405 Massalina Drive, Panama City, FL 32401
COVE THE · Bay County
Key Facts
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.
Property Information
Property Type
Residential
Sub-Type
Single Family Residence
Style
Craftsman
Year Built
2025
Living Area
2,988 sq ft
Lot Dimensions
60x100
Parking Spaces
2
Zoning
Resid Multi-Family, Resid
MLS® Listing#
1006983
Property Features
Exterior
Appliances
Cooling
Heating
Pool
Parking
Patio
Lot Features
Windows
Utilities
Sewer
Water Source
Rooms
- 20 x 20First
- 20 x 20First
- 20 x 20First
- 20 x 20First
- Bedroom10 x 10First
- Bedroom10 x 10First
- Bedroom10 x 10First
- Kitchen8 x 6First
- Living Room12 x 10First
Schools
- Elementary:
- Cherry Street
- Middle:
- Jinks
- High:
- Bay
Financial Details
Parcel Number
20456-000-000
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
Affordability Calculator
$173,000
Estimated monthly payment
$4,604/mo
Principal $692,000 · Est. interest $965,402 over 30 yrs
Neighborhood Market Statistics
How this home compares to active listings in Panama City, FL
- $379,455
- Median Listing Price
- 103
- Median Days on Market
- 1,572
- Median Sq Ft
- $248
- Median Price / Sq Ft
- 6,141
- Active Listings
- This home’s price is 128% above the area median.
- Its price per sq ft is 17% above the area median.
Market statistics compiled from active EXIT Realty® and MLS listings in Panama City, FL.
Location
Points of Interest in Panama City, FL
Showing the Panama City area map.
Nearby Schools
Holy Nativity Episcopal School
School · 0.5 mi away
Eagle Nest Christian Academy
School · 0.7 mi away
Bay Regional Juvenile Detention Center
School · 0.8 mi away
Merriam Cherry Street Elementary
Elementary · 0.8 mi away
The Education Center of Panama City
School · 0.8 mi away
Chautauqua Charter School
Secondary · 0.9 mi away
A D Harris Headstart
School · 1.0 mi away
Bay High School
Secondary · 1.1 mi away
C C Washington Academy
School · 1.1 mi away
Rosenwald High School
Secondary · 1.1 mi away
Rosenwald Middle School
School · 1.1 mi away
Jinks Middle School
Secondary · 1.2 mi away
Oscar Patterson Elementary Magnet
Elementary · 1.3 mi away
Palm Bay Preparatory Academy
Elementary · 1.4 mi away
Panama City Christian School
School · 1.4 mi away
North Bay Haven Charter Academy
School · 1.4 mi away
Bay Virtual Instruction Program (District Provided)
Secondary · 1.7 mi away
Bay District Schools
School · 1.7 mi away
Margaret K Lewis School
School · 1.8 mi away
The Learning Factory
School · 1.9 mi away
Commute Calculator
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|---|---|---|---|---|
| 604 Fernwood Street, Panama City Beach, FL | $650,000 | 7 | 6 | 2,556 |
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| 1778 WATERSIDE OAKS DRIVE, ORANGE CITY, FL | $675,000 | 6 | 4 | 4,286 |
| 559 NW 2nd St, Florida City, FL | $680,000 | 8 | 4 | 3,394 |
| 101 White Oaks Boulevard, Panama City, FL | $689,000 | 6 | 4 | 6,330 |
| 5612 Hilltop Avenue A-C, Panama City, FL | $699,000 | 8 | 6 | 3,804 |
Moving Cost Estimate
EXIT Agents in Panama City
Listing Courtesy: Keller Williams Realty SRB - 8506542900