No

Driveway Spaces: 4

Pool: Yes

Pool Type: Private

Sub-Type: Detached Single Family

Bedrooms: 10

Full Baths: 8

Total Baths: 8

Year Built: 2025

HOA Fee: No

New Buyer Fee: No

Last Tax Year: 2025

Brokerage Interest: No Interest

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.

Second: 1

Second: 1

Heated - Electric: 1

Inground: 1

First: 1

Dishwasher: 1

Disposal: 1

Microwave: 1

Range - Gas: 1

Refrigerator: 1

Water Heater - Tankless: 1

Wine Refrigerator: 1

Breakfast Bar: 1

Floor - Tile: 1

Lighting - Recessed: 1

Pantry: 1

Stairs: 1

Window - Treatment None: 1

Roof - Metal: 1

Siding - Hardie Board: 1

Patio Covered: 1

Sprinkler System: 1

Bulkhead/Seawall: 1

Waterfront Feet: 60

Cash: 1

Conventional: 1

FHA: 1

Unfurnished: 1

First: 1

First: 1

Landscaped: 1

Waterfront: 1

City Street: 1

Paved Road: 1

Driveway: 1

Resid Single Family: 1

Bedroom: 1

Den: 1

Family Room: 1

Kitchen: 1

Living Room: 1

Primary Bedroom: 1

Separate Apartment: 1

ShowingTime: 1

Cable - Available: 1

Electricity - Connected: 1

Natural Gas - Connected: 1

Sewer Available: 1

Public Water - Available: 1

Bayou: 1

As Is: 1

Other - See Remarks: 1

Bayou w/ Gulf Access: 1

First: 1

First: 1

Second: 1

Ceiling Fan(s): 1

Central Air: 1

Electric: 1

MBath Double Vanity: 1

MBath Shower Only: 1

MBath Walk-In Closet: 1