Waterfront
Address
401 & 405 Massalina Drive, Panama City, FL
Price
$ 1,700,000
Property Attributes
- MLS#1006980
- TypeSingle Family
- Listing Status Active
- CountyBay
- CityPanama City
- AreaBay County
- NeighborhoodCOVE THE
- Zip32401
- StyleCraftsman Style
- Year Built2025
- Taxes$ 842
- Price$ 1,700,000
- Bedrooms10
- Full Bathrooms8
- Half Bathrooms0
- Sqr Footage4856
- Lot Size0.14 Acres
Data Source:
Emerald Coast MLS (ECAR)
Property Description
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.
| Elementary School | Middle School | High School |
|---|---|---|
| Cherry Street Elementary School | Jinks Middle School | Bay High School |
| Price History | |
|---|---|
| 7/5/2026 | Listed $1,700,000 |
General Features
| Utilities | Electric,Public Water,TV Cable |
|---|---|
| Zoning | Resid Multi-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 |
| Lot Size Square Feet | 6098.4 |
| 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 |
| Tax Year | 2025 |
| New Construction | false |
| Attached Garage | false |
| Total Rooms | 14 |
| Carport Y/N | true |
| Property Condition | Construction Complete |
| Pool Features | Pool Type |
| Carport Spaces | 2 |
Interior Features
| Total Baths | 8 |
|---|---|
| Air Conditioning Y/N | true |
| Heating Y/N | true |
| Window Features | Window Treatment All |
Exterior Features
| Lot Features | Bulkhead/Seawall,Within 1/2 Mile to Water |
|---|---|
| Lot Size Area | 0.14 |
| Lot Dimensions | 120x100 |
| Lot Size Acres | 0.14 |
| Waterfront Y/N | true |
| Exterior Amenities | Balcony,Fenced Back Yard,Pool - Gunite Concrt,Summer Kitchen |
| Building Area Total | 4856 |
| 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
Taxes
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
Listing data provided by: Central Panhandle Association of Realtors (CPAR)
Information deemed reliable but not guaranteed. The information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
