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

List Price/SqFt: 289.49

Status: Active

List Date: 2026-07-06

List Price: $865,000

Current Price: $865,000

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 #: 405

Street Name: Massalina

Street Suffix: Drive

State: FL

Zip Code: 32401

County: Bay

Subdivision: Cove

Parcel ID: 20456-000-000

Legal Description: SUDDUTHS 1ST ADD. LOT 20 BLK 8 ORB 4783 P 213 MAP 105C2

Acreage: 0.14

Design: N/A

Lot Size (SqFt): 5663

Apx SqFt(Htd/Cooled): 2988

Construction Status: Construction Complete

SqFt Source: Builders Plans

Lot Dimensions: 60.0 ft x 100.0 ft

New Construction: Yes

Garage Y/N: No

Driveway Spaces: 4

Pool: No

Sub-Type: Quadplex Multi-Units

Bedrooms: 7

Full Baths: 6

Total Baths: 6

Year Built: 2025

HOA Fee: No

New Buyer Fee: No

Brokerage Interest: No Interest

As Is: Yes

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.

First: 1

Dishwasher: 1

Disposal: 1

Microwave: 1

Range - Gas: 1

Refrigerator: 1

Water Heater - Tankless: 1

Breakfast Bar: 1

Floor - Tile: 1

Lighting - Recessed: 1

Pantry: 1

Window - Treatment All: 1

Roof - Metal: 1

Siding - Hardie Board: 1

Porch Covered: 1

Sprinkler System: 1

Bulkhead/Seawall: 1

Waterfront Feet: 60

Cash: 1

Conventional: 1

Furnished: 1

First: 1

First: 1

Landscaped: 1

Waterfront: 1

City Street: 1

Paved Road: 1

Driveway: 1

Resid Single Family: 1

Bedroom: 1

Kitchen: 1

Living Room: 1

Separate Apartment: 1

ShowingTime: 1

Cable - Available: 1

Electricity - Connected: 1

Natural Gas - Available: 1

Public Sewer - Connected: 1

Public Water - Connected: 1

Bayou: 1

As Is: 1

Other - See Remarks: 1

Bayou w/ Gulf Access: 1

First: 1

Ceiling Fan(s): 1

Central Air: 1

Central: 1

Electric: 1